The Shiba Inu team has officially announced the initiation of the much-anticipated automated SHIB token-burning mechanism this month, marking the commencement of testnet deployment.
This significant update was revealed in the 11th edition of the Shiba Inu Magazine by the development team.
According to the statement, the auto-burn initiative is a transformative feature designed to play a crucial role in strengthening the network’s economic model. The initiative strategically aims to decrease the SHIB token supply, potentially leading to an increase in Shiba Inu’s value.
The Shiba Inu Auto is initially deployed on the testnet.
Significantly, the journey towards automation commences in January. The Shiba Inu team has indicated that the initial step involves deploying the automated SHIB token burn system on Puppynet for rigorous testing.
This phase is pivotal for refining the mechanism, ensuring its efficiency, and enhancing reliability before transitioning to the Mainnet. During the testing period on Puppynet, users can expect to witness multiple upgrades as the Shiba Inu team fine-tunes the automated burn process.
These upgrades are intended to optimize performance and transparency, laying the foundation for a smooth transition to the Mainnet.
While in operation, the automated burn process will adhere to predefined rules. According to the Shiba Inu team, this approach introduces a new level of efficiency and transparency to the token-burning mechanism.
Shiba Inu Engages in Manual Burns, Eliminating $476K
Notably, leading up to this shift to an automated process, the Shiba Inu development team conducted five manual SHIB burn events. Each burn initiative involved fees collected from transactions on the Shiba Inu blockchain Shibarium.
The initial burn took place on December 4, with the team transferring 8.24 billion SHIB tokens to a dormant wallet. Subsequently, three more burns occurred within the same month, removing a comparable quantity of tokens in the billions.
In the most recent SHIB burn announcement from the team this year, a significant 9.351 tokens were eliminated.
In total, the Shiba Inu team has successfully taken out over 43 billion Shiba Inu tokens from circulation. As per the disclosure, the five manual burns amounted to around 200 Ethereum tokens, valued at $476,000 at the time.