Shiba Inu holders can now get rewards for burning their SHIB tokens as the project’s development team has officially launched the Shibaswap burning portal. According to the team, SHIB burners generate passive income in the form of RYOSHI rewards by sticking to a new token called “burntSHIB”.

SHIB Army celebrates token burn rate as Burn Portal goes live

Supporters of meme-based crypto-asset Shiba Inu (SHIB) have been discussing the launch of the official Shibaswap burning portal. While SHIB network participants have been burning tokens for quite some time, the Burn portal gives all SHIB owners with a Web3 wallet the opportunity to burn SHIB and earn passive income rewards for their Burn participation.

On Saturday, the Twitter account @shibainuart wrote: “SHIB Combustion Portal is LIVE – Combust SHIB, reducing its circulating supply while generating passive income.” ON big number other SHIB supporter discussed the official Burn portal, also hosted on Shibaswap. While Bitcoin.com News reported that SHIB’s burn rate increased by 26,000% on April 9th, the burn rate has calmed down sharply since then.

Let’s go!! 💯🚀$SHIB The burn portal is now LIVE, now you can burn $SHIBreduce its circulating supply.

— SHIB HODLER 🐕 (@ShibaInuHodler) April 23, 2022

Using the burn portal, shibburn.com data shows that the burn rate is increasing again. Currently, the burn rate has increased by 347.35% in the last 24 hours. According to the official Burn portal, the website says 1,441,683,884.82 SHIB since this post was written.

“Welcome to the SHIB Burn Portal,” the website explains. “We are glad to see you here. This burn portal aims to make it worthwhile for users to burn SHIB regularly while effectively reducing the circulating supply.” The site further adds:

This portal was created to reward SHIB distillers with passive income recognition in the form of RYOSHI rewards. This means that 0.49% of all RYOSHI transactions are distributed to owners of burntSHIB.

The SHIB team believes each cremation will help “grow the wealth of the community.”

According to the Burn Portal website, SHIB burners that receive BurntSHIB receive an estimated 43.76% APR, but the APR varies. The site explains that users need to add the burntSHIB token to their Web3 wallet like Metamask.

“Our hope is that with each Burn, the wealth of the community will grow, but also by rewarding the efforts to make Shiba Inu one of the best digital assets in cryptocurrency history in the long term,” explains the official Burn portal. Meanwhile many SHIB fans receipt posted that they had burned SHIB on Twitter or shared the current burn rate percentage increases.

What do you think of the Shibaswap Burn portal and SHIB fans celebrating the rising burn rate? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.