PawZone, Not PawSwap, offers users incentives to burn their crypto assets.
PawZone, one of the new meme tokens on the Shiba Inu (SHIB) ecosystem, has unveiled its latest plan to launch a burn portal that enables users to burn their crypto assets for rewards.
Upon launch, users who burn their PAW and SHIB tokens will receive compensation through raffle giveaways, top burners log, and other exclusive events.
For clarity, burning in crypto means permanently destroying tokens in circulation to decrease the total supply of the virtual asset in hopes of improving its value.
While it is unclear when the project plans to introduce its burns, users are excited about the new development.
Responding to the Twitter announcement, some community members are looking forward to when the burn system will roll out.
PAW burn portal is on the way. Burn both $PAW and $SHIB for rewards!🔥
Top burners log, raffle giveaways, exclusive events, and more. pic.twitter.com/wZbgAPxzBn
— PAW (@PawZoneToken) April 27, 2023
Aside from the PAW burn, PawZone plans to roll out a non-fungible token (NFT) marketplace dubbed Pawzaar dedicated to the Shiba Inu ecosystem, according to its official website.
The project also intends to introduce a play-to-earn (P2E) gaming guild for the Shiba Inu community. The guide allows blockchain gamers to borrow in-game assets with no fees.
PawZone plans to debut on the Shabarium ecosystem, a layer-2 solution built on the Ethereum protocol for Shiba Inu upon launch. PawZone’s token, PAW, which serves as a governance token for the protocol, is currently traded on ShibaSwap.
Pawzone reached a significant milestone shortly after its official launch in March with a market capitalization of $30 million and a locked liquidity of over $3 million.