Bitrabo Editorial
WoofSwap, the team running the decentralized exchange (DEX) on the Shibarium network, has introduced a new token called FEED, which features an innovative mechanism for burning Shiba Inu tokens. This announcement was made on X, where WoofSwap explained the expected effects of FEED.
The official message stated: “Feed will initiate a new trend on Shibarium. Any individual or team can mint a token based on the Feed contract, which contributes to the burning of SHIB. That’s the essence of it.” This introduction has generated excitement alongside questions from the SHIB community regarding its specific workings and advantages.
Innovative Shiba Inu Token Burning
To address the many queries, Lucie, the marketing lead for Shiba Inu, known as @LucieSHIB on X, held an interview with the WoofSwap team. During this discussion, they clarified how the FEED mechanism aids in the burning of SHIB tokens.
“FEED employs a unique smart contract that permits the free minting of tokens. Users need to pay gas fees in BONE. As tokens are minted, these fees are consumed, and within the Shibarium network—known for its low transaction costs—these fees help burn SHIB tokens,” a WoofSwap representative explained.
This system not only lowers the entry cost for participants but also ensures that each minting action contributes to reducing the overall supply of SHIB tokens, thus increasing their scarcity and potential value.
The team elaborated on the FEED token distribution model, highlighting its fairness and inclusivity, which reflects Shibarium’s decentralized nature. “Unlike conventional token distributions that might use whitelists or limit participation, FEED enables anyone or any team to mint tokens freely, as long as they cover small gas fees. This inclusive approach aims to democratize token creation and ensure that the burning process benefits the entire community,” they added.
Looking ahead, the WoofSwap team anticipates an initial minting volume of around 20,000,000 FEED tokens. “Although active trading may temporarily drop this number, our main goal is to spur more participation and token creation. As more users get involved with FEED, the rising gas fees will enhance the rate at which SHIB is burned,” the team explained.
When asked about potential partnerships to enhance FEED’s ability to burn SHIB, the WoofSwap team noted that no formal alliances exist at the moment. However, they are in the process of assembling a Chief Technical Officer (CTO) team to guide the development of FEED.
“The innovative approach of FEED could motivate other projects in the crypto space to utilize similar smart contract mechanisms, possibly encouraging collaboration that improves SHIB’s burning system within the Shibarium ecosystem,” they added.
Security was a crucial topic during the conversation. The WoofSwap team reassured the community that robust security features are built into FEED. “The smart contract for FEED is open-sourced, ensuring transparency and preventing any changes after deployment,” they stated.
Moreover, minting is limited to operations conducted solely via the block browser, removing the necessity for third-party decentralized applications (DApps) and reducing potential security risks, they explained.
As of the latest update, Shiba Inu is priced at $0.00001748.