• The screenshots of the Shiba Inu burning mechnism on Shibarium surfaced online
  • The Shiba Inu burn will burn 70% of the total base cost of the Shibarium basic fee
  • Shibarium has no release date yet

Shibarium, the highly anticipated layer-2 solution of the Shiba Inu ecosystem, continues to showcase significant developments ahead of its official release this year, with the latest leaked images revealing a crucial game-changing feature that could have a sweeping impact on the token's price as whales begin accumulating trillions of SHIB.

Screenshots showing the user interface previewing the Shiba Inu burn mechanism on Shibarium have been making rounds online. Shiba ecosystem content marketing specialist who goes by the Twitter handle @LucieSHIB confirmed these images and explained that they reflect the mechanism's alpha version and could still change when it officially rolls out.

"The leak of burn portal on #ShibariumBeta," Lucie said, reminding the Shib Army that the screenshots are "only alpha version (not beta yet)," which means "the final version may be different, but it's good for a look.

"$BONE will convert to $SHIB and burn $SHIB," the Shiba ecosystem content marketing specialist further said in a tweet.

Moreover, the screenshots note that through the Shiba Burning mechanism on Shibarium, users can burn the Shibarium currency BONE when its amount reaches more than ten.

"You will be able to initiate burn once the amount of BONE ready to be burned is greater than 10 BONE," the leaked user interface states.

While some Shib Army interpreted this as users being able to burn BONE, unfortunately, this is not the case. Instead, BONE is first swapped to SHIB and SHIB will be sent to the burn wallet.

The Shiba Inu burn mechanism is best explained in the Shibarium documentation, which notes that each time a user completes a transaction in the scalability solution, the basic fee (payable using BONE), is locked on a contract in the network with the validator getting the priority fee.

From the total base cost, 30% will be allocated for the network's maintenance while the remaining 70% will be burned. Users can start burning on Shibarium as soon as they meet the specified amount of BONE in the burn contract.

Accumulated BONE are then moved to Ethereum's L1 where they will be exchanged for SHIB and through contract function, will be burned.

With the continuous significant developments taking place in Shibarium, whales have started acquiring trillions of SHIB. The latest data from data science company IntoTheBlock revealed that 26.2 trillion Shiba Inu tokens have been bought by whales over the past week.

Despite this crucial progress on Shibarium, SHIB is still down. It saw a 2.55% loss over the past 24 hours, trading at $0.000008494 with a 24-hour volume of $78,297,297 as of 11:50 p.m. ET on Sunday, according to the latest data from CoinMarketCap.

Shiba Inu Tokens Burned in Official Shib Burn Portal Army Official Website