As a seasoned crypto investor with a soft spot for the Shiba Inu community and its quirky charm, I find myself both excited and cautiously optimistic about today’s hard fork on the Shibarium blockchain. With over five years of investing experience under my belt, I’ve learned to navigate the cryptosphere’s rollercoaster ride with a mix of patience and anticipation.
Today, August 9, the creators of the Shibarium blockchain, a secondary network built for the Shiba Inu community, have declared that a significant network update (hard fork) will take place on this very day, Thursday.
The planned rollout of Bor software version 1.1.2-bone is set for around 9:15 AM (UTC). After this update is successfully implemented at block height 6,206,570, a fresh burn mechanism will be activated to automatically destroy Shiba Inu tokens.
Shibarium to Destroy 70% of Base Fees
Based on the information from X’s recent statement, it’s anticipated that the automated burn will contribute substantially to boosting the worth of SHIB. This aligns with our continuous endeavors as a community aimed at making the token less common.
Initially, there was not enough information provided about how the automated burn would take place. Later, in response to questions from the community, it was clarified by the network’s marketing head, Lucie, that the burn process would be connected to user transaction fees.
In my role as an analyst, I can share that under this revised framework, approximately 70% of every base transaction fee generated on our network is set to be annihilated automatically. The remaining 30% is earmarked for essential maintenance, development, and expansion purposes. Notably, Lucie explained that these transaction fees will first be converted into SHIB before being eliminated from circulation.
When Shibarium’s blockchain went live in August 2023, it was structured so that transaction fees generated on the platform would be divided into two categories: priority and standard fees. The priority fees are earmarked for compensating validators who maintain the network’s security, while the standard fees will now aid in reducing the overall supply of SHIB tokens through a novel auto-burning mechanism.
The action is anticipated to progressively reduce the overall circulation of SHIB, which could lead to an increase in its worth in the long run.
New Hard Fork to Enhance Overall Performance
Beyond just the fresh burn mechanism, the anticipated hard fork also brings forth numerous additional improvements intended to amplify the general efficiency and capabilities of the Shiba Inu blockchain network.
The improvements we’ve made aim to make things run more smoothly, but they also help ensure the continued development and longevity of the Shiba Inu system as a whole.
As a long-time cryptocurrency enthusiast, I have witnessed numerous upgrades and changes within the blockchain network over the years. However, this year has been particularly noteworthy for the Shibarium network, as it underwent two significant upgrades. The first occurred in May, when the team focused on enhancing scalability and speed by introducing new features. Now, with the scheduled hard fork, the network is set to undergo another transformation. It’s exciting to see such continuous growth and innovation within the blockchain space, as I believe that these advancements will ultimately lead to a more efficient and user-friendly ecosystem for everyone involved.
At block number 4,504,576, an update was launched that significantly accelerated transaction speed for every user on the system, providing them with lightning-quick processing times.
Furthermore, this hard fork introduces a cutting-edge functionality enabling users to forecast the gas costs associated with every transaction.
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2024-08-09 15:25