The Shiba Inu ecosystem has reached a pivotal moment with the successful implementation of an automated SHIB burn mechanism. This highly anticipated feature was integrated into the Shibarium Layer-2 network through a hard fork on August 9, 2024.
The hard fork also introduced a new version of the Bor software, enhancing Shibarium’s performance and functionality. A cornerstone of this upgrade is the automatic burning of 70% of Shibarium’s transaction fees, effectively reducing the circulating supply of SHIB tokens.
Lucie, a key figure in the Shiba Inu community, confirmed the details of the burn mechanism, dispelling previous uncertainties. This deflationary measure is expected to positively impact SHIB’s value over time.
The burn mechanism has already shown its impact, with a surge in the burn rate. Over 410.72 trillion SHIB tokens have been incinerated to date, and the weekly burn count has skyrocketed by nearly 140,000%.
It’s worth noting that this is the second hard fork for Shibarium in 2024, following a previous upgrade in May focused on improving transaction speed and reducing gas fees.
Also Read: Shiba Inu Burns 300.52% More Tokens, But Price Still Struggles
The introduction of the automated SHIB burn marks a significant step forward for the Shiba Inu ecosystem. As a deflationary token, reducing the circulating supply is a key strategy to increase its value. While the long-term impact remains to be seen, the initial response from the community has been overwhelmingly positive.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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