Gushiken Yona
The Shiba Inu ecosystem is set ablaze with anticipation as developers announce a major Shibarium upgrade, just days before the highly anticipated Blockchain Futurist Conference.
The Shiba Inu development team announced Thursday a significant upgrade to Shibarium, the crypto project’s Layer-2 scaling solution. The upgrade, scheduled for August 9, will introduce a hard fork implementing a new version of Bor – v1.1.2-bone – and activate a highly anticipated burn mechanism.
The strategic move introduces a long-awaited burn mechanism the community anticipates would significantly impact the future of SHIB. The hard fork is timed to occur at approximately 9:15 am UTC at block height 6206570.
The most impactful element of this upgrade is the implementation of a burn mechanism directly tied to Shibarium’s transaction fees. Starting at block 6206570, 70% of all base transaction fees collected on the Shibarium network will be automatically converted to SHIB tokens and permanently removed from circulation through a burning process.
This deflationary mechanism aims to decrease the overall supply of SHIB over time, potentially increasing its value. The remaining 30% of collected fees will be allocated towards ongoing platform maintenance, development, and ecosystem growth initiatives.
In an exclusive statement provided to The Shib Daily, the Shiba Inu development team highlighted the strategic importance of this upgrade: “The v1.1.2-bone release is a game-changer for Shibarium, introducing a burn mechanism that allocates 70% of transaction fees to Shib burns. This supports our community-driven approach and enhances long-term growth and sustainability.”
The development team also emphasized the technical significance of the v1.1.2-bone release: “By burning 70% of transaction fees, we demonstrate our commitment to a balanced and innovative network.”
The Shiba Inu marketing team said of the development: “Shibarium’s successful hard fork and new burn mechanism, mark a big step forward, showing our dedication to creating innovative solutions for our community.”
This announcement arrives at a strategic juncture, amplifying the anticipation surrounding Shiba Inu’s presence at the upcoming Blockchain Futurist Conference, where it is one of the gold sponsors.
The Shiba Inu development team urges all Shibarium node operators to prioritize the upgrade of their nodes to the v1.1.2-bone version before the August 9 hard fork. Earlier on Thursday, K9 Finance announced it has “updated the $KNINE validator to v1.1.2-bone which is a #shibarium hard fork to go live at block number 6206570.”
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
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