{"id":564527,"date":"2023-12-08T09:45:40","date_gmt":"2023-12-08T09:45:40","guid":{"rendered":"https:\/\/wncen.com\/?p=564527"},"modified":"2024-06-11T10:35:09","modified_gmt":"2024-06-11T10:35:09","slug":"shiba-inu-team-shib-bone-burns","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-coin\/shiba-inu-team-shib-bone-burns\/","title":{"rendered":"Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This Means"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-shib-burns\/\"><span style=\"font-weight: 400\">Shibarium\u2019s burning mechanism<\/span><\/a><span style=\"font-weight: 400\"> has been in the limelight of late, especially with the recent record of over <\/span><a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-8-billion-shib-burned\/#:~:text=Meanwhile%2C%20the%20single%20transaction%20that,growth%20in%20the%20burn%20rate.\"><span style=\"font-weight: 400\">8 billion Shiba Inu tokens<\/span><\/a><span style=\"font-weight: 400\"> burnt in a single day. This burning mechanism seems to have undergone an update, which could further enhance its performance.\u00a0<\/span><\/p>\n<h2>Shibarium Undergoes Swift Hard Fork<\/h2>\n<p><span style=\"font-weight: 400\">A screenshot containing a discord message <\/span><a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-scammers-shibarium\/\"><span style=\"font-weight: 400\">from DaVinci<\/span><\/a><span style=\"font-weight: 400\"> (a member of the <\/span><a href=\"https:\/\/bitcoinist.com\/shiba-inu-dev-shibarium\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Shiba Inu development team<\/span><\/a><span style=\"font-weight: 400\">) surfaced online recently. In the message, DaVinci mentioned that Shibarium would undergo a hard fork at Block 1962000. That suggests that the upgrade already took place as there are already <\/span><a href=\"https:\/\/www.shibariumscan.io\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">over 2 million blocks<\/span><\/a><span style=\"font-weight: 400\"> on the layer-2 network at the time of writing.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-whale-60-million\/\">Ethereum Whale With Over $60 Million In Unrealized Profits Moves Coins To Exchange<\/a><\/div>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-564537 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SHIB-burn.png?w=460&#038;resize=460%2C364\" alt=\"SHIB burn\" width=\"460\" height=\"364\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SHIB-burn.png?w=512 512w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/SHIB-burn.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\"><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, the main purpose of this hard fork is to enhance the network\u2019s burning mechanism. This will enable support for multiple burn tokens, with <\/span><a href=\"https:\/\/bitcoinist.com\/shiba-inu-robinhood-bone\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">BONE<\/span><\/a><span style=\"font-weight: 400\"> and <\/span><a href=\"https:\/\/bitcoinist.com\/shiba-inu-volatility-at-60\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">SHIB<\/span><\/a><span style=\"font-weight: 400\"> (the governance tokens of Shibarium) being the main focus. DaVinci also mentioned to node providers that a Genesis update would be required since it was a hard fork.\u00a0<\/span><\/p>\n<h2>Further Clarification On What The Hard Fork Entails For Shiba Inu<\/h2>\n<p><a href=\"https:\/\/bitcoinist.com\/shibarium-shiba-inu-price\/#:~:text=Botched%20Shibarium%20Launch%20Sends%20Shiba%20Inu%20Price%20Spiraling%20Downward,-by%20Scott%20Matherson&amp;text=The%20launch%20of%20the%20Layer,undesirable%20impact%20on%20SHIB's%20price.\" rel=\"nofollow\"><span style=\"font-weight: 400\">Shibarium<\/span><\/a><span style=\"font-weight: 400\"> had earlier provided clarification of what this new era of the network entails. A <\/span><a href=\"https:\/\/blog.shib.io\/shibarium-puppynet-upgrade-and-burning\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">blog post<\/span><\/a><span style=\"font-weight: 400\"> published on the Shibarium site mentioned that <\/span><a href=\"https:\/\/bitcoinist.com\/shiba-inu-price-growth\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Shibarium\u2019s burning mechanism<\/span><\/a><span style=\"font-weight: 400\"> will initially be manually managed as part of this upgrade. This is to ensure alignment with the network\u2019s health and sustainability. In this phase, the burn process will be managed by the official deployer.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Once that is done, Shibarium will apparently transition to an automated system starting in January. As part of this transition, Shibarium is expected to witness further upgrades in a bid to \u201cenhance efficiency and reliability.\u201d According to the network, the automated burn process \u201cwill operate based on predefined rules,\u201d although it didn\u2019t provide further details on this.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-worth-17-million\/\">Crypto Pundit Reveals Why Bitcoin Is Worth As Much As $17 Million<\/a><\/div>\n<p><a href=\"https:\/\/bitcoinist.com\/shiba-inu-price-growth\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Node provider NOWNodes<\/span><\/a><span style=\"font-weight: 400\"> noted in a <\/span><a href=\"https:\/\/nownodes.io\/blog\/shibarium-hard-fork-updates\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">blog post<\/span><\/a><span style=\"font-weight: 400\"> that this upgrade will also facilitate mass adoption for Shibarium. That could explain why there is a need to enhance the burning mechanism as part of the upgrade. Considering that there is a correlation between the<\/span><a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-8-billion-shib-burned\/#:~:text=Meanwhile%2C%20the%20single%20transaction%20that,growth%20in%20the%20burn%20rate.\"><span style=\"font-weight: 400\"> transaction volume and token burns<\/span><\/a><span style=\"font-weight: 400\">, Shibarium needs to be well prepared to handle the number of tokens that need to be burnt following a potential increase in transaction count.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The layer-2 network is currently flying high as the total transaction count on it continues to skyrocket. According to <\/span><a href=\"https:\/\/www.shibariumscan.io\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from the Shibarium Explorer, the total transactions on the network stand at over 58 million at the time of writing. Shibarium <\/span><a href=\"https:\/\/bitcoinist.com\/shibarium-44700-shiba-inu-price\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">has surpassed<\/span><\/a><span style=\"font-weight: 400\"> the milestones of 5 million, 10 million, 20 million, and <\/span><a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-8-billion-shib-burned\/#:~:text=Meanwhile%2C%20the%20single%20transaction%20that,growth%20in%20the%20burn%20rate.\"><span style=\"font-weight: 400\">35 million mark<\/span><\/a><span style=\"font-weight: 400\"> in just about a week.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/RGbwiE5h\/\" alt=\"Shiba Inu price chart from Tradingview.com\" width=\"2650\" height=\"1530\"><\/p>\n<pre style=\"text-align: center\">SHIB price reclaims $0.00001 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">SHIBUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Crypto News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Shibarium\u2019s burning mechanism has been in the limelight of late, especially with the recent record of over 8 billion Shiba Inu tokens burnt in a single day. This burning mechanism seems to have undergone an update, which could further enhance its performance.\u00a0 Shibarium Undergoes Swift Hard Fork A screenshot containing a discord message from DaVinci (a member of the Shiba Inu development team) surfaced online recently. In the message, DaVinci mentioned that Shibarium would undergo a hard fork at Block 1962000. That suggests that the upgrade already took place as there are already over 2 million blocks on the layer-2 network at the time of writing. Related Reading: Ethereum Whale With Over $60 Million In Unrealized Profits Moves Coins To Exchange Meanwhile, the main purpose of this hard fork is to enhance the network\u2019s burning mechanism. This will enable support for multiple burn tokens, with BONE and SHIB (the governance tokens of Shibarium) being the main focus. DaVinci also mentioned to node providers that a Genesis update would be required since it was a hard fork.\u00a0 Further Clarification On What The Hard Fork Entails For Shiba Inu Shibarium had earlier provided clarification of what this new era of the network entails. A blog post published on the Shibarium site mentioned that Shibarium\u2019s burning mechanism will initially be manually managed as part of this upgrade. This is to ensure alignment with the network\u2019s health and sustainability. In this phase, the burn process will be managed by the official deployer. Once that is done, Shibarium will apparently transition to an automated system starting in January. As part of this transition, Shibarium is expected to witness further upgrades in a bid to \u201cenhance efficiency and reliability.\u201d According to the network, the automated burn process \u201cwill operate based on predefined rules,\u201d although it didn\u2019t provide further details on this.\u00a0 Related Reading: Crypto Pundit Reveals Why Bitcoin Is Worth As Much As $17 Million Node provider NOWNodes noted in a blog post that this upgrade will also facilitate mass adoption for Shibarium. That could explain why there is a need to enhance the burning mechanism as part of the upgrade. Considering that there is a correlation between the transaction volume and token burns, Shibarium needs to be well prepared to handle the number of tokens that need to be burnt following a potential increase in transaction count.\u00a0 The layer-2 network is currently flying high as the total transaction count on it continues to skyrocket. According to data from the Shibarium Explorer, the total transactions on the network stand at over 58 million at the time of writing. Shibarium has surpassed the milestones of 5 million, 10 million, 20 million, and 35 million mark in just about a week.\u00a0 SHIB price reclaims $0.00001 | Source: SHIBUSD on Tradingview.com Featured image from Crypto News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":564543,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[86713,90818,89809,83668,86002,89178,83667,89157,87680,84562,84558],"class_list":["post-564527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-bone","tag-bone-burn","tag-bone-news","tag-shib","tag-shib-burn","tag-shib-news","tag-shiba-inu","tag-shiba-inu-news","tag-shibarium","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\n<title>Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, 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