The team behind meme-based cryptocurrency Shiba Inu SHIB/USD issued an important update about its token burn portal.
What Happened: In a July 24 blog, the SHIB developers said they had been monitoring the issues with the SHIB token burn portal in lieu of receiving a high yield of tickets from “increasingly frustrated users.”
Earlier this year, Shiba Inu launched the token burn portal in partnership with Ethereum ETH/USD-based DeFi project Ryoshi’s Vision RYOSHI/USD.
See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?
The burn portal would let users burn SHIB in exchange for rewards that would be distributed in the form of RYOSHI tokens.
In the blog post, the Shiba Inu team acknowledged the smart contract has been distributing rewards in a “very slow manner” and some users have been unable to claim them since the day they were scheduled to be released.
“Due to such a concerning situation, our team has been asking the Ryoshi's Vision Project, for weeks now, to provide a significant path to delivering repair or addressing the portal while also expressing to their community and ours, why the fluidity of rewards is under-performing,” stated the Shiba Inu developers.
According to them, Ryoshi's Vision has “failed to provide any clarity” on the issue thus far and SHIB developers have also been left on hold.
“The shape of our community’s confidence is of most importance to our team. Admitting to standardizing and installing a better performing platform is a priority, we've made sure Ryoshi Vision also understands such commitment,” said the Shiba Inu team.
Price Action: According to data from Benzinga Pro, SHIB was trading down 6.7% at $0.00001044 over the last 24 hours, at press time.
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