- Shibarium’s new upgrade introduces a major burn mechanism, converting 70% of transaction fees into SHIB tokens, potentially reducing supply and boosting price.
- The hard fork improves transaction speed and stability, enhancing Shibarium’s network security and accessibility.
Following recent updates on the Shiba Inu community’s introduction of an upgrade for Shibarium transactions and SHIB burn, as reported by CNF, Binance News reports that Shibarium recently completed a hard fork at block height 4504576 in May. This upgrade improved transaction speed and made gas fees more predictable, enhancing the network’s accessibility and security.
Since its launch in August, Shibarium has gained notable traction, with transactions exceeding 417 million and wallets surpassing 1.8 million. A recent tweet from Shibarium Network announced the upcoming launch of a hard fork featuring the new Bor version.
We're launching a Hard Fork with the new Bor version! 🛠️
On August 9, 2024, at 9:15 AM UTC, we're launching Bor version v1.1.2-bone. This version introduces a burn mechanism to enhance our ecosystem.
Get ready for the #BURN! 🔥
— Shibarium Network (@ShibariumNet) August 8, 2024
Upcoming Hard Fork and Token Burn Mechanism
Scheduled for August 9, 2024, at 9:15 AM UTC, the release of Bor version v1.1.2-bone will introduce a burn mechanism aimed at enhancing the ecosystem. The layer-2 solution is now preparing for another hard fork that will update Bor, the network’s core component.
This new version will introduce a burn mechanism tied to base transaction fees. Under this update, 70% of the fees will be converted to SHIB tokens and removed from circulation, potentially reducing the total supply of SHIB tokens and driving up their price. The remaining fees will support ecosystem development.
Despite a recent slowdown in activity—recording only 3.84K transactions on Wednesday—the SHIB token has rebounded impressively after a price drop, outpacing the broader meme coin market. According to today’s CoinMarketCap data, Shiba Inu (SHIB) is trading at $0.00001407, having surged by 5.90% in the past day despite a decrease of 9.37% over the past week. See the SHIB price chart below.
