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Shiba Inu Team Clarifies Delays in Planned Token Burn

2023/12/17 12:17

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Uncertainty Surrounds $1.2 Million SHIB Burn

The Shiba Inu community awaits clarifications amidst recent disappointments. The team behind Shiba Inu (SHIB) has been scrutinised for not fulfilling specific bullish actions for SHIB's price, including token burns. A team member addressed these concerns recently.

Community Expresses Frustration Over Communication

A post by Digarch on the X platform (formerly known as Twitter) included a screenshot from Telegram. It was a message from DaVinci, a team member, discussing the delay of the scheduled token burn. DaVinci admitted the absence of a definitive timeline for future burns.

The community's response to this update was largely negative. A user on X criticised the team's communication strategy, pointing out the failure to promptly inform the community about the burn's postponement.

In defense, Digarch speculated that the Legder breach on December 14 might have contributed to the delay. He expressed confidence that the team was assessing the breach's impact, particularly concerning the execution of the burns.

Understanding the Context of the Delay

Previously, the Shibarium team, through SHIB Magazine, had announced plans for multiple manual burns. One such burn, amounting to $70,000 worth of SHIB, had already been executed. Burns scheduled for December 14th, 15th, and 16th did not occur as planned.

The development team had also indicated an update to the burning mechanism as part of a network hard fork. Initially, this mechanism will be manually operated before transitioning to an automated system in January.

The delay's root cause seems to lie in the manual nature of these burns, with SHIB being transferred from the Deployer wallet to a dead wallet. At the time of this report, no such transactions had been recorded on Etherscan.

The community's involvement in the burning process is significant. As part of Shibarium's roadmap, burning tokens from transaction fees was a commitment. This initiative encouraged the community's active participation in the layer-2 network, with the goal of exponentially increasing the number of tokens burned.

While the team's efforts are acknowledged, the recent events cast a shadow of uncertainty over Shiba Inu's roadmap and community trust.

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