Shiba

Ethereum

Burn

Shiba Inu

Shiba Inu’s layer 2 (L2) blockchain project, Shibarium, is set for a pivotal upgrade, transitioning its testnet, Puppynet, from the Ethereum Goerli Network to the Sepolia Network. This transition, effective from December 15, 2023, marks a significant development for the blockchain and also comes with a long-awaited upgrade to the SHIB burn mechanism. 
<h2 id="shibarium-testnet-transitions-to-sepolia">Shibarium Testnet Transitions To Sepolia</h2> 
The Shiba Inu development team <a href="https://blog.shib.io/shibarium-puppynet-upgrade-and-burning/" target="_blank" rel="noopener nofollow">describes</a> the migration to the Sepolia Network as “a strategic shift instrumental in ensuring that developers have access to a reliable and consistent platform for testing their dApps and smart contracts.” The Goerli Network has been a foundational part of the Ethereum testnet ecosystem, crucial for testing decentralized applications (dApps) and smart contracts. 
As it nears retirement, the Shiba Inu development team had no choice but to make this necessary change. The team highlighted, “With the deprecation of the Goerli Network, Shibarium’s <a href="https://bitcoinist.com/puppynet-launch-spikes-shib-burn-rate-by-1318/" target="_blank" rel="noopener ">Puppynet</a> is set to adopt the Sepolia Network as its new L1.” 
Shibarium’s new testnet aims to significantly enhance scalability, reduce transaction costs, and improve transaction speeds by leveraging the Sepolia Network. This is critical for meeting the growing demands from decentralized applications, particularly in decentralized finance (DeFi) and non-fungible tokens (NFTs). 
The Shiba Inu devs emphasize the significance of this transition for projects, stating, “For developers and projects that have been using Puppynet with Goerli, this transition period is crucial.” 
<h2 id="shiba-inu-shib-burn-gets-finally-upgraded">Shiba Inu (SHIB) Burn Gets Finally Upgraded</h2> 
In recent weeks, there has been much <a href="https://bitcoinist.com/shiba-inu-lead-dev-clarifies-how-burns-work/" target="_blank" rel="noopener ">discussion</a> about the fact that Shibarium does not have a built-in, automatic SHIB burn mechanism. Developers and projects have been <a href="https://bitcoinist.com/wp-admin/post.php?post=261683&amp;action=edit&amp;classic-editor" target="_blank" rel="noopener ">urged </a>to make the necessary code changes on their own if the L2-locked SHIB were to be burned on the L1. But a solution is now in sight, initially in the testnet. 
In a crucial move, Shibarium is introducing an automatic <a href="https://www.newsbtc.com/shiba-inu/what-is-shiba-inu-price-prediction/" target="_blank" rel="noopener nofollow">SHIB burn mechanism</a>, a key strategy for the network’s economic model. The developers explained, “This mechanism is designed to reduce token supply strategically, potentially increasing the token’s value and benefiting its ecosystem.” 
Initially, this process will be manually managed by the official deployer wallet, allowing for precise control and alignment with network sustainability. “This will also require some changes in the network which will be coordinated with other validators and node operators,” the Shibarium devs explained. 
Starting in January, the burn process will become automated, with the developers noting, “Starting in January, the mechanism will evolve into an automated system. This phase will witness multiple upgrades to enhance efficiency and reliability. The automated burn process will operate based on predefined rules, making it more efficient and transparent.” 
Notably, the SHIB burn mechanism is linked to the network’s <a href="https://bitcoinist.com/shibarium-44700-shiba-inu-price/" target="_blank" rel="noopener ">adoption rate</a>. The developers stated, “As Shibarium experiences an increase in the number of transactions and a significant rise in gas fees – by as much as 1000% – the token burning also grows exponentially.” 
The Shiba Inu developers concluded with a vision of the future, asserting, “The future of Shibarium’s token burning mechanism looks promising. With the planned upgrades and the direct correlation between network usage and burning efficiency, the mechanism is expected to become a central component of Shibarium’s economic strategy.” 
At press time, SHIB traded at $0.00000922. 
<img loading="lazy" decoding="async" class="size-full wp-image-267930" src="https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472" alt="Shiba Inu price" width="1024" height="472" srcset="https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472?w=3628 3628w, https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472?w=640 640w, https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2023/12/SHIBUSD_2023-12-05_13-33-21.png?resize=1024%2C472?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Shiba Inu: Shibarium Advances With Crucial Testnet Upgrade

Table of Contents

Bitcoinist

Other articles published on Dec 5, 2023

Katar’s Allegation that Attracted Attention in the Cryptocurrency Market

Riot Purchases Bitcoin Miners Worth $290M From MicroBT

Bitcoin Rises To $41,000: How Much Profit Has Microstrategy Made On Its BTC Bet?

Listing MEXC

South Korean Financial Authorities Call for Disclosure of Unauthorized Crypto Exchanges

US Fugitive Involved In Crypto Scheme To Aid North Korea Arrested In Spain, Faces 20-Year Term

Join our free newsletter for daily crypto updates!