Another project that has started to burn tokens, is the one lead by Travis Johnson (@317_key in Twitter).
Crypto games that burns part of their earnings is something we can see more frequently. This is mainly driven for the interest generated by the burns, and there is a ‘market’ that for sure can grow around this.
The game made by Travis was not something new to him.
I started developing games for a brief period in 2019, and made a total of 3 games. No real experience, just something I wanted to give a try.
I noticed back in October when the massive run was starting to wane, everyone was talking about burning, and burning their own supply. I thought there must be a way we can burn supply and not use the communities money. Then I remembered I had a game released that had very few downloads, and generating almost zero income. Why not burn Googles money instead? So I proposed that, and it took off pretty much instantly.
While Travis main trade is not in the block chain, it is obvious to him the amount of value this technology can bring to his trade. Expanding to other sectors is part of the key to SHIB long term success. He sees it in that way, and works towards it.
I would like to see how can I use my influences and relationships to create dozen of SHIB branded products. I would certainly like to release other games, although others have already launched more games in the past weeks.
As for the future of burning efforts in SHIB, he says:
What i would really love to see is once SHIB gets offered in a lot of retailers, is a small “burn tax” maybe like 0.1% of the transaction amount. Something to create a small constant burn as people use it in the real world.
How the team is dealing with the demand for Burns?
First, something has to be said: The team will not use burns as a method to ‘pump’ the price. The only way burns will be implemented is if they make sense in the overall ecosystem. And every dollar burned is a dollar effectively lost, that could have been spent in some other way (including rewards for staking or farming)
Now, let’s discuss about the actual burns.
Today, a very limited number of methods of burning exists the ecosystem. They represented a first approach, a start, and an indication that the team listens to what the ShibArmy asks.
Method 1: Burn of tokens for Woofable tokens:
Woofable tokens are those that provide earnings in BONE when paired with ETH to provide liquidity in SHIBASWAP. This makes Shibaswap an attractive place to store liquidity for owners of these tokens. It is an incentive both for Shibaswap and for the token itself. Having liquidity in an important swap is a great way to promote the use and tradability of a token.
Previously, for projects wanting to be listed as “woofable”, this was not a mandatory requirement, but a heavily suggested one, and one most of the projects did comply to it. They had to burn 50,000 USD. So far, the burns have been 25k in SHIB and 25k in BONE.
This method however is not any longer in the hands of the core team. The token teams had to With the arrival of DoggyDao, offers of burn methods can be used to encourage the voters (the community) to choose a woofable pair over others.
This vision: moving responsibility and decision power from the team to the community, is explained better in the blog post describing the launch of DoggyDao, that you can read here.
Method 2: Burn of tokens for SHIBOSHIS renaming.
If a SHIBOSHI owner wants to rename it, needs to pay 100 USD. The owner needs the equivalent in SHIB tokens, and spend them in the renaming process at shiboshis.shibaswap.com. This full amount is then burned!
This is also a limited method of burning, but it is there to stay, and can only increase in utilization once the game, and other surprises about our first NFT collection, are ready to the public.
Future methods of Burning.
Sorry, no breaking news here, but a discussion of what we know already:
The answer to the question “Can the team implement more burns?” the answer is YES.
To the question “Can the team implement a massive burn” the answer is “it depends”. As we mentioned before, there are no “dev bags” to burn
What we know so far is that yes, new burning methods can be expected in the update of the SHIBA ecosystem. The priority of the team is not burning, but growth, and new burn mechanisms will be built with this idea in mind. So yeah, expect new burn mechanism, in particular with the arrival of Shibarium. But also expect that they will be thought around the growth of the platform, including new developments, like Wellys, Metaverse, and other new launches that are a surprise for now.
As a final note about this, it is important to mention that gaming in particular will be exent of these burning mechanisms.
Burns are hot and popular, right? Some people thinks burns are critical to SHIB success. I wonder where these people have been during all 2021. We are here today without resorting to this strategy. On the other side, countless of other projects claiming to be hyper-deflationary didnt reach the level of success or the huge community we have so far. So clearly “burns in every transaction” are not a key for success.
The team has a clear focus. SHIB will be the most used token in the world, and an ecosystem built to support that vision is being built. Yes, that includes LEASH and BONE and their utility. Also SHIBOSHIS, our Metaverse, ShibaNet, and others. We are on a good path towards that.
It is clear that burns are not a key to all, but demand is. Now, in a much better position where SHIB is usually trending, constantly in the news, and looked after by many, is the moment where these new burn mechanisms are considered to enter the ecosystem.
Burns without demand are nothing!
That does not mean that the inititatives started by the community are nothing. They are extremely important, in particular in how they involve the community. Cohesion comes from working in common goals, and that is the beauty of a decentralized community like the ShibArmy.
The people in this article, like @iamstevencooper, @shibburn, and @317_key interviewed here, and others like @BurnCommunity, @howtoburnshiba and many other promoting community burns, are the kind of ShibArmy members that make a difference.
But in all cases, remember, if you want to support a burn project, be sure to trust them. Doing your own research is always a good thing!