Shiba Inu’s New Burn Portal Rewards SHIB Burners for Destroying Their Tokens – Altcoins Bitcoin News

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Shiba Inu's New Burn Portal Rewards SHIB Burners for Destroying Their Tokens
Bybit


With the official launch of the Shibaswap burn portal by the project development team, Shiba inu holders can now earn rewards for burning their SHIB tokens. According to the team, SHIB burners generate passive income in the form of RYOSHI rewards by holding a new token called “burntSHIB.”

SHIB Army celebrates token burn rate as Burn Portal goes live

Supporters of the meme-based crypto asset shiba inu (SHIB) have been discussing launching an official Shibaswap burn portal. While SHIB network participants have been burning tokens for a long time, the burning portal enables any SHIB owner with a Web3 wallet to burn SHIB and earn passive income rewards for their burning participation.

On Saturday, Twitter account @shibainuart wrote: “SHIB Destruction Portal is live – Destroy SHIB, reduce its circulating supply, and generate passive income while doing so.” Many other SHIB supporters also discussed hosting on Shibaswap The official burning portal of . While Bitcoin.com News reported that SHIB’s burn rate jumped by 26,000% on April 9, the burn rate has dropped significantly since then.

With the burn portal in place, data from shibburn.com indicates that burn rates are rising again. Currently, the burn rate has increased by 347.35% in the past 24 hours. According to the official flashing portal, the site shows 1,441,683,884.82 SHIB since this article was written.

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“Welcome to the SHIB Burn Portal,” the website explains. “We are delighted to see you here. This burning portal is designed to allow users to regularly burn SHIB while effectively reducing its circulating supply.” The website further added:

The portal aims to reward SHIB burners in the form of RYOSHI rewards, recognized through passive income. This means that 0.49% of all RYOSHI transactions will be distributed to the owner of burntSHIB.

SHIB team believes every burn will contribute to ‘growing wealth in the community’

According to the Burning Portal, a SHIB burner that gets burntSHIB will receive an estimated annual percentage rate (APR) of 43.76%, but the APR does fluctuate. The website explains that users need to add the token burntSHIB to their Web3 wallets like Metamask.

SHIB Burning Portal hosted on Shibaswap on April 23, 2022.

“Our hope is that with each burn, the wealth of the community will grow, and by rewarding the long-term efforts to make shiba inu one of the best digital assets in crypto history,” the official burn portal explained. At the same time, many SHIB fans have tweeted proof that they burned SHIB, or shared the current percentage increase in the burn rate.

tags in this story

Altcoins, Burn SHIB, burntSHIB, Developers, Passive Income, Reduced Supply, Rewards, Ryoshi, RYOSHI Rewards, shib, SHIB Army, Shib Burn, SHIB Burn Rate, SHIB Developers, SHIB Team, SHIB Website, SHIBA BURN, shiba inu, Shiba Dog Net, Shibaswap, Shibaswap 2.0

What do you think of the Shibaswap burn portal and SHIB fans celebrating the rising burn rate? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the Head of News at Bitcoin.com News and a fintech reporter living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

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