In a significant development for the Shiba Inu community, Shibarium, the Layer-2 scaling solution, experienced a surge in transactions on its mainnet, leading to a massive 8.2 billion SHIB token burn last week. As enthusiasts delve into the 6th edition of SHIB Magazine, the official Shiba Inu burn tracker reports a remarkable 127% increase in daily burns, sparking discussions within the SHIB Army.
Shibarium’s Recent Activity and Increased Burns
Shibarium, the Layer-2 scaling solution, witnessed a tsunami of transactions on its mainnet, setting the stage for a substantial 8.2 billion SHIB token burn. The Shiba Inu community eagerly awaits the effects of this burn on the market dynamics.
The surge in daily burns, as reported by the official Shiba Inu burn tracker, has ignited debates within the community about the consistency of burning practices and their visible impact on the market price of the canine coin.
Shibarium’s Upcoming Burning System Upgrade
Responding to community feedback and the desire for more consistent burning, Shibarium developer Kaal Dhairya announced a forthcoming upgrade to the Shibarium network. The new SHIB burning system will introduce two modes – manual Shiba Inu burning and an eagerly anticipated auto-burning function. These enhancements are set to be fully operational in January 2024.
🔥 Exciting times ahead!
The 6th edition of our magazine is on fire, featuring exclusive insights into the recent $70,000 burn and three upcoming manual burns on Dec 14-16.
Curious about how much more $Shib will go up in smoke? Dive into the latest issue to uncover the burn… pic.twitter.com/PtQd6KGL0F
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 12, 2023
Read Also: Terra Luna Classic Community Votes to Burn 800 Million USTC in Landmark Proposal
Transforming Transactions into Burns: The Role of SRC-20 Protocol
A detailed exploration by SHIB Magazine sheds light on the vibrant Shibarium activity, highlighting the remarkably low transaction fees on the network since the beginning of December. Notably, the surge in transactions, approximately seven million since December 1, 2023, is attributed to the SRC-20 protocol.
The SRC-20 protocol facilitates on-chain inscriptions, akin to the Ordinals on BRC-20 in mid-2023. These inscriptions act as digital artefacts on the blockchain and can be minted using various content formats, such as Scalable Vector Graphics (SVG) or HTML-based visuals.
Read Also: Terra Luna Classic Community Votes to Burn 800 Million USTC in Landmark Proposal
The explosion of SRC-20 on Shibarium’s Layer-2 has propelled the mainnet to nearly 100 million overall transactions, enabling developers to burn 8.2 billion SHIB accumulated from transaction fees.
Key Dates and Community Anticipation
As the Shiba Inu community eagerly anticipates further developments, several key dates have been highlighted:
- December 14th – The second cumulative Shiba Inu burn by Shibarium developers.
- December 15th – The discontinuation of ‘Puppynet’ and another burn upon completion of the Sepolia move.
- December 16th – The third instalment of Shibarium, preceding another major upgrade announcement.
$SHIB
6th edition of #TheShibMagazine details 3 more manual burns 🔥 on 14th, 15th & 16th of December. These burns are a testament to the power of #Shibarium and the vision of our #SHIB devs. Remember, $SHIB will function as a governance token on #Shibarium as outlined in… pic.twitter.com/j4S0e2zd3M— Digarch.shib | Shibarium is live (@Digarch) December 12, 2023
It’s crucial to note that the exact amount of burned SHIB depends on network usage, as collected BONE is utilized for Shiba Inu burns after swapping BONE for SHIB. The community remains vigilant as Shibarium developers leverage the increased transaction activity to drive more frequent manual cumulative burns, capitalizing on the surge in SRC-20 and ‘puppet’ related transactions.