As a seasoned analyst with years of experience in the volatile and ever-evolving world of cryptocurrencies, I find the upcoming hard fork of Shibarium intriguing. My life experience has taught me that such events can often serve as significant catalysts for projects, especially when accompanied by a burn mechanism like the one being introduced here.
In simple terms, Shibarium, our secondary network platform, is preparing for a major update. This update will include a revised version of Bor, which is essential to our system. One key addition in this new version will be a ‘destruction’ feature, known as a burn mechanism.
The burning process will be connected directly to the base transaction fees. Most of these fees (approximately 70%) will then be transformed into SHIB tokens and taken out of circulation. This mechanism can help reduce the total number of SHIB tokens in existence, which could potentially drive up the token’s price.
The remaining share of the base fees will be allocated toward ecosystem development.
According to U.Today’s report, Shibarium carried out a hard fork at block height 4504576 as early as May.
Through a hard fork, we saw an improvement in transaction speed and consistent gas costs. Consequently, the network became more user-friendly. It’s important to note that the earlier hard fork significantly boosted Shibarium’s security as well.
Back in August, Shibarium’s highly anticipated layer-2 solution was successfully launched. Since then, it’s been quite popular, attracting a substantial following. As of now, over 417 million transactions have taken place on the Shibarium network. Furthermore, the number of wallets registered has exceeded 1.8 million.
Instead, transaction activity on Shibarium has noticeably decreased as indicated by only 3.84K transactions recorded on Wednesday.
According to U.Today’s report, the Shiba Inu (SHIB) token nearly doubled its price in a recent market downturn. Remarkably, it bounced back strongly, surpassing other meme coins in its performance within the meme coin market.
The burn mechanism could be a much-needed catalyst for the meme cryptocurrency, which has been more or less stagnant since hitting its current peak in October 2021.
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2024-08-08 23:47