by Gunay Caymaz
Investing.com – As the positive trend continues in the cryptocurrency markets, two popular projects are scrambling to develop new projects to reduce market supply.
The community has been focusing on the Level 2 Shibarium project lately. While the project is expected to increase SHIB registration, the Shiba developer team continues to work on a registration portal for the platform. On the other hand, TerraCVita, the independent developer of Classic, this week released the white paper for its decentralized Terraport project, promising to speed up LUNC burn.
Chiba shared details about burning the tokens
The Shiba community is eagerly awaiting the beta version of the Shibarium project, which is due to be released soon. While the wait continues, the development team has finally shared information on how to write the SHIB token on the Layer 2 network.
According to the release, the team is working on an updated copying portal to support token burning for all transactions on Shibarium. With this gateway, SHIB will burn depending on the gas rate of each transaction on the Layer 2 network. It is believed that its new activity will significantly affect the circulating supply of SHIB token in the coming periods.
According to the latest statement, although another cryptocurrency from its ecosystem has been identified as a gas token for use in transactions on the Shibarium platform, it was reported that the commission fee will be burned as a SHIB after the transfer.
TerraCVita promises billions in LUNC burns
The Terraport platform developed by TerraCVita will be used to trade cryptocurrencies between Terra Classic Blockchain and other Blockchain networks. A launch pad and lottery application where new projects will be funded on the decentralized exchange are also planned.
Per TerraCVita’s statement, the team will receive LUNC with 27% of the commissions received each week and burn those assets. In this way, the platform is allegedly burning billions of LUNCs per week. Moreover, the development team promised to burn these assets by buying TERRA tokens with 22% of the funds in their treasury. The maximum supply of TERRA, which will be used as the platform’s native asset, is 1 billion tokens.
TerraCVita left protocol governance to the community through Terra DAO to remove any doubts about decentralization. Thus, users can participate in the management of the protocol as the owner of xTERRA, which is used as a management token.
The TerraCVita team sold nearly $2 million in TERRA tokens to fund the Terraport platform. Terraport is expected to launch in the first quarter of 2023, after a public code sale that will take about a month.