The Shiba Inu ($SHIB) community could soon have a token donation portal to complement its token burn portal in a bid to help burn tokens and decrease the cryptocurrency’s circulating supply.
During an interview with Gfinity Esports Trophias, a Shiba Defence Breed member who has called for a donations portal on Shiba Inu’s Discord server and on Twitter Spaces, has made his case for such a platform.
During the interview, Trophias noted that the standard for SHIB token burns should be Ethereum creator Vitalik Buterin, who destroyed 410 trillion tokens in a massive burn in May 2021, and donated 50 trillion SHIB to charity.
As CryptoGlobe reported, weeks ago the developers behind the meme-inspired cryptocurrency launched a burn portal. The burn portal sends users who burn tokens “burntSHIB” tokens, which can be staked to generate rewards in the form of RYOSHI tokens, a separate token in the SHIB ecosystem.
So far, over 26.9 billion SHIB have already been burned and users are earning an APR of around 13% for destroying tokens. Projects often burn tokens to reduce circulating supply, which if met with similar or increasing demand could lead to a rise in the token’s price. The SHIB community has long been favoring token burns.
To Trophias, however, it’s “astonishing that we burned that much” without some of those funds “going into a donation for a good cause, or charity.” As a result, they proposed the creation of a SHIB donation portal that would allow users to donate tokens to a charity determined by the community through the Doggy DAO. Trophias was quoted saying:
It would be nice to have the community decide on a few charities they want to give it to. Whether it be for Alzheimer’s, Cancer Research, Mental Health or a Dog Charity
Shiba Inu’s website currently calls for donations to support the Shiba Inu Rescue Association on its website. These donations, however, are made through Amazon Smile and not the SHIB token itself.
While currently, no one is developing such a donation portal, Trophias has encouraged the community to approach the Defence and Growth Breeds with proposals, in a move similar to the one that preceded the Shiba Burn Portal. To Trophias, there’s wider marketing potential in donating tokens than burning them. They said:
If you burn and you donate and you help someone, then that reflects better on the crypto community. And if you give the crypto community more of a good spotlight, they’re going to respect you a lot more.
As CryptoGlobe reported, polls conducted by Shiba Inu team member Archangel have shown most SHIB members believe that the burn portal was more important than the project’s metaverse. Some supported burning tokens as a marketing effort.
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 Pixabay