Blockchain News

Trouble With $SHIB Burn Portal as Rewards Are Delayed

The SHIB team confirmed that $RYOSHI is a separate project not in the Shiba ecosystem.

Community Allocation Rewards Delayed

Shiba Inu published an update on the Shibaswap blog acknowledging that the $SHIB community is increasingly frustrated by the delay in the distribution of $RYOSHI by the $SHIB burn portal.  Participation in the SHIB burning process reduces the supply of $SHIB, creating greater scarcity and presumably an impetus for bullish price momentum.

Shiba Inu launched the $SHIB Burn Portal on the ShibaSwap DEX. Users burning coins through this portal will be rewarded by ShibaSwap in the form of burnt SHIB tokens. These tokens can then be staked to receive $RYOSHI, another token in the Shiba ecosystem.

$RYOSHI is an ERC-20 token developed by the Ryoshi Vision organization, named after the pseudonymous founder of Shiba Inu who deleted all online information about a month ago.  In this announcement, the $SHIB team confirmed that $RYOSHI is not part of the general ecosystem of Shiba Inu, and is a separate project with independent goals. Both projects come together only through their focus on $SHIB.

“Ryoshi Vision token is not part of the Shiba Ecosystem; it is its own project and has its own goals,” the Shiba Inu development team said in a blog.

The Shiba Inu development team said that the $RYOSHI reward flexibility is underperforming. They urged Ryoshi Vision to provide greater transparency and more communication for both communities. For their part, Ryoshi Vision apologized to the community and pledged to explain more about the situation in response to $SHIB's request.

Dev Team Moves to Restore User Trust

Shiba Inu has planned to launch a SHIB Visa card dedicated to coin burning in an effort to strengthen community trust after the problems with the burn portal. The burn rate of SHIB has regained substantial traction after plunging more than 60% on July 25, based on data from Shibburn.

Although no additional information has been provided, according to the initial demo from the development team, the SHIB Visa card will support users to burn SHIB directly when paying at locations that accept $SHIB. SHIB Visa will be the next addition to the Shiba Inu ecosystem, and could significantly speed up coin burning and reward distribution.

What Is Shiba Inu:

Shiba Inu is an Ethereum-based altcoin that has the Shiba Inu—a Japanese breed of hunting dog—as its mascot. The SHIB token aspires to be an Ethereum-based alternative to Dogecoin (DOGE). Unlike Bitcoin, which is designed to be scarce, SHIB was created to be intentionally abundant — with a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.

Where to find Shiba Inu:

Website | Twitter | Telegram | Discord

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