Shiba Inu has announced that rewards will be available for holders who burn tokens on the SHIB burning portal starting May 17th, with cycles coming once every two weeks. Please note that the holders who burn their SHIB tokens permanently through this burn portal will get a token named burntSHIB.
Burn Portal Update
Here’s a quick update in regards to the Reward Cycle. Rewards will be available on May 17th, and continue every two weeks.
We’re excited to see the amount of use the portal has brought for the community and building based on the #ShibArmy‘s feedback.
— Shib (@Shibtoken) May 3, 2022
People who get burntSHIB tokens will get reward in the form of RYOSHI tokens and 0.49% of all RYOSHI transactions will be distributed to burntSHIB holders.
The Burn portal was created as part of a partnership between Shiba Inu and Ryoshis Vision (RYOSHI), an Ethereum-based decentralized finance (DeFi) project. It aims to promote the development of the SHIB eco-system.
At the end of April the project Tweet It was reported that within the first 24 hours of the portal’s launch, “over $8 billion of SHIB has been burned” on the portal. At that time, it was equivalent to SHIB of $181,040 (approximately Rs 1.4 crore).
At the time of writing this news, the price of Shiba Inu in India was around 0.001693.