The Shiba Inu community has intensified its commitment to deflationary measures, burning over 2 billion SHIB tokens within the last 24 hours. This significant milestone coincided with the latest Shibarium network upgrade, which introduced several enhancements, including Ethereum Dencun compatibility and a new upgradable crypto burn contract.
Shiba Inu Burn Activity & Shibarium Upgrade
The Shibarium team announced the upgrade on X (formerly Twitter). The team wrote, “Shibarium Mainnet Upgraded! Heimdall & Bor hardforks are LIVE, bringing Ethereum’s Dencun compatibility, better stability, optimized performance, and new upgradable burn contract.”
The burn event, which saw 2,023,039,486 SHIB tokens permanently removed from circulation, reflects a sharp increase in activity. According to Shibburn data, the burn rate surged by 3426.97%, demonstrating the community’s dedication to reducing supply and enhancing the token’s value.
#Shibarium Mainnet Upgraded! 🔱
Heimdall & Bor hardforks are LIVE, bringing @Ethereum’s Dencun compatibility, better stability, optimized performance, and new UPGRADABLE BURN CONTRACT! 🔥
Find More 👉https://t.co/MSw3ntCaeN pic.twitter.com/VKFZhtOyCe
— Shibarium Network (@ShibariumNet) December 3, 2024
In the most notable burn, SHIB wallet, 0x2c3, burned 2.02 billion Shiba Inu tokens in a single transaction. The community’s commitment to burning SHIB tokens aligns with Shibarium’s broader deflationary goals. The introduction of the upgradable burn contract aims to streamline these efforts and enable future enhancements.
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By reducing the circulating supply, the Shiba Inu ecosystem seeks to boost the token’s scarcity and potential market value. The recent burn event underscores this ambition, with one of the largest transactions removing over 2 billion tokens. Smaller burn transactions contributed to the overall total, reflecting the collective efforts of the Shiba Inu community.
Shibarium Cancun Hardfork Enhancements
The Shibarium upgrade involved hardforks on two key components, Heimdall and Bor. The Heimdall update to version 1.0.7-bone ensures compatibility with Ethereum’s post-Dencun environment, enhancing operational stability and enabling better transaction handling.
The Bor upgrade to version 1.3.7-bone introduced the Cancun hardfork, which brought improvements in performance, security, and blockchain management. Key features of the Bor upgrade include a new upgradable burn contract deployed at address 0x541…6e0.
The contract is set to play a pivotal role in the ecosystem’s deflationary mechanics. Additional updates include enhanced disk space management, security enhancements, and improved transaction handling.
The Shibarium team highlighted the importance of timely upgrades. They cautioned, “Ensure that your nodes are updated to v1.3.7-bone before this hardfork to maintain compatibility and stability.”
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