Shibarium Announces Automated Shiba Inu Burns in Upcoming Hard fork
An upcoming hard fork is scheduled to occur at 9:15 AM (UTC) on August 9, 2024, resulting in the release of a new version of Bor: v1.1.2-bone. This update is expected to improve the performance of the Shiba Inu blockchain and introduce an automated burn mechanism for SHIB tokens.
Overview of the Hard fork
Following the hard fork, Shibarium transaction fees will be utilized for automated SHIB burns, with 70% of the base fee being converted to SHIB and permanently removed from circulation. The remaining 30% of the base transaction fees will be allocated to the ecosystem’s general maintenance and development.
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This deflationary approach aims to reduce the significant supply of SHIB tokens and potentially increase their value. Additionally, the hard fork represents the second major upgrade for Shibarium this year, following the L2 network’s hard fork in May, which brought about improvements in transaction processing and gas fees.
In recent news, Shiba Inu community members and Ethereum co-founder Vitalik Buterin have burned over 410.72 trillion SHIB tokens, with more than 56 billion SHIB permanently destroyed in six transactions using a portion of Shibarium’s base fees. The burn rate has significantly increased in the past 24 hours, resulting in the destruction of over 105 million SHIB tokens, marking a 137,411% increase in the burn rate over a single day.
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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
