Shiba Inu Team Introduces Shibarium-Based SHIB Burning

The WoofSwap team, which runs the Shibarium decentralized exchange (DEX), introduced FEED, a new Shiba Inu token-burning mechanism. TThrough X, WoofSwap explained FEED's influence.

The official announcement said: “Feed will be a new Shibarium trend. Create a Feed contract token by anybody or team. Minting burns SHIB. So goes the tale.”

A custom smart contract permits FREE token minting. This method requires BONE gas costs. The Shibarium network, a Layer 2 Ethereum solution with minimal transaction costs, burns SHIB tokens since gas fees are spent as tokens are produced, according to a WoofSwap spokesman.

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By lowering the cost barrier, this technique encourages participation and decreases the SHIB supply with each minting activity, fostering scarcity and value appreciation.

The team addressed FEED's token distribution strategy, which is fair and inclusive like Shibarium's decentralized concept. FEED enables anybody or any team to mint tokens without requirements, other than paying gas costs.

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The WoofSwap team said there are no formal collaborations to improve FEED's SHIB-burning performance. However, they are currently recruiting a Chief Technical Officer (CTO) team to manage FEED's growth and strategy.

“FEED's pioneering approach will inspire other crypto projects to adopt similar smart contract mechanisms, potentially fostering a collaborative environment that enhances SHIB's burning infrastructure across the Shibarium ecosystem,” they said.

Security was another interview priority. The WoofSwap staff assures the community that FEED is secure. The open-sourced FEED smart contract ensures transparency and immutability, preventing changes after deployment.

Minting activities are limited to the block browser, removing the need for third-party decentralized apps (DApps) and reducing security risks, the team said.