TLDR:
- The Shiba Inu team launches “SHIB Owes You” (SOU) to compensate for losses from the Shibarium hack.
- The initiative uses a two-layer system with NFTs on Ethereum and a recovery token on BSC.
- The SHIB burn rate records an impressive 911% increase in the last 24 hours.
Following the security incident at the Plasma Bridge, Shiba Inu’s head of marketing, Lucie, sent an encouraging message to the community. The announcement focused on the SHIB Owes You initiative, a framework specifically designed for accountability and fund recovery. Despite the impact of the exploit, the team reaffirms that the SHIB army continues to move forward with determination.
The SOU system operates through an innovative two-layer structure that ensures absolute transparency on the blockchain. The first layer uses NFTs on the Ethereum network to meticulously record the actual losses of each affected user. Furthermore, the SHIB Owes You initiative incorporates a second community layer on the Binance Smart Chain (BSC) to raise the necessary funds.
Ecosystem Recovery and Massive Token Burn
The goal of this initiative is to offer on-chain proof and real claims to ensure effective financial recovery. Lucie assured that this strategy demonstrates the developers’ commitment to rebuilding the ecosystem after the exploit. Additionally, the SHIB Owes You initiative seeks to strengthen investor confidence in tokens such as BONE, LEASH, and the upcoming TREAT.
In parallel with these recovery efforts, Shibburn data revealed excellent news for token holders. Shiba Inu’s daily burn rate skyrocketed by 911%, removing over 4.3 million coins in a single day. This spike is crucial, considering that burning activity had been stagnant at minimum levels during the previous days.
In summary, the combination of the SHIB Owes You initiative and the increase in token deflation marks a turning point for the project. While the U.S. Senate evaluates new crypto legislation, Shiba Inu proves it can manage its own internal crises with technological tools. This milestone symbolizes the transition toward more responsible governance and a much more resilient community in the face of adversity.
