According to U.Today, Shibarium, the layer-2 solution, is preparing to launch a hard fork featuring a new version of Bor, the network's core component. This update will introduce a burn mechanism directly linked to base transaction fees. A significant portion of these fees, 70%, will be converted to SHIB tokens and removed from circulation, potentially decreasing the total supply of SHIB tokens and boosting their price. The remaining base fees will be allocated toward ecosystem development.
Shibarium completed its previous hard fork at block height 4504576 in May, which brought faster transactions and predictable gas fees, enhancing network accessibility and security. Since its launch last August, Shibarium has gained significant traction, with the total number of transactions surpassing 417 million and the total number of wallets exceeding 1.8 million.
However, Shibarium's activity has recently slowed down, recording only 3.84K transactions on Wednesday. Despite this, the SHIB token managed to stage an impressive comeback after a recent price crash, outperforming the broader meme coin sector. The upcoming burn mechanism could serve as a catalyst for the meme cryptocurrency, which has been relatively stagnant since reaching its peak in October 2021.
