Key Points:
- The SHEboshi NFT initiative follows the Shiboshi NFTs, offering a unique ERC-404 token to support the Shiba Inu ecosystem.
- A designated 50% of SHEboshi sales proceeds will bolster the Shiba Inu treasury, with a portion dedicated to burning SHIB tokens.
- Over 40 billion SHIB tokens have been burned via Shibarium fees, highlighting the community’s commitment to reducing SHIB’s supply.
The Shiba Inu ecosystem has recently announced a novel approach to decrease its token supply: leveraging proceeds from the sale of its newly launched SHEboshi non-fungible tokens (NFTs). Shytoshi Kusama, the project’s lead developer, revealed this strategy as part of the broader effort to burn SHIB tokens, enhancing the value for holders.
What is SHEboshi
The SHEboshi NFTs, introduced as a companion to the existing Shiboshi NFTs, have been crafted to celebrate Valentine’s Day, marking a significant addition to Shiba Inu’s digital collectible lineup.
Unlike their predecessors, SHEboshi tokens merge attributes from ERC-20 and ERC-721 standards, resulting in the unique ERC-404 token standard. This strategic move diversifies the ecosystem’s offerings and aims to draw liquidity from Ethereum investors.
Initially, Shiboshi holders will have a 72-hour window to mint SHEboshi NFTs at no cost, determined by a snapshot that categorizes them based on their holdings and the duration of ownership.
Following this period, LEASH holders get a 24-hour exclusive opportunity to purchase any remaining SHEboshis, after which sales are open to the general public through Uniswap and ShibaSwap.
How SHEboshi will help in SHIB burn
The financial mechanics behind the SHEboshi sales are meticulously planned. Half of the revenue will reinforce the Shiba Inu treasury and cover expenses. Crucially, from the remainder, a planned allocation will directly fund the burning of ecosystem tokens, including a significant 6% for SHIB burns. This structured approach to token burning, utilizing a portion of the NFT sales proceeds, underscores the team’s commitment to reducing SHIB’s circulating supply.
Previously, the ecosystem has seen over 40 billion SHIB tokens eliminated through Shibarium gas fees, with more than 410.7 trillion tokens burned in collaboration with the community and Ethereum co-founder Vitalik Buterin. With the anticipation of the Shibarium burn portal’s mainnet launch, these efforts are expected to intensify, demonstrating a clear strategy towards managing token supply and potentially enhancing value for holders
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