Crypto payment processor NOWPayments says that it now allows merchants to select a percentage amount to burn for transactions on all $SHIB and $LEASH sales.
What Is Shiba Inu ($SHIB)
“Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain. SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 ‘Shiboshi’ NFTs, and an NFT game Shiboshi Game.
“Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity, and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.“
NOWPayments Adds Support for Accepting $SHIB for Payments and Donations
In a blog post published on 24 September 2021, NOWPayments mentioned four ways in which merchants could accept $SHIB payments:
- “For instance, there are crypto invoices which are ideal for small businesses with a moderate selection of products. A crypto invoice contains all key information necessary for making a transaction. Crypto invoices have a user-friendly design which any client will find easy to navigate.“
- “Another solution for businesses offered by NOWPayments is crypto payment plugins. These plugins are available to e-commerce stores that host their websites on platforms such as Shopify, PrestaShop, WordPress, and Shopware. Moreover, companies that use software such as Magento 2, Zen Cart, WHMCS, and OpenCart can also utilize these plugins. Such plugins automatically process payments of clients made in SHIB tokens or other cryptocurrencies.”
- “There is also an API method for integrating SHIB payments for companies that need a custom solution.“
- “Physical stores can accept SHIB by using a crypto terminal link.“
NOWPayments Adds Support for Accepting $LEASH for Payments and Donations
In a blog post published on 24 November 2021, described what $LEASH is and then said that it was allowing for $LEASH to be used for payments and donations.
Here was their description of $LEASH:
“LEASH is a key token of the SHIB’s ecosystem, offering substantial rewards for liquidity providers using the SHIB’s Doggy DAO. LEASH, as opposed to SHIB, is a less common asset since there were only 107,647 tokens minted. LEASH owners have a chance to earn actual interest by staking their coins (burying them) and getting xLEASH, a share of the staking pool, in return. A very low supply of LEASH, as well as the fact that it gets burned for example when a new listing happens on ShibaSwap, makes it unique
“Due to its rarity, LEASH is a token that has an incredibly high price that has been growing steadily since its release. However, the current market cap is lower than that of SHIB and BONE. As of November 2021, LEASH’s value stood at more than $4k, and it seems that it still has not reached its ceiling.
“Moreover, LEASH serves as the exclusive token for Shiboshis (Shiba games NFTs) alongside a special feature with the upcoming Shiba games (Oshiverse) — only LEASH holders could buy Shiboshis NFTs in the first 24 hours. Another interesting feature of LEASH is that it might become the governance token for SHI, a stablecoin that is coming in the future. The biggest advantage of LEASH is the ShibArmy, an impressive community of crypto investors who support the Shiba Inu ecosystem.“
NOWPayments Introduces “Optional Burn” Feature for Merchants
In a blog post published on March 22, NOWPayments told merchants:
“Optional burn feature by NOWPayments allows you to count the amount of your SHIB & LEASH profit right in your NOWPayments’ account… Clients of the merchants that are burning SHIB receive the notification on the invoice which says that a certain percentage of the sum will be burnt.“
Next, it described $SHIB and $LEASH burning:
“SHIB and LEASH burning is a procedure which involves sending a certain sum of cryptocurrency to a crypto address that cannot be accessed by anyone or used in any way. The process is used in order to take the burnt sum out of the coin circulation. Crypto burning is a practice which is widely utilized by crypto enthusiasts, but the Shiba Inu community certainly took it to another level. NOWPayments respects Shiba Inu’s vision and is happy to contribute to the burn process.“
It then explained what is good about birning $SHIB and $LEASH:
“By reducing the supply of coins in circulation, people try to boost the value of the asset. Here, a simple rule applies. When something gets scarce, the demand for it rises. As a result, as the supply of SHIB and LEASH coins goes down, their price is expected to increase. The Shiba Inu community members, thus, try to boost the value of their favorite coins.“
On March 25, Shiba Inu Community & Growth Breed Member “milkshake” named three merchants that are planning to automatically burn a percentage of their sales when $SHIB and $LEASH are used for payments via NOWPayments.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.