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Shibarium's Bor Layer Update and Explosive Burn Rate

Learn about Shibarium's Bor update and its dramatic impact on SHIB's burn rate. What does this mean for Shiba Inu's (SHIB) price?

1 min 25 sec August 12, 2024August 13, 2024

Highlights:

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Shibarium's Bor version was launched on August 9 to enhance scalability and security for dApps.

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A new burning mechanism drastically increased SHIB token burn rate by 140,000%, destroying 105 million tokens.

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Recent updates include a UI upgrade and a new hard fork to improve user experience and processing speed.

Shibarium's Bor Layer Update and Explosive Burn Rate

Shibarium, Shiba Inu’s layer-2 scaling solution, has made headlines with its rapid advancements. The latest news is the launch of a new hard fork, featuring the Bor version on August 9. This upgrade introduced a new burning mechanism aimed at enhancing the ecosystem.

 

Enhancements with the Bor Layer, Burning Mechanism and Market Impact

The Bor layer validates and secures transactions while ensuring scalability and security for the layer-2 blockchain. This update enhances Shiba Inu’s capacity to support a range of decentralized applications (dApps). 

 

With these improvements, Shibarium aims to position Shiba Inu ahead of its rivals in the meme coin sector. In addition to the Bor layer update, Shiba Inu is implementing a new burning mechanism. 

 

This process involves transferring SHIB tokens to a designated wallet that is inaccessible to anyone. Over the past 24 hours, the burn rate has surged dramatically by nearly 140,000%, resulting in the destruction of about 105 million tokens. The goal of this burning mechanism is to reduce the circulating supply of SHIB tokens.

 

Recent Upgrades and Future Outlook

 

Shibarium officially launched a year ago with the goal of improving Shiba Inu’s market position. Earlier in 2024, the network underwent two significant updates. 

The first was a user interface (UI) update, enhancing compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet. 

 

The second update introduced another hard fork to enhance user experience, speed up block processing times, and empower the community. These ongoing updates highlight Shibarium’s commitment to advancing its technology and improving user experience. As these enhancements are implemented, it will be interesting to see how they affect SHIB token performance and the broader market in the near future.

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