In a recent tweet, Lucie, a prominent Shiba Inu-focused Twitter account, disclosed the leak of a burn portal on ShibariumBeta, although emphasizing that it currently stands as an alpha version, not yet in its beta stage.
This crucial information suggests that the final version may differ from what we know now. However, the leaked details provide a fascinating glimpse into the workings of this intriguing project.
According to Lucie’s tweet, the burn portal will facilitate the conversion of BONE, the native token of ShibariumBeta, into SHIB, a cryptocurrency that has recently garnered significant attention and interest.
This development is particularly noteworthy in mentioning burning SHIB, hinting at a potential reduction in circulating supply. It, in turn, could have significant implications for the market dynamics surrounding the token.
As Lucie points out, the alpha version of the burn portal may undergo alterations before its eventual launch. Nonetheless, this sneak peek offers a unique opportunity to delve into the project’s inner workings, sparking curiosity and speculation within the community.
However, it’s potential to convert BONE and initiate the burning process opens up new possibilities for the token’s future. It remains to be seen how these revelations will ultimately shape the Shiba Inu narrative.
Burn Process & Transaction Fees On Shibarium Network
According to the document, when a user makes a transaction, the base fee is locked on Shibarium while the priority fee is paid to the validator. The base fee is split, with 70% burned and 30% reserved for network maintenance.
Users can initiate the burn process once a certain amount of BONE ($25,000) accumulates in the burn contract. During the burn process, BONE is sent to Ethereum’s L1 for an automated swap to SHIB, which is then burned.
It reduces the total supply of the tokens. Users can use a specific portal on it’s website to initiate burns by confirming a few transactions for layer migration. The Base Fee is the minimum fee required for a valid transaction and is burned to prioritize transactions and maintain blockchain security.
The Priority Fee is the amount paid to a block producer for including a transaction in a block. Validators are incentivized to include transactions with higher Priority Fees to earn more rewards.