Problems stemming from the ShibaSwap burn portal were finally addressed by the Shiba Inu lead dev. team in July.
The Shiba Inu team said in a blogpost that
- The ShibaSwap burn portal had experienced a ‘high yield of tickets’
- Users were ‘increasingly frustrated’ with the Shiba Inu burn portal
- Rewards were being distributed in a ‘very slow manner’
- Some users were ‘unable to claim’ rewards
- The Shiba Inu lead development team asked for urgent ‘repairs’ as well as a greater ‘communication’ and ‘transparency’
Below we’ll go through what you need to know about the ShibaSwap burn portal for Shiba Inu – and why EverGrow is a great alternative for crypto passive income.
What’s the Shiba Inu burn portal supposed to achieve?
Back in April, a developer from Ryoshis Vision announced the ShibaSwap burn portal.
The idea was to reward anyone who burns Shiba Inu with biweekly installments of a separate token, $RYOSHI.
The project created an incentive to burn SHIB through passive income generation.
While ShibaSwap is under the custody of shibtoken.com, the lead Shiba Inu developers allowed Ryoshis Vision to integrate the burn portal in late April: burn.shibaswap.com.
The process for Shiba Inu passive income is as follows:
- Connect your Ethereum wallet to the ShibaSwap burn wallet
- Destroy SHIB tokens on the platform
- Receive burntSHIB tokens in your Ethereum wallet
- Receive 7.54% APY in the $RYOSHI token
According to the website, 61 billion SHIB tokens were burned through May, June, and July at a dollar cost of roughly $700,000.
However, the promised rewards are either slow, unavailable, or less than expected.
Passive income with EverGrow – how does it work?
EverGrow aims to be the number one crypto for passive income – so it’s one Shiba Inu investors should keep an eye on.
Unlike the Shiba Inu burn portal, EverGrow promises no APY.
But better than the Shiba Inu burn portal, the EverGrow mechanism pays out passive income every day via smart contracts and with no delays or issues since it launched in September last year.
Here’s how it works:
- EverGrow charges a 14% transaction tax on all buy/sell orders
- 8% of this tax is distributed to all investors every six hours
- The amount you receive depends on the size of your holding
- Passive income rewards arrive in the BUSD stablecoin
- Since launching in September last year, EverGrow has paid $37.5 million in BUSD rewards to investors
The total amount of BUSD rewards depend on the daily trading volume. Between October to July 2022, EverGrow has averaged a daily trading volume of $3,618,000.
That means on an average day, EverGrow pays out $289,000 in BUSD.
During the current bear market, daily trading volume has fallen to around $250,000 – meaning just $20,000 BUSD rewards per day – but EverGrow has hit $62 million daily trading volume in the past meaning $4,960,000 BUSD rewards in a 24-hour period.
How many BUSD rewards can I expect on a $5,000 investment?
If you’d invested $5,000 into EverGrow in early October last year, by now you would have earned $12,800 in BUSD rewards.
That’s $12,800 passive income, earned without destroying any of your underlying EverGrow investment.
This figure can be figured out using one of the EverGrow calculators and adding in how much $EGC you could have bought for $5,000 in early October (around 65.4 billion) and plugging in the average daily trading volume from October to the end of July ($3,618,179).
A $5,000 investment today would buy you 30.7 billion $EGC (at a price of $0.000000163).
When EverGrow daily trading volume recovers to $3 million every day this would see you earning $6,058 BUSD in 12 months – i.e. recovering your entire investment and $1,058 more without touching your underlying EverGrow.
Will the ShibaSwap Shiba Inu burn portal recover?
In the ShibaSwap blogpost from July 2022, the lead development team took the issues very seriously.
The blogpost reminds investors that Ryoshis Vision is not part of the Shiba Ecosystem. It also states clearly that Shiba Inu has requested repairs, clarity, and better delivery from Ryoshis Vision concerning Shiba Inu’s passive income.
“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,” the blogpost reads.
It’s not yet clear if Ryoshis Vision will step up to the plate.
Of course, Shiba Inu passive income is only a small part of all that is Shiba Inu. None of this affects the SHIB.io metaverse, the Shibarium layer-2 blockchain, the Shiba Inu Collectible Card Game, and more.
But if you were very keen on Shiba Inu passive income, you may be disappointed with the results.
As a small-cap cryptocurrency ($85 million) and with a proven track record for crypto passive income, EverGrow can be a great alternative to consider.
How do I buy EverGrow?
EverGrow exists on the Binance Smart Chain, and by far the most popular place to buy it is on PancakeSwap.
PancakeSwap is the leading decentralised exchange (DEX) on the Binance Smart Chain.
You can purchase $EGC on PancakeSwap by exchanging BNB and paying the 14% transaction tax. The easiest methods are through MetaMask and Trust Wallet.
You can watch an instructional video on how to buy EverGrow here.
If you buy through Trust Wallet, make sure you enable the Binance-pegged USD token in your list of tokens. This way you can continue to see your BUSD rewards accumulating right in your crypto wallet.
You can always check the EverGrow dashboard and connect your wallet to check your position size, your total BUSD rewards earned and a running total of all BUSD rewards to date.
EverGrow is trading at a price of $0.000000163 on August 1.
EverGrow hit a macro low of $0.00000011 on June 14th. EverGrow has pumped to $0.00000022 in the past few weeks. If you’re planning to buy, these are currently the lowest prices for EverGrow since its launch in September last year – and therefore your best chance of gaining a larger position and earning more crypto passive income in 2022 and beyond.
