What is Shib Burn / www.shibburn.com
?
www.shibburn.com is a
community project started and monitored by the Shib Army and their Twitter
handle is @shibburn. The goal of the
project is to burn as many Shib tokens as possible and track the progress in real
time on the www.shibburn.com
website. When a Shib token was burned, it was sent to a dead wallet address and locked up forever. The site was launched on June 1st,
2021. The Shibburn Twitter page is where
the Shib community discusses about Shib burn ideas and progresses. On Oct 11th, 2021, Shytoshi Kusuma
(Shib’s lead developer) supported the Shib burn initiative on Twitter via the
following tweet.
Thanks for building this @shibburn
— Shytoshi Kusama™ (@ShytoshiKusama) October 11, 2021
Since Shibarium came out in the summer of 2023, the www.shibburn.com site has been tracking the gas fees accumulated in Bones from Shibarium transactions for burns. Please visit this ShibBurn page here for more info. Bone tokens are sold to buy Shib tokens, and then the Shib tokens are send to dead wallets to be locked up forever also known as burned.
Also, on August 8, 2024, LUCIE, who is part of The Shib Marketing Team, shared that the automatic burn mechanism on Shibarium will start on block 6206750 on the blockchain.
🔥Shibarium BURNS UPDATE 🔥
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 8, 2024
Starting at block 6206570, the Shibarium network will roll out a long-awaited update: a burn mechanism directly tied to transaction fees. With this update, 70% of all base transaction fees collected on the network will be automatically converted to… pic.twitter.com/D4hkfvAP3H
👉👉👉Vitalik Buterin burned 410 Trillion Shiba Inu tokens.
The Shib burn website provides information on burn rate and circulating supply. The burn rate is a 24 hours burn rate. The website calculates circulating supply by subtracting total staked Shib tokens and total from all three Shib burn addresses from total minted supply. Circulating Supply = Total Minted Supply - (Staked Shib Tokens + Total from all three Shib burn addresses) Updates on the website are real-time and they would like to remind visitors of the following when considering circulating supply:
- Please do not rely on CoinMarketCap for updates because their website does not update Shib burn information in real-time and does not remove staked Shib tokens, which are temporarily removed from circulation, in their calculation.
- If staked Shib tokens become unstaked, this will increase the circulating supply; this does not mean that more Shib were minted. All Shib were minted during initial minting and no more can be minted. Remember, when Shib is staked, it is temporarily locked up to earn stake rewards/interest. If you would like to verify everything, you can do the math by looking at the burn addresses and numbers in real-time.
- The Covid Relief fund donated by Vitalik Buterin to India was not removed from circulating supply. The reason was that it was Shib gifted from Vitalik Buterin to Indian Covid Relief fund; the tokens were just transferred, not burned.
- If you noticed any errors on their site, please feel free to contact them.
The Three Shib Burn addresses:
Burn Address 1:
0xdead000000000000000042069420694206942069
“This null
address is mostly used since it's the same address co-founder of Etheruem
Vitalik Buterin used to burn $6.7 billion in $Shib Tokens.”
Burn Address 2:
0x000000000000000000000000000000000000dead
“This null
address is the same one used by the team for ShibaSwap listings.”
Burn Address 3:
0x0000000000000000000000000000000000000000
“This null
address, called the Black Hole is the same one used for renaming Shiboshi's
NFT. 1,000,000,000,000,000 Initial Supply - Current Total Supply = Total burned
in BA-3”
Disclaimer: Our articles are for educational purposes only and NOT financial advice. For your own personal investment decisions, please do your own research and consult a financial advisor. Good luck investing.
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