Crucial Upgrade Teased by SHIB Team, Here's Why It Will Be Important
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to a recent post by Lucie, the marketing specialist of Shiba Inu, SHIB burns will be handled in a more efficient way after the upcoming SHIB upgrade is implemented and the pressure on Bone ShibaSwap, which is used as gas on Shibarium, is minimized.
Meanwhile, Shibarium has smashed an important new utility milestone over the weekend.
Here's how upgrade will impact SHIB burns and BONE
Lucie addressed the issue of burns made by the Shiba Inu development team: so far, they have burned more than 33 billion SHIB meme coins, with four transactions to dead-end wallets, carrying more than eight billion each.
The marketing expert reminded the SHIB community that, so far, the team is doing all the burns manually. However, the situation is going to change after the upgrade is implemented, Lucie emphasized. An announcement will be made prior to the upgrade rollout to keep the SHIB community informed, she stated.
Lucie was referring to the approaching upgrade described by the Shiba Inu team in early December as the post talked about moving the Shibarium testnet Puppynet from Ethereum’s Goerli to Sepolia.
The transition of Puppynet to the Sepolia Network, the developers believe, will help increase Shibarium’s scalability, bring down transfer fees and enhance the speed of transactions. It will be more than a transition - a whole upgrade - with the goal of making things more user-friendly on Shibarium since the community’s requirements have been growing recently, the blog post says. In particular, this will be good for DeFi and NFT areas.
As for the upgrade’s impact on SHIB burns, as of January they will move into the second phase, where all transfers to dead wallets will become automated, while currently they are still done manually from the official deployer wallet. The blog post promises “multiple upgrades” for this transition in particular. “The automated burn process will operate based on predefined rules, making it more efficient and transparent.”
Yuri MolchanShibarium hits new milestone
The mainnet of layer-2 solution Shibarium managed to break a new record over the weekend as it reached a new milestone of 180 million transactions performed. At the time of this writing, the metric shows 185,519,551 transfers on Shibarium.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov