Shiba inu holders can now get rewards for burning their SHIB tokens as the project’s development team officially launched the Shibaswap burn portal. According to the team, SHIB burners generate passive income in the form of RYOSHI rewards by holding on to a new token called “burntSHIB.”
SHIB Army Celebrates Token Burn Rate as Burn Portal Goes Live
Supporters of the meme-based shiba inu (SHIB) crypto asset have discussed the launch of the official Shibaswap burn portal. While participants in the SHIB network have been burning tokens for some time, the burn portal gives all SHIB owners with a Web3 wallet the opportunity to burn SHIB and earn passive income rewards for participating in engraving.
On Saturday, the Twitter account @shibainuart wrote: “The SHIB burn portal is LIVE — Burn SHIB, reduce its circulating supply, and generate passive income while doing so.” A great number of other SHIB supporters discussed the official burn portal hosted on Shibaswap as well. While Bitcoin.com News reported on SHIB’s burn rate jumping 26,000% on April 9, the burn rate settled down a great deal after that point.
With the burn portal in place, data from shibburn.com indicates that the burn rate is increasing again. Currently, the burn rate has increased by 347.35% in the last 24 hours. According to the official burn portal, the website says 1,441,683,884.82 SHIB as of this post.
“Welcome to the SHIB Burn Portal,” the website explains. “We’re excited to see you here. This burn portal is set to make it rewarding for users to regularly burn SHIB while effectively reducing its circulating supply.” The website further adds:
This portal was designed to reward SHIB burners, with passive income recognition, in the form of RYOSHI rewards. This means that 0.49% of all RYOSHI transactions will be distributed to burntSHIB owners.
SHIB Team believes Every Burn Will Help ‘the Wealth of the Community Grow’
According to the burn portal website, SHIB burners that obtain burntSHIB will get an estimated 43.76% annual percentage rate (APR), but the APR does fluctuate. The website explains that users need to add the token burntSHIB to their Web3 wallet like Metamask.
“Our hope is that with each burn, the wealth of the community will grow, but also by rewarding the long-term effort to make the shiba inu one of the best digital assets in the history of cryptocurrencies”, explains the official burn portal. Meanwhile, many SHIB fans proof posted that they burned SHIB on Twitter or shared the current burn rate percentage increases.
