Home DeFi & NFT Shiba Inu Team Resolves Shibarium Bug, Expert Advises on Proper SHIB Token Burning

Shiba Inu Team Resolves Shibarium Bug, Expert Advises on Proper SHIB Token Burning

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In the world of cryptocurrencies, Shiba Inu has been making waves, and recent developments have the community buzzing. Shiba Inu’s marketing team, led by the expert Lucie, has successfully resolved a bug in the Shibarium blockchain, and Lucie offers important insights into the proper way to burn SHIB tokens.

The Shibarium bug, which was reported by The Crypto Basic, had caused some confusion by displaying ETH instead of Bone (BONE) during transactions. However, Lucie and the Shiba Inu team have worked diligently to rectify the issue, bringing relief to the SHIB community.

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Shibarium Bug Fixed

The ShibariumScan block explorer’s bug, displaying ETH instead of BONE during transactions, was traced back to a recent upgrade of the Shibarium blockchain. Lucie’s announcement that the issue has been resolved comes as welcome news to the community. This bug fix ensures that users can confidently transact SHIB tokens without any misleading information.

The Importance of SHIB Token Burning

Lucie, a member of the SHIB team, has also shed light on the process of burning SHIB tokens. The burning of SHIB tokens is a collective effort by the SHIB community, and it plays a crucial role in making SHIB a deflationary asset. A deflationary asset is one where the supply of tokens decreases over time, potentially leading to an increase in their value.

Shibarium, being an Ethereum Layer 2 (L2) network, necessitates the bridging of SHIB tokens from the Ethereum network to Shibarium. When users complete this bridging process, the original SHIB tokens are locked in the bridge contract, and an equivalent version of these tokens is minted on Shibarium.

However, the key insight Lucie provides is that when users decide to burn their SHIB tokens on Shibarium, they are essentially burning off the minted version, while the bridged tokens remain in the bridge contract. To ensure the proper burning of tokens, Lucie advises users to bridge their assets back to Ethereum, from where they can be sent to the “dead wallet.”

This approach ensures that the tokens are removed from circulation effectively, contributing to the deflationary nature of SHIB. Some community members have questioned whether locking the tokens in the bridge contract also counts as burning, but Lucie clarifies that the true burning occurs when the tokens are sent to the dead wallet.

Clarifying the Burning Process

Lucie’s clarification aligns with previous statements made by Shibburn, the community-driven Shiba Inu burn tracker. Shibburn had emphasized that the first Shiba Inu burn on Shibarium, conducted by SHIB CoOp, did not follow the correct protocol and, therefore, was not relevant in terms of burning SHIB tokens.

Understanding the correct burning process is essential because it has significant implications for SHIB’s future value. As SHIB tokens are continually burned, their scarcity is introduced, potentially increasing their demand and, consequently, their value. This deflationary mechanism sets SHIB apart as a unique asset in the cryptocurrency world.

The Future of SHIB Token Burning

Millions of SHIB tokens are being burned every week, and the introduction of Shibarium has expanded the avenues for burning. Looking ahead, Shibarium has plans to launch a burn portal, offering a potential alternative solution to the ongoing burning dilemma. This portal could streamline the process, making it even more accessible for the community to contribute to the deflation of SHIB tokens.

The Shiba Inu community’s commitment to proper SHIB token burning, combined with the continuous development of Shibarium, is poised to shape SHIB’s value in the coming months. With Lucie’s expert guidance and the community’s dedication, SHIB holders can anticipate a more robust and potentially more valuable cryptocurrency.

In conclusion, Shiba Inu’s journey in the world of cryptocurrencies continues to be eventful, with bug fixes and insights into the proper burning of SHIB tokens. These developments not only provide much-needed clarity but also contribute to the long-term value of SHIB as a deflationary asset. With the community’s active participation and the upcoming launch of a burn portal on Shibarium, the future looks promising for SHIB holders.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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