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HomeCrypto NewsMarketShibarium Undergoes First Hard Fork to Enhance Shiba Inu Burns And Support Multiple Token Burn Model

Shibarium Undergoes First Hard Fork to Enhance Shiba Inu Burns And Support Multiple Token Burn Model

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Shibarium, the layer-2 network at the heart of the Shiba Inu ecosystem, has undergone its first hard fork to enhance burns and support a multiple token burn model.

DaVinci, in a Discord update, shared resources and details for a smooth transition after the fork, encouraging relevant parties to align their Bor genesis with updated configurations from other instances.

The development team shared an updated genesis file and the necessary post-update command to ensure a seamless process. They sought cooperation from the community and emphasized that the genesis update is mandatory for Mainnet nodes to maintain synchronization.

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Shibarium Hard Fork Announcement Discord
Shibarium Hard Fork Announcement | Discord

According to DaVinci, the hard fork was to commence at block height 1962000. While it is assumed that the fork has occurred, as Shibarium is currently at block height 1987946, the team has not provided an update.

The primary focus of the fork was a significant enhancement to Shibarium’s burning mechanism, a move aimed at including a burn mechanism for BONE. Most BONE holders have welcomed the development, contributing to the asset’s deflation; others are not as receptive.

However, some community members have questioned the necessity of burning BONE, which serves as the governance token of the Doggy DAO. They have asked why they would want to give up their voting powers. 

Details and Impact of the Shibarium Fork

In a separate disclosure, NOWNodes shed more light on the fork. The team touted Shibarium as a solution that offers a more streamlined environment for decentralized finance (DeFi) and non-fungible tokens (NFTs).

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Per NOWNodes, one notable change in the hard fork is the migration of layer-1 of Shibarium’s Puppynet, the testnet, from the Goerli Network to the Sepolia Network. The Crypto Basic called attention to this upgrade in a separate report

Shibarium has promised to enhance SHIB burns, helping to reduce the Shiba Inu supply. The network recently made its first burn. With the latest upgrade, the burn mechanism initially managed manually, is set to transition to an automated system, enhancing efficiency and transparency. 

Notably, the Shibarium network will witness continuous upgrades, focusing on both manual and automated burning processes and ensuring adaptability. Version upgrades will target enhanced transaction speeds and improved user experiences.

In response to whether the Shibarium fork could facilitate mass adoption, the NOWNodes team answered yes. The team said that with developers seamlessly integrating more features, the network’s scalability has surged.

This means the protocol can deploy more transactions within a condensed timeframe. Developers seeking to build and deploy smart contracts on Shibarium will benefit from instant real-time on-chain data sources, further fueling the platform’s appeal. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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