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In v.188.8.131.52 notes: Shredder Ammo: Dramatically reduced casting time
Shredder Ammo affects most weapons, not only Torqueshell Rifles. It can be given to allies as well, and it is most beneficial to weapons that fire quickly, such as a Polarity Guns, Chainguns, Staffs (both melee and ranged), or even the Engineer's Turrets (Since they fire very quickly with little to no time to switch targets). Using Shredder Ammo III (Sonic) will add a knock back chance as well as sonic damage.
Bug! If your target is immune to your weapon's damage type, Shredder Ammo won't trigger on the target with that weapon.
The "rounds per minute" section may confuse some players. Essentially, after each Shredder Ammo trigger, a brief cooldown phase happens during which all shots are normal. Once that cooldown finishes, Shredder Ammo triggers on the next shot fired, adding the damage as normal. This cooldown shrinks as pumps are added, but as Shredder Ammo is *also* limited by the refire rate and reload time of your weapon (i.e. a rifle fires fewer rounds in one minute than a pistol), the total Shredder rounds per minute are necessarily approximate.