The Shiba Inu ecosystem has witnessed a major milestone with the completion of the first hard fork of the Shibarium network at a block height of 1,962,000. This fork introduces significant changes to the network infrastructure, particularly focusing on token burning mechanisms and the transition to a more efficient network layer.
Improved SHIB burning mechanism
One of the most notable changes in this hard fork, as DaVinci articulate In a Discord update, there is the improvement of the token burning mechanism. DaVinci stated: “We are doing a quick fork on Bor Block-1962000 to improve our recording mechanism, enabling support for multiple recording tokens, namely BONE and SHIB.”
This mechanism is designed to strategically reduce the circulating supply of tokens, potentially increasing their value. Initially, the process will be managed manually and it is planned to transition to an automated system. This change is significant due to the impact it has on the economic model and the symbolic economy of the network.
As Bitcoinist reported, the recording process will first be managed manually, ensuring alignment with the network state before transitioning to an automated system for greater transparency.
Migration to the Sepolia network
A critical change to the network infrastructure is the move of Shibarium's Puppynet from the Goerli network to the Sepolia network. Like NODES NOW Explain“This change aims to align with more scalable and efficient infrastructures.”
The Sepolia network promises to provide improved scalability and reduced transaction costs, which are vital for DeFi and nft applications. This migration represents a strategic alignment with more robust infrastructures, potentially offering greater speed and efficiency in transaction processing.
Continuous network updates
NOWNodes also highlighted that the Shibarium development team is committed to continuous improvements. These updates focus on optimizing token burning processes and adapting to the changing dynamics of the network.
Additionally, future version updates are expected to introduce improved transaction speeds and smarter contract functionality. NOWNodes explained: “Shibarium will undergo several updates (…) The network is focusing on version updates to improve transaction speed, smarter contract functionalities and better user experiences, strengthening Shibarium's position as a leading blockchain platform.”
Impact on mass adoption
According to the node provider, the hard fork is expected to significantly impact Shibarium's mass adoption of Shiba Inu. As the network becomes more scalable, it can handle a greater volume of transactions in a shorter period of time.
NOWNodes explained the importance of this, saying: “As there are more features that developers have successfully integrated, the network itself becomes more scalable. It means that more transactions can be included and implemented in a block in a short period of time.”
What's next for Shiba Inu?
In conclusion, NOWNodes comments that the Shibarium hard fork is more than a technical update; It represents a strategic evolution of the Shiba Inu network and the basis for future developments.
“But what comes next? The answer is quite simple and short: a lot of things behind the scenes! Shibarium Network developers have numerous things they need to prioritize right now, including developing a new version of ShibaSwap, large CEX and DEX integrations, etc.,” commented NOWNodes.
At press time, SHIB was trading at $0.00000951.
Featured image from iStock, chart from TradingView.com
