The WoofSwap team, which operates the Shibarium decentralized exchange (DEX), has announced the launch of FEED, a new mechanism aimed at burning SHIB tokens. This innovative approach allows users to create Feed contract tokens, where the process of minting these tokens results in SHIB being burned. This mechanism is powered by Shibarium, an Ethereum Layer 2 solution that offers low transaction costs, making token creation more accessible. Gas fees, paid in BONE, are utilized to burn SHIB as tokens are minted, further reducing SHIB’s circulating supply.
The FEED system is designed to encourage widespread participation by lowering the cost barriers for minting tokens. With each minting activity, SHIB tokens are burned, creating a deflationary effect that can increase the token’s scarcity and potentially drive up its value. The distribution model of FEED is inclusive and decentralized, aligning with the principles of the Shibarium ecosystem. There are no complex requirements to mint tokens; users only need to cover the gas fees.
While there are no official collaborations yet to optimize FEED's SHIB-burning capabilities, the WoofSwap team is in the process of recruiting a Chief Technical Officer (CTO) to lead the project’s growth and strategy. They believe FEED’s approach could inspire similar mechanisms across other crypto projects, enhancing SHIB's burn rate across the broader Shibarium network.
Security is a top priority for the team. The FEED smart contract is open-source, ensuring transparency and immutability, which means it cannot be altered once deployed. Minting activities are restricted to the block browser, eliminating the need for third-party decentralized applications (DApps) and reducing potential security risks.
In the past 24 hours, SHIB’s burn rate has surged by an impressive 6,750%, leading analysts to predict significant price movement. Some even speculate that SHIB could reach a value of $0.00008 in the near future as the burn rate continues to increase and supply diminishes.
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This new development marks another step forward in the Shiba Inu ecosystem, as the community continues to innovate and explore mechanisms that could drive long-term value and utility for SHIB holders.
