- Shib CoOp burned approximately 97 million Shib tokens.
- However, this was not reflected in the total supply of Shibarium.
The write event is part of a step-by-step plan for a cryptocurrency project to achieve its goals. So this is because burn events help reduce the amount of this cryptocurrency in circulation and increase its value. However, recently a flaming incident occurred at Shibari Omu that did not go as expected.
A large amount of tokens are burned in the Shibarium ecosystem
- A large amount of Shiba Inu tokens were burned inside Shibarium. However, there was no record of this burn in the total supply of Shiba Inu. Therefore, Shibburn, a community-driven burn tracker, is the most reliable platform for obtaining burn data from the Shibrium ecosystem. However, recent burns were not recorded.
- Before proceeding, burning tokens destroys these tokens. In other words, once these tokens are incinerated, they no longer exist again. So recently there was a token burn by Shib Coop. Shib CoOp is a community-driven metaverse real estate project. was behind the recent burns. So they removed 97 million Shiba Inu tokens from existence. However, an anomaly occurred that raised many questions. Therefore, the Shiba Inu supply did not reflect the burnt tokens.
Details about this transaction
- Shibariumscan had a record of 97 million Shiba Inu tokens. This means that Shibarium’s exclusive blockchain explorer has verified the transaction. In other words, it was exactly at 12:32 that the burn of over 97 million tokens occurred in Shibarium. [UTC].
- Note: Shib CoOp asked about the recording of this burn at Shibburn. So they responded that there’s a reason why they don’t record these types of transactions. Additionally, the transactions took place on his Shibarium, a layer 2 blockchain rather than layer 1.
Siburn gives reasons for not recording transactions in Sibarium
- The reason for not recording these transactions is simple. So it all depends on how the recording of write transactions works. Write addresses within a Layer 2 network are used only to manage tokens within that particular network. Ethereum blockchain is the original blockchain of Shiba Inu token. Therefore, write events that affect supply must occur on the Ethereum network.
- According to Siburn’s explanation, the burn on the L2 network will not affect the actual supply of Shiba Inu tokens. Therefore, if a transaction fails to write his SHIB in his L1, it does not affect his actual SHIB supply. Therefore, everyone must first perform a write event on the Ethereum network for recording. Therefore, nothing else will affect supply.
There has been some confusion regarding the combustion mechanism of the Shibarimusu ecosystem. As a result, some Shiba Inu enthusiasts burned some of their tokens in hopes of impacting supply. But that wasn’t the case, which led them to ask some questions. Apparently, a burn event will only affect Shiba Inu supply if it occurs on the Ethereum network and not on Layer 2.
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