Shiba Inu Set To Establish A New Era For Shibarium Burns
05 Dicembre 2023 - 2:30PM
NEWSBTC
Popular blockchain project Shiba Inu has revealed a new era of
token burns for its Ethereum-based layer 2 blockchain solution,
Shibarium. Shiba Inu Unveils Latest Burning Mechanism On Monday,
December 4, Shiba Inu announced a fresh set of burning techniques
to increase the ecosystem token’s value. According to the
announcement, the team described the new mechanism as a
“transformative” move, crucial for the network’s economic
model. Related Reading: Shiba Inu Burn Rate Soars Over 3,000%
– What’s The Impact On Price? The purpose of this technique is to
intentionally reduce the token supply in order to increase the
value of SHIB and its ecosystem. The announcement read: Shibarium
is introducing a transformative token burning mechanism, crucial
for the network’s economic model. This mechanism is designed to
reduce token supply strategically, potentially increasing the
token’s value and benefiting its ecosystem. The burn mechanism has
been divided into two distinct phases. These include the Manual
phase and the Automated Transition phase. The Manual phase will see
the token burn managed by the official deployer wallet. This makes
it possible to observe and adjust closely to ensure alignment with
the network’s sustainability and health. Several changes will
be made during the Automated Transition phase to improve
dependability and efficiency. According to the Shiba Inu team, the
previous mechanism will transit into an automated system. The burn
process for this phase will function according to predetermined
guidelines, making it more transparent and efficient. However, this
automated aspect is expected to begin in January next year. So far,
the first-ever token burn performed by the Shiba Inu team saw about
8.2 billion SHIB tokens burned, valued at approximately $76,000.
The team will keep burning tokens manually using its deployer
wallet to represent user engagement on Shibarium. Shiba Inu’s
latest Shibarium burn mechanism underscores a “major milestone” for
the network’s development, according to the official blog post.
Shibarium is establishing a standard in blockchain token economics
by coordinating token burning with network utilization and
constantly improving the procedure through updates. Shibarium’s
Transactions Increases Significantly Lately, Shibarium has seen a
surge in transactions and a sharp increase in gas fees by up to
1,000%. Due to this, the token burning has increased exponentially.
This is because an increase in the network’s usage leads to more
tokens getting burned. Related Reading: Shibarium Transactions
Spike 288%, But Why Is Shiba Inu Price Down Today? Shibarium has
grown purposefully to surpass its best since its introduction in
early August. Several weeks ago, there were only a few thousand
transactions each day, but today, there are on average 7
million. According to data from Shibarium Explorer, that
number is currently at 7.82 million. The total number of
transactions has also increased lately, totaling 36,730,230 as of
the time of writing. Featured image by iStock, chart by
Tradingview.com
Grafico Azioni Ethereum (COIN:ETHUSD)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Ethereum (COIN:ETHUSD)
Storico
Da Lug 2023 a Lug 2024