The team behind Shiba Inu has launched a portal where SHIB holders can burn them. In return, investors will receive burntSHIB, which is rewarded in RYOSHI variable rate tokens.
Burning coins reduces the supply of tokens and, ceteris paribus, increases their value. The initiative is in line with the wishes of the project community, who pushed for such a mechanism.
The portal was developed as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), a DeFi project in the Ethereum ecosystem with a focus on supporting the growth of the SHIB ecosystem.
0.49% of all transactions in RYOSHI will be distributed among burntSHIB owners.
The supply of SHIB decreased by 8 billion tokens within a day after the launch of the portal. According to a special dashboard, 3.4 billion SHIB underwent this procedure in a partial day on April 25.
