In a recent Discord update, DaVinci, the driving force behind Shibarium, unveiled crucial details for a smooth transition following a significant hard fork. The development team shared essential resources and an updated genesis file, urging relevant parties to align their Bor genesis with the latest configurations from other instances.
Hey @DavinciShib , can you please elaborate on why burning $BONE our governance token is a good idea? Why would we want to essentially throw away our voting power? I knew this was going to happen since $SHIB now has governance. Very conflicted here thanks ! pic.twitter.com/pdgzgtDIcK
— The Bus (@TheBus37643251) December 6, 2023
Shibarium undergoes major Upgrade
The mandatory genesis update, which was set to commence at block height 1962000, focused on a substantial enhancement to Shibarium’s burning mechanism. This transformative move included the introduction of a burn mechanism for BONE, the governance token of Doggy DAO. While the majority of BONE holders welcomed the deflationary impact, some community members expressed reservations, questioning the necessity of sacrificing their voting powers.
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Shibarium, currently at block height 1987946, has not provided an official post-fork update, leaving the community eagerly awaiting news on the outcome. The primary objective of the fork was to augment Shibarium’s burning mechanisms, transitioning from manual to automated systems for increased efficiency and transparency.
NOWNodes, in a separate disclosure, shed light on the fork’s details, emphasizing Shibarium’s role in offering a streamlined environment for decentralized finance (DeFi) and non-fungible tokens (NFTs). A notable change included the migration of Shibarium’s Puppynet layer-1 from the Goerli Network to the Sepolia Network.
Benefits of the Upgrade
The upgrade is set to reduce the supply of Shiba Inu through enhanced SHIB burns. The recent manual burns will evolve into an automated system, marking a crucial step towards improving efficiency and transparency in the network.
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The Shibarium team has promised continuous upgrades, focusing on both manual and automated burning processes to enhance transaction speeds and user experiences. This commitment to adaptability positions Shibarium as a platform ready for mass adoption, with increased scalability and developers seamlessly integrating features to deploy more transactions within condensed timeframes.
As the Shibarium network evolves, developers keen on building and deploying smart contracts will benefit from instant real-time on-chain data sources, further solidifying Shibarium’s appeal in the ever-expanding landscape of decentralized technologies. The ongoing developments signal a promising future for Shibarium as it continues to strengthen its position in the realms of DeFi and NFTs.