The WoofSwap team, operating the decentralized exchange (DEX) on the Shibarium network, has unveiled a novel Shiba Inu token-burning mechanism through the introduction of a new token named FEED. TThe announcement was made via X, where WoofSwap detailed the intended impact of FEED.
The official statement read: “Feed will be a new wave of trends on Shibarium. Anyone or team can create a token based on Feed contract. Burn SHIB by minting. That’s the story.” The introduction of FEED has sparked a mix of enthusiasm and uncertainty within the SHIB community, with many users seeking clarity on its exact function and benefits.
New Way To Burn Shiba Inu
In response to the growing inquiries, Lucie, the Shiba Inu marketing lead known on X as @LucieSHIB, conducted an interview with the WoofSwap team. During the discussion, the WoofSwap team elaborated on how FEED facilitates the burning of SHIB.
“FEED operates through a specially designed smart contract that allows for the free minting of tokens. Users engaging in this process are required to pay gas fees denominated in BONE. As tokens are minted, these gas fees are consumed, and within the Shibarium network—a Layer 2 solution for Ethereum known for its low transaction costs—these fees directly contribute to the burning of SHIB tokens,” explained a WoofSwap spokesperson.
This mechanism not only incentivizes participation by minimizing the cost barrier but also ensures that each minting action incrementally reduces the total SHIB supply, thereby supporting its scarcity and potential value appreciation.
The team further discussed FEED’s token distribution model, which is inherently fair and inclusive, mirroring the decentralized ethos of Shibarium. “Unlike traditional token distributions that may rely on whitelists or impose restrictions on participants, FEED allows anyone or any team to mint tokens without prerequisites, aside from covering the minimal gas fees. This open-access approach is designed to democratize token cr
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Author: Jake Simmons
