Sep 14, 2024
6thTrade
Puppynet, the testnet version of Shibarium's layer-2 solution for the Shiba Inu (SHIB) cryptocurrency, is gearing up for significant technological upgrades. According to a recent announcement on Friday, the Bor component, a key part of the network, is about to receive a new version. This update will also bring the Cancun hard fork to Puppynet. $SHIB
These changes are expected to lead to faster transaction speeds, a more efficient storage system, and an overall improvement in user experience.
For those unfamiliar with the concept, testnets are essentially experimental versions of a blockchain network. They mimic how the main network operates but without any actual value tied to the tokens or transactions. This provides developers with a safe playground to experiment with upgrades, identify bugs, and fix vulnerabilities before rolling them out to the main network. By doing so, they prevent potential losses or disruptions in the real environment. A well-known example of this is Ethereum's Sepolia testnet, which serves a similar purpose. Some other testnets, such as Goerli and Kovan, have been deprecated but were once vital for Ethereum development.
Earlier in August, Shibarium introduced another hard fork along with a new version of Bore, aimed at enhancing the ecosystem. This version also included a burn mechanism, a feature that has been part of the Puppynet test environment since February. The burn mechanism is designed to reduce the supply of SHIB tokens, which, in theory, could help increase their value by creating scarcity.
Despite these technical advancements, the Shiba Inu ecosystem is currently facing a tough period. According to data from Santiment, the community is dealing with extreme levels of fear, uncertainty, and doubt (FUD). Several factors contribute to this, such as dwindling interest on social media, a significant drop in the number of retail holders, and a sharp decline in trading volumes. Although these upgrades might be a step in the right direction, it remains unclear whether they will be enough to restore confidence and improve SHIB's market performance, which has been struggling as of late.
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