Bitrabo Editorial
The Shibarium network, a layer-2 solution on the Shiba Inu blockchain, unveiled an automated burn feature today. The activation began at block 6,206,570 and was disclosed by Lucie, the marketing lead at Shiba Inu, through X. Lucie stated, “At block 6206570, the Shibarium network will implement a highly anticipated update: a burn mechanism linked to transaction fees.”
Automated Burn of Shiba Inu Tokens on Shibarium
As per Lucie’s declaration, the new functionality will convert 70% of the base transaction fees gathered by the network into SHIB tokens, withdrawing them permanently from circulation. Lucie explained, “Seventy percent of the collected base transaction fees will automatically turn into SHIB tokens and be burned. This method aims to gradually decrease the SHIB supply, potentially boosting its value over time.”
Thirty percent of the transaction fees will be used for critical network operations like maintenance and development, as well as broader ecosystem growth plans. Lucie mentioned, “The remaining 30% of fees will support network maintenance, development, and ecosystem growth. This update is a significant stride towards enhancing the sustainability and long-term worth of the SHIB community.”
The burn mechanism will be implemented through a hard fork. The network upgrade titled “Bor version v1.1.2-bone” went live at 9:15 AM UTC today. The official X account of the Shibarium Network confirmed this on X, advising all Shibarium node operators to upgrade to the v1.1.2-bone version:
We’re introducing 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 incorporates a burn mechanism to enrich our ecosystem. Prepare for the #BURN!
This launch occurs about a year after Shibarium’s debut on the Shiba Inu mainnet on August 16, 2023, which was unveiled at the Blockchain Futurist Conference in Toronto, Canada. The automatic Shiba Inu burn coincides with the upcoming annual conference where Shiba Inu will be a gold sponsor from August 13 to 14, 2024.
Recently, SHIB’s lead developer Shytoshi Kusama highlighted the event’s importance. Kusama hinted at significant announcements during this year’s Canada Crypto Week, stating, “We are eager to participate in ETHToronto as a title sponsor and actively engage during this year’s Canada Crypto Week.”
Currently, SHIB is trading at $0.00001416.