Shibarium Unveils Shiba Inu Burn Upgrade to Boost Security and Reduce Token Supply

Shibarium, the Ethereum-based Layer-2 network, has rolled out a series of enhancements focused on improving security and tokenomics. Central to these updates is the **Shiba Inu Burn Upgrade**, aimed at reducing the token supply and boosting transparency across the platform. This burn mechanism underscores Shibarium’s ongoing efforts to refine its ecosystem and drive long-term value for the Shiba Inu community.

Shibarium Celebrates First Year With Major Shiba Inu Burn Upgrade

Shibarium, a cornerstone in the Shiba Inu ecosystem, is celebrating its first anniversary by rolling out groundbreaking features that promise to elevate the network’s capabilities. Chief among these is the Shiba Inu burn upgrade, a new auto-

burning mechanism dubbed ShibTorch, inspired by Ethereum’s EIP-1559 upgrade. This feature is set to have profound implications for the future of SHIB, the ecosystem’s native token.

“Shibarium’s growth over the past year has been nothing short of phenomenal, and the Shiba Inu burn upgrade is a testament to our commitment to continuous improvement,” said Shytoshi Kusama, the lead developer of Shibarium. “By introducing these features, we’re not just enhancing the network’s security but also actively contributing to the long-term sustainability of SHIB.”

Shibarium Transaction Count. Source: ShibariumScan

The Shiba Inu burn upgrade introduces ShibTorch, a feature that allows users to trigger the burning of SHIB tokens through an innovative process. When transactions occur on Shibarium, a portion of the gas fees is locked in a burn contract. Once a sufficient amount of BONE—the network’s gas token—accumulates, users can initiate the burn. BONE is then converted to SHIB on Ethereum, and these SHIB tokens are permanently removed from circulation.

This mechanism not only reduces the overall supply of SHIB but also introduces a layer of user interaction that empowers the community to participate directly in the tokenomics of the ecosystem.

“ShibTorch is a game-changer,” commented Lucie, a prominent figure in the Shiba Inu community. “The Shiba Inu burn upgrade will help manage inflationary pressures on SHIB, ensuring that our token remains valuable as the ecosystem continues to grow.”

Security Takes Center Stage with the New Security Score

In addition to the Shiba Inu burn upgrade, Shibarium has also launched the Security Score, a tool designed to enhance transparency and trust within the network. This feature, powered by SolidityScan, evaluates smart contracts deployed on Shibarium, assigning them a score between 1 and 100 based on their vulnerability to various security risks.

The Security Score assesses contracts across several parameters, including critical, high, and medium-level threats, as well as gas fees, providing developers and users with a clear understanding of potential risks.

All of these developments coincide with the one-year anniversary of Shibarium. The Ethereum-based Layer-2 network has seen substantial adoption, completing approximately 418 million transactions with 1.8 million registered wallets. Despite increasing activity, Shibarium maintains low gas fees and currently averages about 4,700 daily transactions.

“We’re proud to introduce the Security Score as part of our ongoing efforts to ensure that Shibarium remains a safe and reliable platform for all users,” said Shytoshi Kusama. “This tool will play a crucial role in maintaining the integrity of the network as we continue to grow.”

A Year of Milestones and the Road Ahead – Shiba Inu Burn Upgrade

The Shiba Inu burn upgrade and Security Score come at a time when Shibarium is reflecting on a year of remarkable achievements. Over the past twelve months, Shibarium has seen substantial adoption, recording approximately 418 million transactions and registering 1.8 million wallets. Despite this surge in activity, the network has managed to maintain low gas fees, averaging around 4,700 transactions daily.

The introduction of the Shiba Inu burn upgrade is expected to further increase engagement within the ecosystem, particularly as the community becomes more involved in managing the supply of SHIB. With a growing user base and the continuous roll-out of innovative features, Shibarium is poised for even greater success in the coming years.

Looking ahead, Shibarium has secured $12 million in funding to support its future growth, with ambitious plans to expand into NFTs, gaming, and the Metaverse. These initiatives are expected to create new use cases for SHIB and further solidify Shibarium’s position as a leading Layer-2 network on Ethereum.

“Shibarium’s first year has laid a strong foundation for the future, and the Shiba Inu burn upgrade is just the beginning,” said Lucie. “As we move forward, our focus will be on leveraging this momentum to explore new frontiers and drive the adoption of SHIB across the crypto space.”

Community Reactions and the Impact of the Shiba Inu Burn Upgrade

The community’s response to the Shiba Inu burn upgrade has been overwhelmingly positive. Enthusiasts and investors alike have expressed their excitement about the potential impact of these new features on the value and utility of SHIB.

“The Shiba Inu burn upgrade is a bold step in the right direction,” said a Shiba Inu holder. “It shows that the team is not only aware of the challenges facing the ecosystem but is also proactive in addressing them. I’m excited to see where Shibarium goes from here.”

As Shibarium enters its second year, the Shiba Inu burn upgrade is set to play a pivotal role in shaping the future of the network. By reducing the supply of SHIB and enhancing the security of smart contracts, these new features are likely to attract more users and developers to the platform, further solidifying Shibarium’s reputation as a robust and innovative Layer-2 solution on Ethereum. The Bit Gazette has the latest crypto news and expert analysis.