Welly, the world’s first restaurant using the meme-inspired cryptocurrency Shiba Inu ($SHIB) as a theme, has announced it’s granting the Shiba Inu community a full 15% ownership of its company, on top of planned token burning commitments.
In an announcement made on social media, Welly revealed that the 15% ownership will be “aggregated in a Shiba Welly Wallet” that will include profits from all of the company’s activities. The funds within the wallet will be managed by the Doggy decentralized autonomous organization (DAO), which can choose to use them to burn SHIB, for example.
The Doggy DAO, it’s worth mentioning, is controlled by BONE token holders, as this is the governance token used within the decentralized organization. The BONE token is one of the tokens within the SHIB ecosystem, however.
The Naples-based fast-food chain added that the 15% ownership that 10% of its gross profit committed to Welly non-fungible token (NFT) holders, or the 2% used to burn SHIB tokens.
Outside of the 15% ownership Welly granted the Shiba Inu community, the firm has also revealed it will use 2% of its net profits to burn SHIB tokens, Welly’s confirmation it will actively burn SHIB comes shortly after the launch of the meme-inspired cryptocurrency’s burn portal, which includes token rewards for users. Burning tokens, it’s worth noting, permanently removes them from circulation by sending them to a wallet from which they can never be retrieved.
Projects often burn tokens to reduce circulating supply, which if met with similar or increasing demand could lead to a rise in the token’s price. The SHIB community has long been favoring token burns, effectively removing from circulation 263 billion tokens from October 2021 to March 2022, according to available data.
The burn portal, however, sends users who burn tokens “burntSHIB” tokens, which can be staked to generate rewards in the form of RYOSHI tokens, a separate token in the SHIB ecosystem.
At the time of writing 23 billion SHIB, worth over $480,000, have already been burned. Users who commit their tokens are getting a 16.2% APR, according to the burning portal’s data.
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