- SHIB releases the 6th edition of SHIB Magazine with a free NFT giveaway.
- Shibarium’s ‘puppynet’ testnet is transitioning from Goerli to Sepolia.
- Shibarium team unveils a schedule for upcoming cumulative SHIB burns.
Shibarium Layer-2 scaling solution recently saw a tsunami of transactions on the mainnet, which allowed the developers to conduct a massive 8.2 billion SHIB token burn last week. Today, as the Shiba Inu community is skimming through the pages of the 6th edition of SHIB Magazine, the official Shiba Inu burn tracker reports a 127% increase in daily burns.
However, cryptocurrency burning has often materialized into a heated debate on Shiba Inu’s social media. Most prominent SHIB Army members agree that the burning should be more consistent to visibly affect the canine coin’s market price.
Luckily, Shibarium developer Kaal Dhairya recently announced that Shibarium will implement a new SHIB burning system, which encompasses two modes – manual Shiba Inu burning and the highly-anticipated auto burning function. While these upgrades will be in full effect in January 2024, the rapidly surging transactions on Shibarium lately caught the public’s attention.
Turning Spam into Sparkles?
In a detailed explanation of the rapidly sizzling Shibarium activity, SHIB Magazine highlights the astonishingly low transaction fees on the network, which barely increased since the beginning of December. Besides, the approximately seven million transactions recorded since December 1, 2023, are linked to the SRC-20 protocol.
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The SRC-20 protocol allows creating inscriptions on-chain, similar to the Ordinals on BRC-20 in mid-2023. The inscriptions serve as digital artifacts on the blockchain and can be minted using different content formats, such as Scalable Vector Graphics (SVG) or HTML-based visuals.
The outburst of SRC-20 on Shibarium L2 has pushed the mainnet to nearly 100 million overall transactions, according to the blockchain data explorer ShibariumScan.io. This has allowed Shibarium developers to burn the 8.2 billion SHIB accumulated from transaction fees.
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While the inaugural on-chain Shibarium burn seven days ago upped Shiba Inu’s price to eliminate the zero, SHIB didn’t sustain above the price range and continues to dwell slightly below the confluent resistance of $0.0000095.
For this reason, Shibarium developers decided to perform more frequent manual cumulative burns, seizing the opportunity to turn the eruption of SRC-20 and ‘puppynet’ related transactions into real burns for the Shiba Inu community.
These are dates the Shiba Inu community should watch out for before Christmas:
- December 14th – the sophomore cumulative Shiba Inu burn by the Shibarium developers.
- December 15th – discontinuation of ‘Puppynet’ and another burn upon completion of Sepolia move.
- December 16th – the third installment of Shibarium before another major upgrade announcement.
However, it’s important to remember that the exact amount of burned SHIB heavily depends on the network usage, as the collected BONE is put towards Shiba Inu burns after swapping BONE for SHIB.
On the Flipside
- The SHIB community discussed adding Shibarium’s gas fee token, Bone ShibaSwap (BONE), to the burning mechanism. Still, the idea was rejected by the lead developer, Shytoshi Kusama, on X.
- Besides Shibarium Burn and Shibburn, there are also volunteer burning initiatives by the builders. To illustrate, MARSWAP DEX on Shibarium has implemented a 2% auto-burning tax on every transfer.
Why This Matters
Steady cryptocurrency burning can positively affect the cryptocurrency’s long-term value.
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