Shiba Inu's layer 2 (L2) blockchain project Shibarium is set for a fundamental upgrade, transitioning its testnet, Puppynet, from the ethereum Goerli network to the Sepolia network. This transition, effective December 15, 2023, marks a significant development for blockchain and also comes with a long-awaited update to the SHIB recording mechanism.
Shibarium Testnet Transitions to Sepolia
The Shiba Inu Development Team describe migration to the Sepolia network as “a fundamental strategic change to ensure that developers have access to a reliable and consistent platform to test their dApps and smart contracts.” The Goerli Network has been a fundamental part of the ethereum testnet ecosystem, crucial for testing decentralized applications (dApps) and smart contracts.
As retirement approaches, the Shiba Inu development team had no choice but to make this necessary change. The team highlighted: “With the obsolescence of Goerli Network, Shibarium's Puppynet is ready to adopt Sepolia Network as its new L1.”
Shibarium's new testnet aims to significantly improve scalability, reduce transaction costs, and improve transaction speed by leveraging the Sepolia network. This is critical to meeting the growing demands of decentralized applications, particularly in decentralized finance (DeFi) and non-fungible tokens (nft).
The Shiba Inu developers emphasize the importance of this transition for projects, stating: “For developers and projects that have been using Puppynet with Goerli, this transition period is crucial.”
Shiba Inu (SHIB) Burn Finally Updates
In recent weeks, there has been a lot of discussion about the fact that Shibarium does not have a built-in automatic SHIB burning mechanism. Developers and projects have been urged to make the necessary code changes on their own if the L2 locked SHIB were to be burned on the L1. But now a solution is in sight, initially on the test network.
In a crucial move, Shibarium is introducing an automatic system SHIB burning mechanism, a key strategy for the network's economic model. The developers explained: “This mechanism is designed to strategically reduce the supply of tokens, potentially increasing the value of the token and benefiting its ecosystem.”
Initially, this process will be managed manually by the implementer's official wallet, allowing for precise control and alignment with network sustainability. “This will also require some changes to the network that will be coordinated with other validators and node operators,” the Shibarium developers explained.
Starting in January, the recording process will be automated and the developers noted: “Starting in January, the mechanism will evolve into an automated system. This phase will see multiple upgrades to improve efficiency and reliability. The automated recording process will work according to predefined rules, making it more efficient and transparent.”
Notably, the SHIB burning mechanism is linked to the network adoption rate. The developers stated: “As Shibarium experiences an increase in the number of transactions and a significant increase in gas fees (up to 1000%), token burn is also growing exponentially.”
The Shiba Inu developers concluded with a vision for the future, stating: “The future of the Shibarium token burning mechanism looks promising. “With planned upgrades and direct correlation between network usage and combustion efficiency, the mechanism is expected to become a central component of Shibarium’s economic strategy.”
At press time, SHIB was trading at $0.00000922.
Featured image by DNyuz, chart from TradingView.com
