The team behind the Shiba Inu ecosystem unveils plans to burn SHIB using a portion of SHEboshi proceeds.
Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu’s ecosystem, has unveiled a special initiative that could contribute to the ongoing SHIB burn campaign.
According to Kusama, the Shiba Inu ecosystem team will burn more SHIB tokens using a portion of the proceeds gotten through the sale of the newly introduced SHEboshi non-fungible token (NFT).
What is SHEboshi?
For context, SHEboshi is the latest edition of Shiba Inu’s NFT initiative. The digital collectible was launched to celebrate this year’s Valentine’s Day and provide a suitable companion for the existing Shiboshi NFTs. This comes days after Kusama urged Shiba Inu community members to prepare their wallets.
Unlike the Shiboshi NFTs, SHEboshi will be launched as an ERC-404 token, combining the best traits from the ERC-20 and ERC-721 standards.
Starting this weekend and lasting 72 hours, Shiboshi holders can mint some SHEboshi NFTs at zero cost. The Shiba Inu ecosystem team will initiate a snapshot, placing all Shiboshi holders in tiers based on the number of Shiboshis held and the duration they have held the digital asset.
This will help determine the number of SHEboshis each Shiboshi holder can claim. Once the claim period elapses, LEASH holders will be allowed to purchase the remaining SHEboshis within 24 hours.
Afterward, the remaining SHEboshi NFTs will be released to the public on both the Ethereum-based decentralized exchange Uniswap and Shiba Inu’s native DEX ShibaSwap.
Notably, the newly introduced SHEboshi NFTs can only be purchased with ETH since the digital collectible was launched on Ethereum. The rationale behind the move is to attract liquidity from ETH investors to Shibarium, Shiba Inu’s L2 blockchain.
How SHEboshis Will Contribute to SHIB Burns
The team will bridge SHEboshi and Shiboshi to the Shibarium network in the future. Per the announcement, the proceeds from SHEboshi sales will be divided into two. 50% will be dedicated towards Shiba Inu’s treasury and expenses.
In addition, a portion of the remaining 50% will be allocated to burn Shiba Inu ecosystem tokens. As explained in the 13th edition of The Shib Magazine, 10% will be used to burn Shiba Inu ecosystem tokens, which includes 6% for SHIB, 1% for BONE, 1% for LEASH, 1% for TREAT, and 1% for Shi.
Allocating a portion of SHEboshi proceeds to burn SHIB is the latest effort by the team to reduce the enormous supply of SHIB. Recall that the team already burns SHIB using part of Shibarium gas fees.
So far, over 40 billion SHIB tokens have been incinerated using Shibarium fees. Overall, the Shiba Inu ecosystem team, the community, and Ethereum co-founder Vitalik Buterin have burned over 410.7 trillion tokens.
SHIB burns are expected to skyrocket once the Shibarium burn portal goes live on the mainnet. In the meantime, the protocol is undergoing rigorous testing on Puppynet, the testnet version of Shibariium.
At press time, Shiba Inu’s burn rate is down 38.34% in the past 24 hours, with 4.84 million SHIB incinerated over the past day.
