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- Shibarium’s update introduces a burn mechanism that will convert 70% of transaction fees into SHIB and burn them.
- Shibarium’s hard fork enhances transaction speed, stability, and network security while promoting ecosystem growth.
Shibarium, the layer-2 solution for the Shiba Inu ecosystem, is due to release a much-anticipated update beginning at block 6206570. This update, announced by Shiba Inu marketing lead Lucie, includes a new burn mechanism that is directly linked to transaction fees, marking an important milestone for the SHIB community.
🔥Shibarium BURNS UPDATE 🔥
Starting at block 6206570, the Shibarium network will roll out a long-awaited update: a burn mechanism directly tied to transaction fees. With this update, 70% of all base transaction fees collected on the network will be automatically converted to… pic.twitter.com/D4hkfvAP3H
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 8, 2024
Shibarium Update: 70% Transaction Fees Burned, Boosting SHIB’s Value
The upgrade will ensure that 70% of all network base transaction fees are automatically converted to SHIB tokens and subsequently burned to remove them from circulation permanently. This deflationary technique has the ability to raise the token’s value over time by gradually reducing the overall supply of the SHIB.
Furthermore, the remaining 30% of the fees will go toward platform maintenance, development, and activities geared toward ecosystem expansion. This balanced allocation demonstrates the project’s dedication to sustainability and long-term value generation for the community.
As the SHIB ecosystem evolves, this update is a crucial step toward increasing its viability and securing its continued dominance in the extremely competitive world of cryptocurrency.
Previously, SHIB burn rates have recently increased dramatically. CNF revealed that the burn rate has increased by an astounding 137,000%, with over 105 million tokens being withdrawn from circulation.
This significant increase demonstrates the growing interest in SHIB, as the burn rate has more than quadrupled in the last seven days alone, indicating increased activity and participation in the community.
Also, in our earlier report, we stressed the significance of Shibarium’s new burn mechanism, which has the ability to dramatically limit the token’s supply and raise its price.
Furthermore, the hard fork that comes with this version is intended to improve transaction speed and stability while also improving the Shibarium network’s security and accessibility.
As of this writing, SHIB is trading at around $0,00001402, up 1.70% over the last 24 hours, with a daily trading volume of $156.68 million.
