Shiba Inu Has A Problem With The Burning Gate SHIB

The Shiba Inu development team has published an update regarding the SHIB coin-burning portal issue, causing outrage in the community.

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The blog post states that the SHIB community is increasingly frustrated by the delay in reward distribution even though they have been actively participating in the SHIB burning process to reduce the supply of tokens, creating more motivation for price increases.

In April, Shiba Inu launched a coin-burning portal on the ShibaSwap DEX. Users can burn coins through this portal; in return, ShibaSwap will reward those who burned SHIB in the form of burnt SHIB tokens, certifying the burned coins. This token can then be staked to receive RYOSHI, another cryptocurrency in the Shiba ecosystem.

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RYOSHI is an ERC-20 token backed by the Ryoshi Vision organization, named after Shiba Inu’s founder. In this announcement, the SHIB team also confirmed that RYOSHI is not part of SHIB’s broad ecosystem, and this is a separate project with an independent goal that has nothing to do with SHIB.

The Shiba Inu development team has candidly admitted that reward flexibility is underperforming. They, therefore, urged Ryoshi Vision to provide more communication, corrections, and improved transparency for both communities.

On the side of Ryoshi Vision, the project also apologized to the community to explain more about the situation based on SHIB’s request.

However, with the community of SHIB “passionate” about burning coins, the incident stemming from Ryoshi Vision is unacceptable. They used the harshest words to criticize the project despite Ryoshi Vision’s update on the current situation.

It can be seen that the project is receiving a lot of criticism from the Shiba community.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.