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Shiba Inu team now confirms 300m SHIB have been burned through the Shibarium Burn Portal, addressing concerns from the community. 
The Shiba Inu ecosystem team has reassured the community that the Shibarium burn portal, known as Shib Torch, is fully operational months after its launch, despite some lingering concerns. 
These concerns surfaced when community members began questioning the effectiveness of the burn portal, which officially launched in August 2024. 
A notable inquiry came from Emrys, a community member, who raised issues on X regarding the absence of updates on the auto-burn feature that was initially promised for January 2023. 
His question was directed at the Shiba Inu lead developer, Shytoshi Kusama, who responded briefly, leading to frustration among community members. 
Emrys subsequently accused the leadership of misleading the community about the project’s intentions. 
In the midst of this heated discussion, Kaal Dhairya, a developer from Shibarium, intervened to clarify the situation. 
He confirmed that the Shib Torch platform has successfully burned over 300 million SHIB tokens since its introduction. 
Recently, Dhairya highlighted that more than 80 million SHIB tokens had been burned, showcasing a “cool animation” at the conclusion of each burn to engage the community. 
While Dhairya’s comments addressed some initial concerns, they also sparked further questions regarding the burning process. 
One community member pointed out that since SHIB is native to the Ethereum network, effective burns require sending tokens to a dead wallet on Ethereum. 
This raised questions about how Shibarium’s burn portal could execute this process more efficiently. 
In response, Dhairya explained that although current burns are still conducted on Ethereum, the team is actively seeking ways to optimize the process. 
He mentioned that the Shib Torch platform is slated for maintenance, which will introduce an enhanced burning mechanism. 
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Furthermore, he hinted at the potential integration of the Cross-Chain Interoperability Protocol (CCIP) to improve the system’s efficiency. 
Despite the ongoing concerns, real-time data from Shib Torch supports Dhairya’s claims. 
Since its launch three months ago, the platform has burned over 361.9 million SHIB tokens. 
Although it is currently undergoing maintenance, burns continue to happen in the background. 
The Shiba Inu team remains committed to refining the burn system, with plans to implement more <a href="https://thecryptobasic.com/2024/11/30/shiba-inu-team-confirms-over-300m-shib-burned-by-shibarium-burn-portal-amid-concerns/" target="_blank" rel="noreferrer noopener">efficient</a> mechanisms within Shibarium. 
This effort aligns with their overarching goal of decreasing SHIB’s circulating supply, ultimately aiming to enhance its long-term value in the crypto market. 
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Also Read:&nbsp;<a href="https://franknez.com/an-outstanding-5-72-trillion-shib-has-been-traded-in-24-hours/">An Outstanding 5.72 Trillion SHIB Has Been Traded In 24 Hours</a> 
The post <a href="https://franknez.com/shiba-inu-team-now-confirms-300m-shib-have-been-burned/">Shiba Inu Team Now Confirms 300m SHIB Have Been Burned</a> appeared first on <a href="https://franknez.com">Daily Market News 🗞️</a>.

Shiba Inu Team Now Confirms 300m SHIB Have Been Burned

FrankNez

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