Shibarium to Burn 500 Billion SHIB Tokens on a Yearly Basis
- SHIB BPP estimates Shibarium would burn 500 billion SHIB every year.
- The SHIB community is unimpressed with the estimation, suggesting there could be an error.
- Shytoshi Kusama warns SHIB users against potential scams amid new projects launching on the Shibarium network.
The SHIB burn rate on Shibarium is estimated at less than 500 billion SHIB per year, according to SHIB BPP, a top member of the Shiba Inu community on Twitter. In a tweet, SHIB BPP claimed to have deduced the burn rate after running a burn estimate based on the current prices of BONE and SHIB, with the number of transactions of the top L2 in the previous 30 days.
I just ran new burn estimates for Shibarium.Shibarium will impress me if it can burn 500 billion $SHIB per year.This is based on the current prices of BONE and SHIB, as well as the number of transactions of the top L2 in the previous 30 days. pic.twitter.com/L7dLE2T9JF
— $SHIB BPP (@ShibBPP) April 18, 2023
SHIB BPP’s estimation has sparked reactions from members of the Shiba Inu community who expected better numbers from the yet-to-be-launched layer 2 protocol, Shibarium. One of SHIB BPP’s respondents calculated that burning only 500 billion SHIB a year would take the project 100 years to burn 5% of the total supply and 1000 years to burn 50% of the token supply.
Some responders assumed that SHIB BPP’s post could contain some error, with one of them noting that Shibarium developers had posted earlier that they would burn 111 trillion SHIB per year.
In a parallel development, the Shibarium network, although yet to launch fully, is gaining traction within the cryptocurrency ecosystem. There is a sharp increase in the number of wallets interacting on its testnet. Data from PuppyScan shows that 13,856.413 wallets are participating in transactions across the Shibarium testnet. A total number of 446,449 Shibarium beta transactions have been recorded so far across the same number of blocks.
According to reports, MzeDex has joined several new projects that have decided to build on Shibarium. They all form a significant part of the growth and adoption observed in the network of the upcoming Shibarium project.
While the community considers the influx of projects a sign of growth, the Shiba Inu team has urged users to stay alert and adopt effective DYOR before engaging with the projects. Shytoshi Kusama, a team lead in the Shiba Inu community, has reportedly warned users against potential scams. According to reports, he clarified the Shibarium network is yet to mint an official token.
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