Shiba Inu ($SHIB) token holders who divested of their holdings via ShibaSwap’s burn portal are now started to receive rewards for doing so in the form of Ryoshis Vision ($RYOSHI) tokens, with some wallets having already received thousands in tokens.
According to Ryoshgis Vision’s official account, the first distribution of rewards has already gone out to those who burned $SHIB through the burn portal. Whenever users burn tokens through it, they are awarded $burntSHIB, which can then be used to get RYOSHI.
As CryptoGlobe reported, the team behind the meme-inspired cryptocurrency announced the launch of a burn portal that was set to be included in a new version of Shiba Inu’s decentralized exchange ShibaSwap earlier this year, at the time noting it would make it easier for the platform’s users to regularly burn SHIB and reduce circulating supply.
The portal was launched on April 23 and since then the SHIBArmy has burned over 29.4 billion tokens for a 9.6% APR, according to the platform. One large SHIB burning address that destroyed 1.3 billion tokens has so far received nearly $6,5000 in RYOSHI, according to Etherscan data.
After SHIB holders burn their tokens, they received $burntSHIB which allows them to get RYOSHI. To claim their tokens they must “WOOF” them, which locks them in for a period of time, presumably to prevent token holders from immediately dumping their RYOSHI. The ShibaSwap burn portal details:
This portal has been built to reward $SHIB burners, with a passive income acknowledgement, in the form of $RYOSHI Rewards. Meaning that 0.49% of all RYOSHI transactions will be distributed to owners of $burntSHIB.
According to Ryoshis Vision, rewards in the token were initially distributed to every holder of xSHIB, a token awarded to users who staked SHIB on ShibaSwap. For a 20-week period now, RYOSHI is being distributed to those who burn SHIB, as well as those who stake RYOSHI on ShibaSwap and to the project itself.
Notably, the burn portal may soon be complemented by a donation portal, which has been suggested by community members looking to further SHIB’s use as a charitable cryptocurrency.
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.
Featured image via Unsplash