As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed the rise and fall of numerous projects. However, the Shibarium network’s recent announcement of an automated burn mechanism for its native SHIB token has piqued my interest.
Today, the Shibarium network – a second-layer solution on the Shiba Inu blockchain – has activated an automatic burning feature. This change will take effect from block number 6,206,570 and was initially revealed by Lucie, Shiba Inu’s marketing lead, through X: “From block 6,206,570 onwards, the Shibarium network will deploy a much-anticipated update – a burn mechanism linked to transaction fees.”
Shibarium Will Finally Burn Shiba Inu Token Automated
As per Lucie’s announcement, 70% of every base transaction fee on the network will now be transformed into SHIB tokens, which will then be destroyed (burned), reducing the overall supply and potentially raising the token’s worth over time.
In simpler terms, Lucie mentioned that 30% of each transaction fee is designated for crucial network tasks such as maintenance, development, and expanding the overall ecosystem. She emphasized that this allocation represents a substantial stride towards improving the sustainability and future worth of the Shiba Inu (SHIB) community.
As an analyst, I’m reporting that today, at 9:15 AM UTC, the network upgrade known as “Bor version v1.1.2-bone” was activated. The Shibarium Network’s official X account confirmed this development on their platform. They advised all Shibarium node operators to update their nodes to the v1.1.2-bone version without delay.
On August 9, 2024, at 9:15 AM UTC, we’ll be releasing an upgrade called the “Hard Fork” featuring the new Bor version 1.1.2-bone. This update includes a burn mechanism designed to improve our system. Prepare for the #BURN!
Approximately a year following Shibarium’s debut on the Shiba Inu mainnet on August 16, 2023, which was initially announced at the Blockchain Futurist Conference in Toronto, Canada, an update is now available. This update includes an automated Shiba Inu burn mechanism that coincides with our annual conference, where Shiba Inu will once again be a significant participant as a gold sponsor from August 13 to August 14, 2024.
Recently, SHIB‘s lead developer Shytoshi Kusama underscored the significant role that ETHToronto plays in their plans. According to Bitcoinist, Kusama hinted, “ETHToronto has often been a key event for us, where we announce news and plot our course towards becoming the premier decentralization center.”
He also suggested that there would be major updates coming up during this year’s Canada Crypto Week, expressing his excitement about resuming their role as the main sponsor at ETHToronto and being highly involved in this year’s Canada Crypto Week events.
At press time, SHIB traded at $0.00001416.
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2024-08-09 22:11