The Shiba Inu ecosystem has witnessed a major milestone with the completion of the first hard fork of the Shibarium network at block height 1,962,000. This fork introduces significant changes to the network’s infrastructure, particularly focusing on token-burning mechanisms and the transition to a more efficient network layer.
Enhanced SHIB Burn Mechanism
One of the most notable changes in this hard fork, as DaVinci articulated in a Discord update, is the enhancement of the token-burning mechanism. DaVinci stated, “We are undergoing a swift hard fork at Bor Block- 1962000 to enhance our burning mechanism, enabling support for multiple burn tokens, namely BONE and SHIB.”
This mechanism is designed to strategically reduce the circulating supply of tokens, potentially increasing their value. The process initially will be manually managed, with plans to transition to an automated system. This change is significant in how it impacts the network’s economic model and tokenomics.
As Bitcoinist reported, the burning process will first be manually managed, ensuring alignment with the network’s health before transitioning to an automated system for greater transparency.
Migration To Sepolia Network
A critical shift in the network infrastructure is the move of Shibarium’s Puppynet from the Goerli Network to the Sepolia Network. As NOWNodes explains, “This change is aimed at aligning with more scalable and efficient infrastructures.”
The Sepolia Network promises to provide enhanced scalability and reduced transaction costs, which are vital for DeFi and NFT applications. This migration represents a strategic alignment with more robust infrastructures, potentially offering greater speed and efficiency in transaction processing.
Continuous Network Upgrades
NOWNodes also highlighted that Shibarium’s development team is committed to continuous enhancements. These upgrades are focused on streamlining the token-burning processes and adapting to the changing dynamics of the network.
Moreover, future version upgrades are expected to introduce improved transaction speeds and smarter contract functionalities. NOWNodes explained, “Shibarium will undergo several upgrades […] The network is focusing on version upgrades for enhanced transaction speeds, smarter contract functionalities, and improved user experiences, fortifying Shibarium’s position as a leading blockchain platform.”
Impact On Mass Adoption
According to the node provider, the hard fork is expected to significantly impact Shibarium’s mass adoption of Shiba Inu. As the network becomes more scalable, it can handle a higher volume of transactions in a shorter time frame.
NOWNodes explained the significance of this, saying, “As there are more features that developers have successfully integrated, the network itself becomes more scalable. It means that more transactions may be included and deployed into one block in a short period of time.”
What’s Next For Shiba Inu?
In conclusion, NOWNodes remarks that the Shibarium hard fork is more than a technical upgrade; it represents a strategic evolution of the Shiba Inu network and the basis for the upcoming developments.
“But what is coming next? The answer is quite simple and short: a lot of things backstage! Developers of Shibarium Network have numerous things they need to prioritize at the moment, including the development of a new ShibaSwap version, big CEX and DEX integrations, etc,” NOWNodes remarked.
At press time, SHIB traded at $0.00000951.
Featured image from iStock, chart from TradingView.com