With Shibarium documentation expected to be released soon, investors are eager to see what’s stored on the Layer 2 network. The report notes that Shibarium may integrate a built-in burn portal that will continually remove Shiba Inu coins from circulation. Shibarium may charge a nominal transaction gas feeand use that fee to “burn” SHIB and reduce the supply.
Furthermore, Shiba Inu’s Discord moderator Queenie earlier this year disclosed a hypothetical estimate that the burn portal could remove 111 trillion SHIB coins from circulation every year.
You can read Queenie’s hypothetical calculation online for more detailsabout theburn portal. She estimates that the burn portal will be a game changer, bringing Shiba Inu price closer to $0.01.
Will Shibarium Burn Trillions of SHIB Tokens Actually?May Not
As Queenie’s hypothetical estimations have come out, investors believe that the team is working to ‘burning’ Shiba Inucoinswith Shibarium. So will Shibarium really burn 111trillion of Shiba Inucoins everyyear and remove them fromcirculation? Um, the answer is no.
No one from the Shiba Inu team has confirmed that Shibarium will ‘burn’ coins, let alone ‘burn’ trillions peryear. Shytoshi Kusama, the lead developer of ShibaSwap,has also not predicted that Shibarium could have had such a “burn” event.
The team has been tight-lipped about Shibarium’s capabilities and has kept all developments under secret.Unification, the companythat’s building Shibarium layer-2 solution,has not confirmed that the network will ‘burn’ tokens either.
Hence, there’s no assurance that Shibarium will burn trillions of Shiba Inucoins every year through its built-in ‘burn’ portal.
The only indication of Shibarium is that the public beta test network will be released next month. The release will demonstrate Shibarium’s featuresand give you an idea of what the layer-2 blockchain is really capable of. There is no confirmation until then.
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