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The new Shiba Inu collectible card game will go live on October 1st – with 5% of revenue used to burn SHIB tokens.
Lead developer Sytoshi Kusama made the announcement during a Twitter space about Shiba Eternity on September 25th.
SHIB army member @Dezaxe said on Twitter that Shiba Eternity burns will add to the Shibarium which 'burns SHIB with each transaction'.
News of the burns has not yet rallied the Shiba Inu price, currently at $0.00001093.
It also asks the question – where does the rest of the revenue go?
Shiba Inu is well known as the biggest asset held by Ethereum whales, and one of the cryptocurrencies most concentrated in the hands of a few large holders. Santiment data showed how Shibu Inu whales were behind all of the SHIB price pumps in October – and they were also behind the later price crash.
So what if there was a token that gave more of the money back to small-to-medium holders?
EverGrow has popped up attention for announcing 100% of app revenue will be sent to the burn address.
How does that work?
EverGrow is a reflection token that rewards its holders with 8% of every $EGC buy or sell. A further 2% goes towards a buyback and burn function.
In the 12 months since launch, EverGrow has burned through 53% of initial supply.
In the 16 months since Vitalik Buterin burned 41.02% of the SHIB supply, the burn address has only grown to 41.04% of initial supply.
This week, EverGrow launched the LunaSky NFT marketplace. They announced that not only will 100% of the marketplace revenue go towards buyback & burn, but the sales of 15,000 EverGrow NFTs too (the NFTs enter owners into a lottery for a car and cash prizes).
EverGrow can do this because the total EverGrow tax is 14% – 8% for BUSD rewards, 2% for buyback and burn, 2% for liquidity and 2% for development.
EverGrow developers build with the funds of this tax; there's no need for any extra revenue.
The EverGrow white paper talks about an anti-whale tax which limits selling to 0.125% of the circulating supply.
This mechanism alone would have stopped the immediate price drop after SHIB hit $0.00008 in Ocotber last year.
But the EverGrow vision goes further.
Many of the EverGrow lead team earn a salary solely in the BUSD rewards from holding a lot of EverGrow. In other words, EverGrow whales are incentivised to work on building EverGrow because price manipulation is not the way to make money in the ecosystem.
The buyback & burn revenue generated from the LunaSky NFT marketplace – and later a content subscription app, Crator – will also pay 8% as BUSD rewards for EverGrow holders.
So if LunaSky makes $1 million fees, that's a $1 million buy on the price charts and $80,000 in all the holders' wallets.
By comparison, if Shiba Eternity makes $1 million in ads or in-app purchases, that's just $50,000 SHIB to the burn wallet.
More Shiba Inu coin burns will come once the Shibarium is live.
On the Shibarium blockchain, all transactions will come with a fee or tax that burns SHIB – the precise mechanism is still unknown.
EverGrow is instead making the case for a light-weight ecosystem built on the existing BNB Chain.
The EverGrow ecosystem token 'Lucro' launched in early September with a 1% transaction tax with 0.8% for burning EverGrow (and generating rewards) and 0.2% for development.
It means that EverGrow can have all the benefits of fast and low-cost blockchain technology with an ecosystem that keeps on burning its own coins.
It's an interesting dynamic for investors to take note of. Just because Shiba Inu is launching a game and a blockchain doesn't necessarily mean that SHIB is about to explode – if anything, it demonstrates that Shiba Inu can't survive without any utility or ecosystem for it.
In the utility department, EverGrow is a clear rival.
EverGrow has already paid out $38 million in BUSD rewards to become the top BUSD reflection token in crypto, and it's burned through more supply that SHIB in half the time.
EverGrow is surely one to watch when its own gaming metaverse – The Abstract cloud-stream VR arcade – goes live in Q4.
FIND OUT MORE
EverGrow website:
Lucro token website: https://lucrotoken.com/
EverGrow Twitter: https://twitter.com/evergrowcoinEGC
Lucro Twitter: https://twitter.com/lucrotoken
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