{"id":17119,"date":"2024-08-09T19:11:11","date_gmt":"2024-08-09T19:11:11","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=17119"},"modified":"2024-08-09T19:11:11","modified_gmt":"2024-08-09T19:11:11","slug":"shiba-inu-token-burns-initiate-automatically-on-shibarium-network","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/shiba-inu-token-burns-initiate-automatically-on-shibarium-network\/","title":{"rendered":"Shiba Inu Token Burns Initiate Automatically on Shibarium Network"},"content":{"rendered":"\n

The Shibarium network, a layer-2 solution on the Shiba Inu blockchain, unveiled an automated burn feature today. The activation began at block 6,206,570 and was disclosed by Lucie, the marketing lead at Shiba Inu, through X. Lucie stated, \u201cAt block 6206570, the Shibarium network will implement a highly anticipated update: a burn mechanism linked to transaction fees.\u201d<\/p>\n

Automated Burn of Shiba Inu Tokens on Shibarium<\/h2>\n

As per Lucie\u2019s declaration<\/a>, the new functionality will convert 70% of the base transaction fees gathered by the network into SHIB tokens, withdrawing them permanently from circulation. Lucie explained, \u201cSeventy percent of the collected base transaction fees will automatically turn into SHIB tokens and be burned. This method aims to gradually decrease the SHIB supply, potentially boosting its value over time.\u201d<\/p>\n

Thirty percent of the transaction fees will be used for critical network operations like maintenance and development, as well as broader ecosystem growth plans. Lucie mentioned, \u201cThe remaining 30% of fees will support network maintenance, development, and ecosystem growth. This update is a significant stride towards enhancing the sustainability and long-term worth of the SHIB community.\u201d<\/p>\n

The burn mechanism will be implemented through a hard fork. The network upgrade titled \u201cBor version v1.1.2-bone\u201d went live at 9:15 AM UTC today. The official X account of the Shibarium Network confirmed<\/a> this on X, advising all Shibarium node operators to upgrade to the v1.1.2-bone version:<\/p>\n

\n

We\u2019re introducing a Hard Fork with the new Bor version! On August 9, 2024, at 9:15 AM UTC, we\u2019re launching Bor version v1.1.2-bone. This version incorporates a burn mechanism to enrich our ecosystem. Prepare for the #BURN!<\/strong><\/p>\n<\/blockquote>\n

This launch occurs about a year after Shibarium\u2019s debut on the Shiba Inu mainnet on August 16, 2023, which was unveiled at the Blockchain Futurist Conference in Toronto, Canada. The automatic Shiba Inu burn coincides with the upcoming annual conference where Shiba Inu will be a gold sponsor from August 13 to 14, 2024.<\/p>\n

Recently, SHIB\u2019s lead developer Shytoshi Kusama highlighted the event\u2019s importance. Kusama hinted at significant announcements during this year\u2019s Canada Crypto Week, stating, \u201cWe are eager to participate in ETHToronto as a title sponsor and actively engage during this year\u2019s Canada Crypto Week.\u201d<\/p>\n

Currently, SHIB is trading at $0.00001416.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Shibarium network, a layer-2 solution on the Shiba Inu blockchain, unveiled an automated burn feature today. The activation began at block 6,206,570 and was disclosed by Lucie, the marketing lead at Shiba Inu, through X. Lucie stated, \u201cAt block 6206570, the Shibarium network will implement a highly anticipated update: a burn mechanism linked to […]<\/p>\n","protected":false},"author":1,"featured_media":17120,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Shiba Inu Token Burns Initiate Automatically on Shibarium Network - Bitrabo","description":"The Shibarium network, a layer-2 solution on the Shiba Inu blockchain, unveiled an automated burn feature today. The activation began at block 6,206,570 and was"},"footnotes":""},"categories":[316],"tags":[7068,3289,585,5221,7069,584,3358,2399,2546],"class_list":["post-17119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-automated","tag-burns","tag-inu","tag-kick","tag-kick-off","tag-shiba","tag-shiba-inu","tag-shibarium","tag-today"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/17119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=17119"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/17119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/17120"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=17119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=17119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=17119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}