thecryptobasic.com
The Shiba Inu team has officially confirmed that the long-awaited automated SHIB token-burning mechanism commences this month with testnet deployment.
The development team disclosed this pivotal development in the 11th edition of its Shiba Inu Magazine.
Per the statement, the auto-burn initiative is a transformative feature that aims to play a pivotal role in fortifying the network’s economic model. The endeavor will strategically reduce the SHIB token supply and potentially amplify Shiba Inu’s value.
Shiba Inu Auto Deploys on Testnet First
Notably, the journey towards automation kicks off this month, January. The Shiba Inu team noted they will first deploy the automated SHIB token burn system on Puppynet for rigorous testing.
This initial phase is crucial for refining the mechanism, ensuring efficiency, and bolstering reliability before transitioning to the Mainnet. During the testing period on Puppynet, users can anticipate witnessing multiple upgrades as the Shiba Inu team fine-tunes the automated burn process.
These upgrades are designed to optimize performance and transparency, laying the groundwork for a seamless transition to the Mainnet.
While live, the automated burn process will function based on predefined rules. According to the Shiba Inu team, the action injects a new level of efficiency and transparency into the token-burning mechanism.
Shiba Inu Incinerated $476K with Manual Burns
Significantly, until this transition into an automated process, the Shiba Inu development team executed five manual SHIB burn schedules. Each burn endeavor represented fees accumulated from transactions on the Shiba Inu blockchain Shibarium.
The inaugural burn occurred on December 4, when the team transferred 8.24 billion SHIB tokens to a dormant wallet. Subsequently, three additional burns unfolded within the same month, removing a comparable quantity of tokens in the billions.
In the latest SHIB burn notification from the team this year, a substantial 9.351 tokens were eradicated.
Collectively, the Shiba Inu team has effectively removed over 43 billion Shiba Inu tokens from circulation. According to the disclosure, the five manual burns equated to approximately 200 Ethereum tokens, valuing $476,000 at the time.