The Shiba Inu lead development team announced in October they will take over the Burn Portal and make passive income a possibility for SHIB holders.
The lead Shiba Inu team revealed via ShibaSwap blog that Ryoshi Vision – the team who set the Burn Portal up back in May – had become unresponsive to communication and stepped back from their creation.
The Burn Portal will now transition over to a 'fully run ShibaSwap platform.
And the team is actively 'investigating ways to reward burn portal users' and help the Shiba Inu community create a source of passive income.
Shiba Inu took the crypto market by storm last year after growing 48,000,000% in price from January to October 2021. Shiba Inu grew on the back of Dogecoin's success and proved how new tokens can be more rewarding than established cryptocurrencies.
With the bull market over in 2022, Shiba Inu holders and developers are finding ways to keep Shiba Inu at the forefront of decentralised finance.
Burning Shiba Inu is a popular solution to raising SHIB's price and profile, and the Burn Portal helped holders earn passive income by burning SHIB.
Burning SHIB would grant holders burntSHIB tokens that offered an APY as much as 8%.
While the Burn Portal never lived up to its expectations, the ShibaSwap takeover could mean SHIB holders are closer than ever to Shiba Inu passive income.
Shiba Inu will meet competition with other DeFi cryptocurrencies offering passive income.
The collapse of Terra and other DeFi protocols has reduced the market down to tokens that can survive volatility and attacks. One of the leading passive income tokens in crypto is EverGrow with $38 million paid to holders a year after launching.
EverGrow charges a 14% transaction tax on all buys or sells and redistributes 8% of this as BUSD stablecoin rewards.
The mechanism means passive income is dependent on trading volume, which can be high whether people are buying or selling. A further 2% of the EverGrow tax goes towards buying back and burning EverGrow as well – it's like having a burn portal and passive income generator built into automatically.
Shiba Inu passive income will need to secure and stable to withstand volatility if it's to beat the competition.
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