Shiba Inu’s Layer-2 network, Shibarium, recently witnessed the burning of 97 million SHIB tokens. However, this event did not affect the total supply of SHIB.
The inaugural token burn on Shibarium was carried out by Shib CoOp, a metaverse real estate project managed by the community. This marked a significant milestone for the network and raised questions about the tracking of such burns.
The confirmation of the token burn came from Shibariumscan, a blockchain explorer dedicated to Shibarium. It verified that 97 million Shiba Inu tokens were moved to the burn wallet.
However, Shibburn, a community-driven burn tracker, clarified that it would not monitor these specific transactions. The reason for this is the fundamental difference between Layer-1 (L1) and Layer-2 (L2) networks. Ethereum is the L1 network, while Shibarium is the L2 blockchain built on top of it.
Shibburn explained that burns on L2 networks do not influence the actual supply of Shiba Inu tokens. If a transaction fails to burn SHIB on the L1, it won’t affect the real SHIB supply. Hence, Shibarium burns should follow the method set by the Shibarium development team.
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