Despite the setback of the Shiba Inu mainnet launch, there have been a few projects that have already partnered up with the Shiba Inu L2 network. One of these projects is DogPad Finance, an Ethereum-based platform that was created by Talio and is branded with the Shiba Inu name.

An announcement on Monday showed that DogPad Finance, which was incorporated into Shibarium in April, is aiming to burn the two major Shiba Inu tokens - SHIB and BONE, the Bone ShibaSwap native currency. The team also laid out their plan to make an impact on the completely decentralized Shiba Inu network.

The infrastructure of this upcoming launchpad was developed with the purpose of allowing developers to create and release new tokens on the Shibarium when it is released on the primary network. Thus, the team is presenting the project as the first launchpad on Shibarium.

DogPad Finance intends to reduce the amount of SHIB and BONE tokens in circulation by using the fees generated from the utilization of its launchpad. This is according to the latest announcement.

In addition to the launchpad, DogPad provides numerous other facilities, such as staking, farming pools, and deployers. All of these necessitate that users or developers make payments in order to access them.

The team made a statement on their website indicating that users must pay BONE fees when locking liquidity tokens or setting up vestings. DogPad further noted that all the fees gathered would be destroyed.

The statement disclosed that the launchpad ecosystem will have a variety of functions that are essential for the Shibarium system, such as the deployer, locker, launchpad, Bridge, and Staking. Additionally, these elements will consume SHIB and BONE.

The group is also intending to get rid of SHIB and BONE tokens after the move to Shibarium. DogPad was initially established on Ethereum with a token supply of 1 trillion. As per the Monday announcement, the venture has a liquidity of about $200,000 in ETH.

The team disclosed that when Shibarium migrates to the mainnet, all of its assets will be converted to BONE before being destroyed.

“Once we migrate, we’ll swap the ETH to $BONE (a 200K+ buy) and add the liquidity as BONE in Shibarium, burning 100%."  - DogPad finance team.

On 3rd April, DogPad announced that they had been contacted by Shiba Inu, the head programmer of Shibarium, affirming their inclusion in the company.

Shibarium is in the experimental stage, having achieved a notable amount of user involvement. Still, people in the community are keenly awaiting its launch on the primary network, hoping it will bring even more growth and initiatives to the Shiba Inu network.

Shytoshi Kusama, the lead programmer, has made it known that the long-awaited layer-2 scaling solution will become available on the mainnet in August. The introduction will happen during the Blockchain Futuristic Conference in Toronto.

HYIPer.net » DogPad will burn SHIB and BONE tokens when Shibarium launches