Shibarium’s latest upgrades align the mainnet with Ethereum’s Dencun hard fork for seamless compatibility and improved functionality.
A new SHIB burn contract aims to reduce token supply and enhance value, activating at block 8,200,512.
The Shiba Inu community burned over 2.02 billion SHIB in one hour, boosting the burn rate by 3,162.56%.
Shibarium’s official X account, @ShibariumNet, has announced the deployment of significant upgrades to its mainnet. These updates enhance compatibility, security, and token-burning mechanisms, marking a notable advancement for the layer-2 blockchain.
https://twitter.com/ShibariumNet/status/1863924709823217874 Heimdall and Bor Hardforks Enhanced
The announcement highlights upgrades to the Heimdall and Bor hard forks, designed to align Shibarium’s mainnet with Ethereum’s Dencun hard fork. This compatibility ensures that Shibarium can seamlessly integrate the latest features of the Ethereum network.
According to the team’s guidance, node operators have to update their nodes to the latest versions before upgrading. Operators should first run the Heimdall upgrade, which now supports efficient operations in a post-Dencun environment. This improvement is to enhance user network reliability and functionality.
Additionally, the Bor hard fork, part of the same upgrade cycle, introduces enhanced performance, security, and blockchain management features. The documents released by ShibariumNet underscore the importance of the recommended steps for a smooth transition to the updated versions.
New SHIB Burn Contract Introduced
A key addition to this upgrade is the integration of a new SHIB burn contract at block 8,200,512. While specific details about this contract remain undisclosed, it promises to contribute significantly to reducing the SHIB token supply. By facilitating controlled burns, the contract aims to increase the value of the remaining tokens for holders.
The updated burn mechanism has been described as capable of supporting future enhancements, aligning with Shibarium’s long-term goals. This strategic move positions Shibarium to remain competitive and innovative in blockchain.
Record SHIB Burns Bolster Ecosystem
In partnership with the mainnet updates, the Shiba Inu community has achieved a remarkable burn rate increase. Recent data revealed that over 2.02 billion SHIB tokens were destroyed within a single hour, marking a 3,162.56% surge in the burn rate.
Most of this massive burn was attributed to Shibtoshi, the founder of the SquidGrow meme cryptocurrency, who transferred 2,020,624,700 SHIB for burning. This contribution follows a previous burn of over 1 billion SHIB last week, bringing the total burned in November to over 3.16 billion tokens.
Moreover, the community’s collective efforts, combined with the new burn contract, reflect an ongoing commitment to reducing SHIB’s supply and enhancing its ecosystem. Shibarium’s upgrades and the token burns highlight its active role in maintaining its relevance in the competitive blockchain space.
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