Major Shiba Inu (SHIB) Update.

TL;DR

The layer 2 solution, Shibarium, will launch a hard fork on August 9, launching a burn mechanism. Shibarium continues to move forward with updates aimed at improving transaction speed, scalability and cost reduction, furthering the development of the Shiba Inu ecosystem. The next development

Shibarium, Shiba Inu’s layer 2 scaling solution, continues to make headlines due to its rapid progress in terms of transactions processed or overall progress.

More recently, the team revealed the release of a hard fork with the new Bor version. The update is scheduled for today (August 9), after which a combustion mechanism will be introduced to improve 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 currency. It is designed to reduce the circulating supply of SHIB tokens, which could theoretically cause the price to rise (if demand is maintained or increased).

The mechanism involves sending coins to a designated wallet that no one has access to. Over the past 24 hours, the burn rate has increased by nearly 140,000%, resulting in the destruction of around 105 million tokens.

Previous Shibarium Updates

The network, which officially saw the light of day a year ago, aims to elevate Shiba Inu above its rivals in the meme coin niche by improving speed, improving scalability and reducing transaction costs.

It underwent two additional updates in early 2024, including the release of a new user interface (UI) update, which enables support for popular self-custodial wallets such as MetaMask, Coinbase Wallet, and Trust Wallet .

Shortly after, the developers introduced another update through a hard fork to improve the overall user experience, empower the innovator community, and implement faster block processing times.

“We’re also smoothing out variations in transaction fees during times of high traffic, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible,” the team said in that moment

For more updates on the ecosystem, be sure to check out our Shibarium News.

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