The hard fork is expected to introduce some enhancements aimed at boosting the overall performance and functionality of the Shiba Inu blockchain.
On Thursday, the developers behind the Shibarium blockchain, a Layer 2 network designed for the Shiba Inu ecosystem, announced that the network would undergo a crucial hard fork today, August 9.
The upgrade, which involves the deployment of a new version of the Bor software (v1.1.2-bone), is scheduled for approximately 9:15 AM (UTC). This update, once successfully deployed at the block height of 6,206,570, will see the implementation of a new burn mechanism designed to automate the burning of Shiba Inu (SHIB) tokens.
Shibarium to Destroy 70% of Base Fees
According to the announcement on X, the automated burn is expected to play a significant role in enhancing the value of SHIB, which aligns with the community’s ongoing efforts to increase the token’s scarcity.
However, the initial announcement lacked specific details on how the automated burn would be conducted. In response to community inquiries, the network’s marketing lead Lucie explained that the burn mechanism would be tied to users’ transaction fees.
Under this new system, 70% of all base transaction fees collected on the network will be automatically destroyed, while the remaining 30% will be allocated for network maintenance, development, and growth. Lucie clarified that the transaction fees will be converted to SHIB before being burned.
When the Shibarium blockchain was launched in August 2023, the network was designed to classify all transaction fees generated on the platform into two parts: priority and base fees. The priority fees are dedicated to supporting validators who help secure the network, while the base fees will now contribute to reducing the amount of SHIB in circulation through this new automatic burning system.
The move is expected to gradually decrease the total supply of SHIB, potentially increasing its value over time.
New Hard Fork to Enhance Overall Performance
In addition to the new burn mechanism, the hard fork is expected to introduce several other enhancements aimed at boosting the overall performance and functionality of the Shiba Inu blockchain.
These upgrades are designed not only to streamline operations but also to support the long-term growth and sustainability of the Shiba Inu ecosystem.
Meanwhile, the scheduled hard fork marks the second time the network has undergone an upgrade this year. Earlier in May, the Shibarium team upgraded the network to introduce new features focused on improving blockchain scalability and speed.
That upgrade, which went live at block height 4,504,576, introduced “blazing fast transactions” for all users on the platform.
Additionally, the hard fork included an innovative feature that allows users to predict gas fees attached to each transaction.
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