- First Shibarium L2 hard fork enables the burning of Bone ShibaSwap (BONE).
- Shibarium’s testnet ‘puppynet’ is transitioning from Goerli to Sepolia Network.
- SHIB devs conducted a huge 8.2B SHIB burn a day after reaching activity peak.
Shiba Inu’s (SHIB) own Layer-2 Shibarium has just undergone its first hard fork, which aims to significantly accelerate Shiba Inu’s (SHIB) on-chain burns. On Tuesday, Shibarium dev DaVinci took to Discord to alert the community about the hard fork at Bor Block 1962000.
The Shiba Inu community members are asked to update their Bor Genesis file with the latest configuration to guarantee a smooth transition. To do this, SHIB Army is provided with the actual Genesis file and the necessary steps for the Shibarium mainnet L2 nodes to continue operating with the updated configuration.
Shibarium Hard Fork Explained: BONE Burns Coming Up?
The inaugural Shibarium hard fork brings some innovations to the half-year-old self-sufficient Layer-2 chain from Shiba Inu. This step is needed to complete the switch of Shibarium’s testnet ‘puppynet’ from Goerli Network to Sepolia Network on Ethereum.
Secondly, Shibarium’s hard fork brings never-before-seen functionality regarding Shibarium’s official governance & gas fee token Bone ShibaSwap (BONE). So far, Shiba Inu community members have been able to burn only the main token, Shiba Inu (SHIB), while the dual burning mechanism allows the same with Shibarium’s gas token, Bone ShibaSwap (BONE).
The duality of the brand-new burning mechanism is likely to pay off in maintaining the price of $BONE. Previously, the community had been tracking the daily burns of SHIB via Shibburn. In contrast, the initial Shibarium on-chain cumulative burn carried out two days ago destroyed 8.2 billion Shiba Inu tokens.
Besides, this was done a day after Shibarium Layer-2 mainnet scored an all-time high (ATH) in daily transactions, topping 7.84 million. The accumulated transaction fees reached the 50,000 BONE threshold and then were swapped to SHIB to conduct the crypto-burning procedure.
On The Flipside
- Shibarium L2 public mainnet had already produced 1,992,662 blocks, according to the blockchain data explorer ShibariumScan.io.
- While the hard work presumably occurred at block 1,962,000, the Shibarium team is yet to post an update upon the finalization of the hard fork.
- While most BONE holders on Discord cheered the move, some validators on the network protested the hard fork as it might significantly reduce voting power.
Why This Matters
Hard forks add scalability options to the blockchain, facilitating retail crypto adoption.
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Source link: https://dailycoin.com/shibarium-completes-inaugural-hard-fork-to-enhance-shib-burn/
