KEY POINTS
- The new era of the Shibarium burn mechanism has two phases: the manual and automated transition
- Last week Shiba Inu developers burned over eight billion SHIB tokens
- It seemed like the start of a massive burning streak the developers are planning
The Shiba Inu development team seems unstoppable as it has shared three important dates the Shib Army should watch out for before Christmas.
Following the mega burn the Shiba Inu team executed last week, which saw 8.2 billion SHIB being destroyed, the developers shared three crucial dates where it would once again destroy a huge number of tokens.
But, it is just the start of what seems like a massive burning streak the developers are planning, which is dependent on the Shibarium network usage.
The team is scheduled to execute the sophomore cumulative Shiba Inu burn on Thursday, followed by the "discontinuation of 'Puppynet' and another burn upon completion of Sepolia move" on Friday. "The third installment of Shibarium before another major upgrade announcement" will happen on Saturday.
🔥 Exciting times ahead!
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shib.io✨ (@LucieSHIB) December 12, 2023
The 6th edition of our magazine is on fire, featuring exclusive insights into the recent $70,000 burn and three upcoming manual burns on Dec 14-16.
Curious about how much more $Shib will go up in smoke? Dive into the latest issue to uncover the burn… pic.twitter.com/PtQd6KGL0F
A developer, who uses the X handle @kaaldhairya, announced earlier this month that Shibarium, the layer-2 scalability solution of the Shiba Ecosystem, will implement a new Shib burning system, which will take effect in January.
This update was posted by @kaaldhairya yesterday #Shibarmy. I hope you read it. Two very important updates happening to #Shibarium :
— Jolt (@Jolt_yourday) December 5, 2023
1) effective December 15th #puppynet will be replaced by new testing environment 👉 #Sepolia
2) starting January 2024 #burns will transition to…
"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 developer said in a blog post.
The new era of the Shibarium burn mechanism has two phases – manual and automatic.
For the manual process, "initially, the burn process will be manually managed by the official deployer wallet. This allows for close monitoring and adjustments, ensuring alignment with the network's health and sustainability. This will also require some changes in the network which will be coordinated with other validators and node operators," the developer explained.
For the automated transition, where "the mechanism will evolve into an automated system," it "will witness multiple upgrades to enhance efficiency and reliability. The automated burn process will operate based on predefined rules, making it more efficient and transparent," the developer wrote.
A Shiba Ecosystem and Shibarium Tech marketing specialist, who uses the X handle @LucieSHIB, told International Business Times that a lot of things are happening behind the scenes.
"Behind closed doors, various events are unfolding simultaneously," the marketing specialist said. "Meanwhile, the team is dedicated to adoption and development, but the natural side of things are heading towards eventual burns. The more we utilize Shibarium, the higher the demand grows, attracting more developers to build on it. This continuous cycle inevitably results in substantial burns."
