ShibTorch: The Community-Driven Burn Portal Revolutionizing Shiba Inu
In a recent development shared through Shibarium’s official X handle, it was announced that the much-anticipated community-driven burn portal, ShibTorch, is now operational. This innovative portal is designed to burn SHIB tokens from every transaction conducted on Shibarium, potentially reducing the circulating supply of Shiba Inu.
ShibTorch functions as an interactive dashboard, enabling the community to both monitor and actively participate in SHIB burn processes. This platform integrates EIP-1559 features, enhancing fee predictability with a dual-structure model consisting of base and priority fees. Base fees, determined by network congestion, are locked automatically in a burn contract, while priority fees are directed to validators.
The SHIB burning process on ShibTorch is initiated once 100 BONE tokens, accumulated from transaction fees, are gathered in the burn contract. These BONE tokens are then converted to SHIB on the Ethereum mainnet and subsequently burned, reducing the overall SHIB supply. To date, over 3.26 million SHIB tokens have been burned through this portal.
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Despite the delayed launch of ShibTorch on Shibarium’s mainnet, originally scheduled after its January 2024 debut on the Puppynet testnet, the burn portal is now live following a major Shibarium upgrade. This upgrade, including the release of Bor version v1.1.2-bone, introduced the burn mechanism, paving the way for the long-awaited ShibTorch.
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