As a seasoned crypto investor with a penchant for all things Shiba Inu, I find myself intrigued by the upcoming Cancun hard fork and its implications for Shibarium. My personal journey in the crypto realm has been marked by many ups and downs, but the constant pursuit of innovation and improvement keeps me hooked.
In a recently published tweet, the official marketing lead of the Shiba Inu team Lucie revealed the importance of the approaching new hard fork on Shibarium.
As an analyst, I’m excited to share that we are about to experience an upgrade named “Cancun,” marking the second significant update from the Shiba Inu development team this year. Furthermore, we can anticipate a substantial overhaul for Puppynet, another exciting development in our ecosystem.
Lucie underscores importance of coming tech upgrades
Lucie tweeted that this upgrade will be targeted at improving Shibarium and its testnet known as Puppynet. βItβs very important for developers,β Lucie pointed out.
Additionally, she emphasized that Cancun would aid the development team in implementing “fantastic improvements designed to enhance efficiency, speed, and safety.
As an analyst, I’d like to share some exciting news: The Shibarium team announced via their official tweet that they will implement the Puppynet Bor bone-beta + Cancun hard fork next Friday at 8 a.m. UTC. For optimal performance and enhanced security, they encourage our community members to update their nodes accordingly.
Here’s what Cancun hard fork will bring to ShibariumΒ
In simpler terms, using Shibarium in Cancun is anticipated to accelerate transaction speeds, optimize its storage system for better efficiency, and enhance the user experience overall.
For Shibarium developers, Puppynet serves as a valuable tool to experiment with and test various functions and features of the mainnet before integrating them onto Shibarium. Similar to Sepolia for Ethereum, it operates using zero-valued tokens, meaning all the tokens on it are simulation-based and devoid of real or monetary worth.
This coming Friday, at 8 am UTC, we’re unleashing the Puppynet Bone-beta (plus Cancun Hard Fork) upgrade in our Shiba Inu Ecosystem! ππ₯
Make sure to update your nodes for optimal performance and security!
β Shibarium Network (@ShibariumNet) September 13, 2024
Following Bor’s update this summer, Cancun will be the second significant upgrade for Shibarium. This hard fork incorporates an automated SHIB burning mechanism within Shibarium, which was previously tested on Puppynet since January. As a result of this change, SHIB tokens are automatically burned on Shibarium when BONE fees are converted into Shiba Inu tokens.
SHIB price soars while burn rate dips
Currently, the rate at which Shiba Inu tokens are being destroyed (or “burned”) is showing a decrease of 5.09%. Since this morning, a total of 10,560,253 SHIB coins have been securely locked away in “inferno” wallets.
During this period, the announcement of the impending hard fork has been accompanied by a 5% price surge in Shiba Inu (SHIB), the second-largest meme coin, over the past 24 hours.
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2024-09-14 13:16