Couldn't be better timing. Walking into a meeting now to close exactly this. Well, almost exactly- we are thinking much bigger than this and on a massive scale. I'll show this to the team for validation. Thanks Woofmeister. :) @VitalikButerin
I am the mother of @elonmusk His goal is to make this world a better place. @POTUS wants to stop him. Have you any idea how furious I am? People in other countries are proud of Elon and do not understand the US President’s motive. Please tell me how I should answer them.
$SHIB BURNS X #Shibarium,
#Shibarium significantly impacts the Shib ecosystem by introducing a burning mechanism that reduces the supply of $SHIB . When users make transactions on the network, the base fee is locked on a Shibarium contract, while the priority fee is paid to validators. The base fee is divided, with 70% burned and 30% set aside for network maintenance.
Accumulated $BONE tokens in the burn contract trigger the burn process on Ethereum's L1 network. BONE tokens are swapped for SHIB tokens, which are then burned, effectively reducing the total supply. Users can initiate burns through Shibarium's website, confirming transactions to migrate to the Layer 1 network. Once the process is complete, SHIB tokens are permanently removed from circulation, impacting the total max supply.
This burning mechanism has several key benefits. Firstly, it introduces deflationary aspects to SHIB tokens, reducing the supply over time. This can potentially benefit token holders through increased value and scarcity. Secondly, it helps maintain supply-demand balance within the Shib ecosystem. With fewer tokens in circulation, assuming demand remains constant or increases, it can lead to price appreciation.
Moreover, the burning mechanism incentivizes user engagement. Accumulating BONE tokens and initiating burns allows users to actively participate in reducing the SHIB token supply. Shibarium's user-friendly portal facilitates this process, making it accessible to all. By clicking "Initiate burn" and confirming transactions, users contribute to permanently removing SHIB tokens from circulation.
It's essential to distinguish between the base fee and priority fee. The base fee is the minimum amount required for a valid transaction and is burned, reducing the supply of SHIB tokens. On the other hand, the priority fee is paid to validators for including transactions in blocks, incentivizing them to prioritize higher fee transactions.