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Terraform Labs to open crypto creditor claims portal on March 31 in bankruptcy unwind

Terraform Labs will open its bankruptcy claims portal on March 31 for crypto creditors to submit claims. Eligible creditors must register and file through the“Crypto Loss Claims Portal”by April 30. According to previous reports, Terraform plans to repay between $185 million and

🚨 📢 #Terraform Labs is launching a claims portal for creditors affected by its collapse. Learn more ⬇️

Terraform Labs to open Crypto Loss Claims Portal on March 31 Terraform Labs has announced the launch of its Crypto Loss Claims Portal, set to open on March 31, 2025. The company informed its creditors via X that submissions for crypto loss claims can be made until the deadline

Shiba Inu Burn Mechanism: How It Works and it’s Impact on Shib Supply Shiba Inu (SHIB), one of the most popular meme-based cryptocurrencies, has implemented a burn mechanism to reduce its total supply and potentially increase its value over time. The concept of token burning is widely used in the crypto world to create scarcity, making the remaining tokens more valuable as demand rises. This article explores how SHIB’s burn mechanism works, its significance, and its potential impact on the SHIB ecosystem. What Is a Token Burn? Token burning refers to the permanent removal of coins from circulation by sending them to an inaccessible wallet address, known as a burn address or dead wallet. Once tokens are sent to this address, they can never be retrieved or used again. The primary goal of burning SHIB is to reduce its massive supply, which started at 1 quadrillion (1,000 trillion) SHIB at launch. A lower supply can, in theory, create scarcity and drive up the token’s price if demand remains constant or increases. How Does the SHIB Burn Mechanism Work? The SHIB burn mechanism operates through various methods, each contributing to the reduction of the circulating supply: 1. Vitalik Buterin’s SHIB Burn (Largest Burn Ever) At SHIB’s launch, Ethereum co-founder Vitalik Buterin was gifted 50% of the total SHIB supply, amounting to 500 trillion SHIB. In May 2021, he burned 90% of his holdings (about 410 trillion SHIB) by sending them to a dead wallet. This remains the largest SHIB burn in history. The remaining 10% was donated to charity, specifically to India’s COVID-19 relief fund. 2. Shibarium and Transaction-Based Burns Shibarium, the Layer 2 blockchain solution for SHIB, includes a built-in burn mechanism. Every time a transaction occurs on Shibarium, a portion of the transaction fees is converted into SHIB and sent to a burn wallet. This method ensures a continuous and automatic burn process, reducing the supply over time as the Shiba Inu ecosystem grows. 3. Community-Driven Burns The SHIB community plays a significant role in burning tokens through: Manual burns by sending SHIB to burn addresses voluntarily. SHIB Burn Portal, which rewards users with RYOSHI tokens for burning their SHIB. Burn contributions from businesses that accept SHIB payments and dedicate a percentage of their earnings to burning tokens. 4. NFT and Metaverse-Based Burns With the introduction of Shib: The Metaverse and SHIB-based NFT projects, a portion of revenue from virtual land sales and NFT transactions is allocated for burning SHIB, further reducing supply over time. Impact of SHIB Burns on Price and Supply The effectiveness of SHIB burning depends on several factors, including burn rate, demand, and overall market conditions. If burns significantly reduce SHIB’s circulating supply, it could create scarcity, leading to potential price increases if demand stays strong. Slow or minimal burns may have little effect on price, especially if large holders keep selling tokens into the market. Community participation and consistent burning mechanisms are crucial for long-term impact. Currently, trillions of SHIB have been burned, but with hundreds of trillions still in circulation, large-scale burns will need to continue for years to make a noticeable impact. Conclusion The SHIB burn mechanism is an essential part of its long-term strategy to reduce supply and increase value. With Shibarium’s transaction burns, community-driven efforts, and NFT/metaverse burns, SHIB’s total supply is gradually decreasing. However, its long-term success will depend on consistent burning and growing adoption within the crypto space. As SHIB continues to evolve, its burn mechanism will remain a key factor in shaping its future price and ecosystem sustainability. If you're passionate about crypto science, blockchain technology, and Shiba Inu burns, make sure to follow [your name or handle] for the latest insights and updates! Stay ahead in the world of cryptocurrency with expert analysis and in-depth breakdowns of key trends. Don't miss out—follow now