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- The Shibarium hard fork marks the end use of Ethereum’s testnet ecosystem Goerli network and a leap to the Sepolia network, to offer DeFi developers more scalable and secure options.
- The major network upgrade introduces a more enhanced SHIB burning mechanism, which has helped reignite the Shibarmy with Shiba Inu price up 17 percent in the past week.
The Shiba Inu (SHIB) ecosystem has been preparing for the next mass adoption phase throughout the 2022-2023 crypto winter with notable network developments. The epitome of Shiba Inu network development in the past year has been the layer two (L2) scaling solution. This Shibarium network works to scale Shiba Inu throughput, securely through the Ethereum and Polygon ecosystems.
With the notable dedication of the Shiba Inu core developers led by Shytoshi Kusama, the Shibarium’s total value locked (TVL) has eclipsed more than $862k in the past few weeks. However, more work is still needed to make the Shiba Inu ecosystem more decentralized and independent from the creators in a bid to empower the community.
Shibarium Network Undergoes First Hard Fork
On Tuesday, December 5, 2023, the Shibarium team performed a permanent network upgrade, popularly known as hard fork. Notably, the Shibarium hard fork marked the end of the Goerli network, which is the testnet ecosystem for the Ethereum network, and transitioned the L2 protocol to the Sepolia network.
As a result, the Shibarium’s Puppynet is set to go live on the Sepolia network on December 15, whereby the Goerli network will be switched off. The Shibarium developers noted;
With the deprecation of the Goerli Network, Shibarium’s Puppynet is set to adopt the Sepolia Network as its new L1. Sepolia offers a more controlled and stable testing environment, closely mirroring the features and capabilities of the Ethereum mainnet. This strategic shift is instrumental in ensuring that developers have access to a reliable and consistent platform for testing their dApps and smart contracts,
Changes to Expect
Following the successful Shibarium upgrade, the team anticipates more development activity for the L2 network as the hard fork is meant to ensure more scalability and a secure blockchain ecosystem. One of the notable aspects that comes with the Shibarium hard fork is the enhanced SHIB burn mechanism.
Moreover, a transformative token-burning mechanism has been designed to strategically reduce the SHIB supply and increase its underlying value. Initially, the SHIB burn mechanism will be manually conducted by the official deployer wallet. However, an automated SHIB burn mechanism is expected to be introduced in January 2024.
Shib Price Action
Following the notable network upgrades, the SHIB ecosystem has continued to grow in the past few months to a $9.5 billion valued ecosystem. According to our latest market data, SHIB’s price has gained about 16 percent in the past week to trade around $0.000009634.
The token is currently retesting a crucial resistance level that could yield further upside in the coming weeks. The Shiba Inu price upsurge is likely to follow Bitcoin and Ethereum’s footsteps in the coming weeks as more crypto cash flow moves from large-cap to small-cap altcoins.
