An enthusiastic member of the Shiba Inu SHIB BPP community conveyed the good news that a preview of the user interface of the SHIB combustion engine is now available on the Shibarium network.
According to the Shibarium whitepaper, the basic price is established in the Shibarium contract when a user completes a transaction on the network. The remaining 70% will be burnt. A total of 30% of this basic cost will be dedicated to network maintenance.
After the appropriate number of BONE has been collected in the recording contract, users can begin the burning procedure on Shibarium.
The collected BONEs are sent to Ethereum level 1 at the start of this operation, where they are automatically swapped into SHIB and burnt by invoking the contract function.
The tokens are destroyed and removed from the available supply, similar to a withdrawal transaction.
Incineration is still a popular topic of conversation in the Shiba Inu community, with the goal of pushing this amount into the billions and increasing the value of the meme currency.
According to a message on the Shibburn account, on May 21st, 575,043 SHIB tokens were destroyed in a single transaction. 3 billion (3,055,174,242) SHIBs have been burned in the last seven days, reflecting a 36.38% drop in the weekly burn rate.