Shiba Inu (SHIB) Teases Big Plans for Shibarium Hard Fork: Details

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As a researcher with experience in the blockchain and cryptocurrency space, I’m excited about the upcoming Shibarium hard fork announced by the Shiba Inu team. The expected benefits of this upgrade are significant and could potentially address some major concerns raised by the community.

The developers of the Shiba Inu (SHIB) meme coin project have announced plans for a significant update, or hardfork, for Shibarium. This news was shared on the team’s official Twitter handle (@Shibtoken). According to their announcement, the upgrade is predicted to become active on May 2 and will bring about distinct development paths for Shibarium, which functions as an Ethereum-based layer-2 scaling solution.

Big benefits of Shibarium hard fork

Based on the announcement, the Shibarium hard fork will enable Shibarium’s L2 platform to access advanced capabilities. The development team emphasized that this update aims to streamline interactions with Shibarium, thereby catering directly to the community’s anticipations.

One significant improvement coming up for Shibarium is the faster block confirmation times. Moreover, a new fee structure will be implemented to ensure more consistent transaction costs, addressing the primary concerns raised by the community regarding performance.

Shibarium, the protocol in question, has been identified as having unpredictable transaction fees, particularly during times of heavy network usage. This inconsistency poses a significant challenge that requires immediate resolution. The upcoming Shibarium hard fork aims to address this issue by introducing more stability to the transaction fee structure, resulting in more consistent and dependable costs for all users.

4. By leveling out transaction fees during periods of heavy usage, we ensure that costs remain consistent and equitable for all users. This not only keeps our platform financially approachable but also fair.

— Shib (@Shibtoken) April 25, 2024

The team aims to position Shibarium as a leader in the blockchain technology industry by embracing groundbreaking ideas. Their ultimate objective is to provide their community with the freedom to innovate without constraints.

One major omission

Some community members, while acknowledging the value of the hard fork, express disappointment over the lack of communication regarding the automatic destruction of SHIB tokens.

The Shiba Inu token operates on a deflationary economy, meaning its supply decreases over time due to manual burning of coins. Despite notable progress in increasing the burn rate, this manually-executed process can result in occasional interruptions or delays.

Supporters argue that having a separate automated burn feature could significantly increase the value of Shiba Inu by putting it in a more favorable position for price growth.

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2024-04-26 12:51