As a result of the completion of the first hard fork of the Shibarium network at block height 1,962,000, the Shiba Inu ecosystem has reached a significant milestone. This fork brings about considerable changes to the infrastructure of the network, with a particular emphasis on methods for token burning and the shift to a network layer that is more efficient.
A SHIB Burn Mechanism That Is Improved
According to DaVinci, who made this announcement in a Discord update, the strengthening of the token-burning process is one of the most noticeable developments that this hard fork has brought about. The statement made by DaVinci was as follows: "We are currently undergoing a swift hard fork at Bor Block- 1962000 in order to enhance our burning mechanism, which will enable support for multiple burn tokens, specifically BONE and SHIB."
The goal of this mechanism is to intentionally decrease the amount of tokens that are in circulation, which might result in an increase in the value of the tokens. In the beginning, the procedure will be controlled manually, but there are plans to eventually switch to an automated system. The significance of this shift lies in the fact that it has an effect on the economic model and tokenomics of the network.
As reported by Bitcoinist, the burning process will first be controlled manually, with the goal of ensuring that it is in sync with the health of the network. Subsequently, an automated method will be implemented in order to achieve more transparency.
Onward Movement to the Sepolia Network
The relocation of Shibarium's Puppynet from the Goerli Network to the Sepolia Network is an important change that should be considered in the infrastructure of the network. According to the explanation provided by NOWNodes, "This change is intended to align with infrastructures that are more scalable and efficient."
Decentralized finance and non-fungible token applications are in desperate need of increased scalability and decreased transaction costs, all of which the Sepolia Network promises to deliver. This move is a strategic alignment with infrastructures that are more resilient, and it has the potential to deliver increased speed and efficiency in the processing of transactions.
Continuous Improvements to the Network
Additionally, NOWNodes brought attention to the fact that the development team of Shibarium is dedicated to making ongoing improvements. The procedures of token burning are being streamlined as part of these updates, and the network is being adapted to accommodate the shifting dynamics of the network.
In addition, it is anticipated that future version updates would bring about enhanced transaction speeds as well as improvements in the functionality of smart contracts. When asked about it, NOWNodes stated, "Shibarium will go through several upgrades [...]" For the purpose of strengthening Shibarium's position as a premier blockchain platform, the network is concentrating on version upgrades that will result in increased transaction speeds, smarter contract functionality, and improved user experiences.
Impact on the Adoption of Masses
Based on the information provided by the node provider, it is anticipated that the hard fork will have a substantial influence on Shibarium's widespread adoption of Shiba Inus. In the event that the network becomes more scalable, it will be able to process a greater number of transactions in a shorter amount of time.
The significance of this was described by NOWNodes, which stated that "the network itself becomes more scalable as there are more features that developers have successfully integrated." It indicates that a greater number of transactions may be included and sent within a single block in a relatively short amount of time.
Shiba Inu: What Does the Future Hold?
In conclusion, NOWNodes makes the observation that the Shibarium hard fork is more than just a technical update; it is a strategic evolution of the Shiba Inu network and the foundation for the improvements that are to come.
What is going to happen after this? The response is clear and concise: there are a lot of things going on behind the scenes! NOWNodes made the observation that the developers of Shibarium Network have a lot of things that they need to focus right now. Some of these items include the creation of a new version of ShibaSwap, major CEX and DEX integrations, and more things.
