When burn ?
SHIBAVAX launched a couple days ago and the team is proud to see the strong community that has built behind this project, and that a lot of you got a chance to get some tokens during the fair launch, thanks to the 5M trade limit we placed during the first instant of trading.
Since then, some community members have been asking where do the 5% burnt tokens go? First of all, thanks a lot for taking such good care of SHIBAVAX and getting involved in understanding how it works behind the scenes. The team has been reviewing the reflection contract used by SHIBAVAX and came to the conclusion that the contract is not suitable for automatically burning half of the 10% automatic transaction fee. Since the team has renounced ownership of the contract, there is not much that can be done now to try and fix that behavior.
So what, is it bad ?
Not necessarily. The 5% of each transaction we expected to be burnt are instead redistributed to all the SHIBAVAX holders. This means all 10% of each transaction are redistributed among all holders, making their SHIBAVAX wallet grow even faster than what everyone anticipated.
So then, no burn ?
It’s not because the smart contract does not burn tokens automatically that we cannot do it manually. The team has convinced top 7 holders to burn 10M each, which has happened today. This means that more than 0.6% of the supply has been burnt for a total of 0.75% of tokens removed from the total supply two days after launch. We will be reconducting such burning operations on a regular basis to keep inflation under control. Anyone who wants to pitch in and contribute to keep SHIBAVAX barking at the moon is welcome to join the party!
You can keep track of the burning operations at this address: https://cchain.explorer.avax.network/address/0x000000000000000000000000000000000000dEaD
One note about trading SHIBAVAX on Baguette
A lot of people coming to Baguette to buy SHIBAVAX are encountering the same issue, receiving a cryptic error when trying to do the swap. This issue can be worked through by increasing slippage to a value higher than 10%, as a lot of community members know and kindly explain to any newcomers expressing their troubles on the support channels.
Let us explain why such configuration is needed for SHIBAVAX. SHIBAVAX is a reflection token, meaning that 10% of each transaction is redistributed to the token holders and therefore never make it to the recipient of the transaction. This is what happens on Baguette, which expects to get a certain amount for the swap but ends up receiving 10% less which affects the slippage control calculation. Just setting slippage to more than 10% (usually 11% is enough for “reasonable” swaps) keeps the swap algorithm happy and will allow you to buy or sell your precious SHIBAVAX tokens.
What future for SHIBAVAX ?
SHIBAVAX is only two days old, and he needs to grow and find his place in the crypto space. Even though SHIBAVAX belongs to the community, the team that gave him birth watches him closely and is constantly thinking of new ways to make it evolve in the best way possible and get him prepared for new horizons. In the meantime, the community is welcome to contribute in making the world know about SHIBAVAX and help friends and family make their first steps on the Avalanche network to grasp a bit of that SHIBAVAX vibe.
It’s only the beginning of a long journey for SHIBAVAX, so sit tight and watch him grow while giving him all the care and love he deserves!
