Shiba

Shiba Inu

The <a href="https://www.cryptopolitan.com/shiba-inus-impressive-january-token-burn/" rel="noopener noreferrer nofollow">Shiba Inu</a> ecosystem team member known as RagnarShib has provided a crucial update on the ongoing development of Shibarium’s automated SHIB token-burning mechanism. The team is making significant strides in refining and testing the burn portal, a feature eagerly anticipated by the SHIB community.
In a recent tweet, RagnarShib announced that the testing phase for the Shibarium burn mechanism has officially begun. The deployment of the burn mechanism took place last month on Puppynet, the testnet version of the Layer 2 (L2) scaling solution. This development marks a significant step forward in the project’s progress.
<h2 class="wp-block-heading" id="strong-clarification-on-deployment-timeline-strong">Clarification on deployment timeline</h2>
RagnarShib’s message was prompted by some members of the SHIB community, who had high expectations of the burn portal launching on the mainnet in January. This led to expressions of frustration on various social media platforms.
In response, RagnarShib clarified that there was a misunderstanding regarding the deployment timeline. He referred to The Shib Magazine, a Shiba Inu bi-weekly journal, which explicitly stated that the burn mechanism would be deployed on Puppynet for testing purposes in January. The magazine stated, “Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes.”
The initial deployment phase on Puppynet is crucial for refining the solution, ensuring efficiency, and enhancing its reliability before it eventually transitions to the mainnet.
The Shibarium team has been manually burning SHIB tokens using some of the Shibarium fees. They have initiated five Shibarium-powered burns, incinerating over 43 billion SHIB tokens valued at $390,440. However, this manual process has challenges, including inefficient performance and a lack of transparency.
The automated burn mechanism aims to tackle these issues based on predefined rules, streamlining the burning process and increasing transparency.
While no specific date is provided for the transition of the automated burn mechanism to the mainnet, it is expected to go live before the end of the year. The mainnet launch of the Shibarium burn mechanism holds the promise of significantly contributing to SHIB’s deflationary model. Reducing SHIB’s enormous circulating supply, currently at 581.32 trillion tokens, could pave the way for a substantial price increase.
<h2 class="wp-block-heading" id="strong-shibarium-s-progress-boosts-shiba-inu-s-future-strong">Shibarium’s progress boosts Shiba Inu’s future</h2>
RagnarShib’s <a href="https://x.com/RagnarShiba/status/1753635304626331707?s=20" rel="noopener noreferrer nofollow" target="_blank">update comes</a> in the wake of another Shiba Inu ecosystem team member, DaVinci, urging the community to utilize Shibarium for their transactions. This call is in response to the growing demand from the community for more burns. DaVinci addressed the community on Telegram and stressed the importance of active participation to sustain the burn initiative.
DaVinci emphasized that using Shibarium for transactions would generate more fees on the network, which, in turn, would have a positive impact on the token-burning process. He stated, “Your active participation is crucial to sustaining the burn initiative… If you’re not utilizing Shibarium, requesting burns may be perceived as engaging in Scam-like behavior.”
The ongoing development and testing of Shibarium’s automated SHIB token-burning mechanism represent a significant milestone for the Shiba Inu community. While some enthusiasts had high hopes for a January mainnet launch, it is now clear that the project is in the crucial testing phase on Puppynet. The team’s commitment to addressing current challenges and increasing transparency through automation bodes well for SHIB’s future.

Shiba Inu team begins testing of automated SHIB token burn mechanism

Innehållsförteckning

Cryptopolitan_News

Andra artiklar publicerade 3 feb. 2024

Solana’s Price Jump Reflects Market Optimism

What’s The Next Big Development in AI-Focused Crypto? Scotty The AI (SCOTTY) And Its Comprehensiv...

Coinbase Analysts Say Bitcoin Selling Pressure Over as FTX GBTC Sale Ends

Bitcoin: 912,626 BTC Traded at Historic Interest Price Zone

Valkyrie Becomes First Spot Bitcoin ETF To Diversify Coin Custody, Uses Coinbase And Bitgo

Artificial Intelligence Revolutionizes Beauty Industry: Personalization and Trends

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!