Shiba Inu (SHIB) Shibarium Upgrade: 70% of Base Fee Burned - A Deep Dive
The Shiba Inu (SHIB) community is buzzing! The long-awaited Shibarium upgrade is here, and it's bringing a deflationary mechanism that's sure to excite the SHIB Army. This article explores the details of the Shibarium upgrade and how it will impact the SHIB token through burning.
Shibarium's Burn Mechanism: 70% of Base Fee Gone Forever
Much to the delight of the SHIB Army, it has been revealed that the long-awaited Shiba Inu (SHIB) ecosystem upgrade, Shibarium, will have 70% of its base fee burned. The part that excites the SHIB community is that this base fee will be split into 70% that will be burned and 30% that will be set aside to maintain the network. This directly addresses concerns about SHIB's circulating supply.
How the SHIB Burn Works
Starting at block , 70% of all base transaction fees collected on the Shibarium network will be automatically converted to SHIB tokens and permanently removed from circulation. From block number onwards, a Burn mechanism will be activated. This mechanism will collect the base transaction fee on L2 Shibarium Network to Burn Shiba Inu (SHIB) with 70% of Transaction Fees.
Shibarium Gas Fees and the Implicit SHIB Burn
Even though Shibarium gas fees are paid in BONE, the transactions on this network incur an implicit burn on SHIB, according to official sources. This innovative approach ensures that even as users interact with Shibarium using BONE, they're contributing to the reduction of the SHIB supply.
Shibarium Upgrade: Important Dates and Actions
Make sure to upgrade your Shibarium nodes before this time. The Shiba Inu team has finally released the highly-anticipated Shibarium Documents, shedding light on the inner workings. In the latest Shiba Inu News, Shibarium announces the launch of the much-anticipated Bor version v1.1.2-bone upgrade on August 9. The update aims to introduce a new burn mechanism directly.
The Future of SHIB with Shibarium's Burn
The implementation of a 70% base fee burn within Shibarium is a significant step towards making SHIB a more scarce and potentially valuable asset. As Shibarium's adoption grows, the burn rate could further accelerate, impacting the overall SHIB supply. This upgrade demonstrates the Shiba Inu team's commitment to innovation and community-driven initiatives.