Important Shiba Inu (SHIB) Update
TL;DR
- The layer-2 solution, Shibarium, is launching a hard fork on August 9, launching a burn mechanism.
- Shibarium continues to advance with upgrades aimed at improving transaction speed, scalability, and lowering costs, fostering the development of the Shiba Inu ecosystem.
The Upcoming Development
Shibarium – Shiba Inu’s layer-2 scaling solution – continues to make the headlines due to its rapid progress in terms of processed transactions or overall advancements.
Most recently, the team revealed the launch of a hard fork with the new Bor version. The upgrade is scheduled for today (August 9), following which a burning mechanism will be introduced to enhance the ecosystem.
The Bor layer is a key component of Shibarium, which plays a crucial role in validating and securing transactions on the network. It also ensures the scalability and security of the L2 blockchain solution, allowing the Shiba Inu ecosystem to support various decentralized applications (dApps).
The burning program is a process already adopted by the popular meme coin. It is designed to reduce the circulating supply of SHIB tokens, which could theoretically trigger a rallying price (should demand stay the same or increase).
The mechanism involves sending coins to a designated wallet to which no one has access. Over the past 24 hours, the burn rate has exploded by almost 140,000%, resulting in around 105 million tokens being destroyed.
Shibarium’s Previous Updates
The network – which officially saw the light of day one year ago – aims to elevate Shiba Inu above its rivals in the meme coin niche by improving speed, enhancing scalability, and lowering transaction costs.
It underwent two additional upgrades earlier in 2024, such as the launch of a new user interface (UI) update, which allows compatibility with popular self-custody wallets, including MetaMask, Coinbase Wallet, and Trust Wallet.
Shortly after, the developers introduced another upgrade via a hard fork to improve the overall user experience, empower the community of innovators, and implement quicker block processing times.
“We are also smoothing out transaction fee variations during high traffic times, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible,” the team stated at the time.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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