The team claims that SHIB burners can earn passive income through RYOSHI rewards, by keeping a token called "burntSHIB strong>
SHIB Army Celebrates Token Burn Rate, Burn Portal Goes Live
The official Shibaswap Burn Portal has been discussed by supporters of the meme-based crypto asset Shiba Inu (SHIB). SHIB network participants have been consuming tokens for a while. The burn portal allows any SHIB owner with a Web3 wallet to burn SHIB and receive passive income rewards.
The Twitter account @shibainuart posted on Saturday: "The SHIB Burn Portal is LIVE -- Burn SHIB and reduce its circulating supply while doing so." There was also discussion about the official SHIB portal hosted by Shibaswap. Bitcoin.com News reported that SHIB's burn rates had jumped 26,000% by April 9. However, the burn rate has since settled down significantly.
shibburn.com shows that the burn rate has increased once again with the burn portal in place. The burn rate has increased 347.35% in the last 24 hours. According to the official website, there have been 1,441,683,884.82 SHIB since the time this post was published.
"Welcome To the SHIB Burn Portal", the website explains. We are excited to have you visit. This burn portal will reward users for regularly burning SHIB, while effectively reducing its supply."
This portal was created to reward SHIB burners with passive income acknowledgment in the form RYOSHI rewards. This means that 0.49% will be distributed to the owners of burntSHIB.
SHIB Team believes that every burn will help 'the wealth of the community grow'
The burn portal website states that SHIB burners who obtain burntSHIB will receive an approximate 43.76% annual percentage (APR) but this can fluctuate. According to the website, users must add the token burntSHIB into their Web3 wallets like Metamask.
The official burn portal states that "We hope that with each burn, the community's wealth grows but also by rewarding those who work hard to make shiba Inu one of the most valuable digital assets in the history cryptocurrencies," Many SHIB enthusiasts shared proof that they had burned SHIB via Twitter, or the current burn rate percentage rises.