With Shibarium, the Ethereum-based layer-2 protocol from the Shiba Inu (SHIB) ecosystem, producing blocks as planned, the core team behind the protocol is rolling out new updates to tease the future of the new protocol.
Burn Portal Development Confirmed
As shared by Lucie, the Marketing Strategist of the Shiba Inu ecosystem, lead developer Shytoshi Kusama has confirmed that the Burn Portal for the Shibarium protocol is currently under development.
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) September 4, 2023
As contained in a screenshot shared by Lucie, Kusama confirmed the developmental efforts as a response to a question posed on Telegram by a community member regarding the burn portal. Burning tokens is an integral part of the Shiba Inu protocol through which SHIB tokens are being consistently burnt per reports by Coingape.
Despite the burn portal that is underway, the Shibarium team lead insinuated that he places more premium on boosting adoption rather than focusing on token burning. He noted that while the burn development is important, he noted that the end goal for the whole ecosystem is to increase adoption and the usage of the Shibarium protocol.
Kusama’s position is understandable, seeing the fact that both adoption and token burning serve the same goals, but in different ways. The goal is to guarantee a robust circulation of the protocol’s associated token as well as reduce the overall supply of SHIB in a bid to bolster its inherent value in the long run.
This is another important trend that might bolster interest from investors and users in the Shiba Inu ecosystem.
Shibarium Updates in View
Notably, the Shibarium protocol is making the most of the second chance granted to it after its first failed launch back in August. Since the protocol has been scaled, additional plans to bolster its functionality have been teased by the team across the board.
Some of these updates include the plans to onboard additional validators that can help secure the ecosystem as well as the plans to revoke the contract address of the scaling solution’s native token Bone Shibaswap (BONE).
With the burn portal underway, there is a likelihood it will complement the entirety of innovations making its way to Shibarium.
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