Shibarium Network Announces Upcoming Hard Fork Launch Featuring New Bor Version and Token Burn Mechanism

Following recent updates on the Shiba Inu community's introduction of an upgrade for Shibarium transactions and SHIB burn

Shiba Inu (SHIB) has announced the upcoming launch of a hard fork that will introduce a burn mechanism to the network. As reported by CNF, Shibarium, a layer-2 solution for SHIB, recently completed a hard fork at block height 4504576 in May, improving transaction speed and gas fee predictability.

Shibarium was launched in August and has since processed over 417 million transactions, with wallets exceeding 1.8 million. According to a recent tweet, Shibarium Network is preparing for another hard fork that will update Bor, a core component of the network.

We're launching a Hard Fork with the new Bor version! 🛠️

On August 9, 2024, at 9:15 AM UTC, we're launching Bor version v1.1.2-bone. This version introduces a burn mechanism to enhance our ecosystem.

Get ready for the #BURN! 🔥

— Shibarium Network (@ShibariumNet) August 8, 2024

The upcoming hard fork, scheduled for August 9, 2024, at 9:15 AM UTC, will introduce a burn mechanism as part of the Bor version v1.1.2-bone release. This layer-2 solution is designed to enhance the ecosystem by burning a portion of the base transaction fees.

Under this update, 70% of the fees will be converted to SHIB tokens and burned, reducing the total supply of SHIB tokens and potentially increasing their price. Meanwhile, the remaining fees will support ecosystem development.

The SHIB token has experienced a remarkable rebound after a price drop, outpacing the broader meme coin market. As of today, August 8, according to CoinMarketCap, Shiba Inu (SHIB) is trading at $0.00001407, marking a surge of 5.90% in the past 24 hours. However, the token has faced a decrease of 9.37% over the past week.