Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This Means
December 08 2023 - 4:45AM
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Shibarium’s burning mechanism has been in the limelight of late,
especially with the recent record of over 8 billion Shiba Inu
tokens burnt in a single day. This burning mechanism seems to have
undergone an update, which could further enhance its
performance. Shibarium Undergoes Swift Hard Fork A screenshot
containing a discord message from DaVinci (a member of the Shiba
Inu development team) surfaced online recently. In the message,
DaVinci mentioned that Shibarium would undergo a hard fork at Block
1962000. That suggests that the upgrade already took place as there
are already over 2 million blocks on the layer-2 network at the
time of writing. Related Reading: Ethereum Whale With Over $60
Million In Unrealized Profits Moves Coins To Exchange Meanwhile,
the main purpose of this hard fork is to enhance the network’s
burning mechanism. This will enable support for multiple burn
tokens, with BONE and SHIB (the governance tokens of Shibarium)
being the main focus. DaVinci also mentioned to node providers that
a Genesis update would be required since it was a hard fork.
Further Clarification On What The Hard Fork Entails For Shiba Inu
Shibarium had earlier provided clarification of what this new era
of the network entails. A blog post published on the Shibarium site
mentioned that Shibarium’s burning mechanism will initially be
manually managed as part of this upgrade. This is to ensure
alignment with the network’s health and sustainability. In this
phase, the burn process will be managed by the official deployer.
Once that is done, Shibarium will apparently transition to an
automated system starting in January. As part of this transition,
Shibarium is expected to witness further upgrades in a bid to
“enhance efficiency and reliability.” According to the network, the
automated burn process “will operate based on predefined rules,”
although it didn’t provide further details on this. Related
Reading: Crypto Pundit Reveals Why Bitcoin Is Worth As Much As $17
Million Node provider NOWNodes noted in a blog post that this
upgrade will also facilitate mass adoption for Shibarium. That
could explain why there is a need to enhance the burning mechanism
as part of the upgrade. Considering that there is a correlation
between the transaction volume and token burns, Shibarium needs to
be well prepared to handle the number of tokens that need to be
burnt following a potential increase in transaction count.
The layer-2 network is currently flying high as the total
transaction count on it continues to skyrocket. According to data
from the Shibarium Explorer, the total transactions on the network
stand at over 58 million at the time of writing. Shibarium has
surpassed the milestones of 5 million, 10 million, 20 million, and
35 million mark in just about a week. SHIB price reclaims
$0.00001 | Source: SHIBUSD on Tradingview.com Featured image from
Crypto News, chart from Tradingview.com
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