The team behind the Ethereum-based altcoin Shiba Inu has garnered the attention of the crypto community as they revealed their plans for the project’s Layer 2 blockchain solution, Shibarium in 2024.
Shiba Inu Team To Make Shibarium Great
The Shiba Inu team recently took to X (formerly Twitter) to share its 2024 target for the blockchain platform. According to the team, the goal is to “make Shibarium great in 2024.”
Shibarium, the official Layer-2 blockchain platform of Shiba Inu, made its mainnet debut on August 16, 2023. After a sluggish start, the Layer 2 scaling solution has astonished many with its notable statistics over time.
In less than five months, the network has managed over 256 million transactions and created approximately 2.4 million blocks. The aforementioned number of transactions was carried out by a total of 1,326,848 wallet addresses since it was introduced.
The team did not highlight any procedures as to how to achieve this target in 2024 in the X post. However, some strategic moves point to this vision by the Shiba Inu team.
One of the features that could be poised to make Shibarium great is the enhanced SHIB burn mechanism for Shibarium. The team intends to launch a burn portal that will burn SHIB automatically by predefined guidelines.
Shiba Inu team announced in a blog post last month that the automated Shibarium burn system will be live this month. “Starting in January, the mechanism will evolve into an automated system. This phase will witness multiple upgrades to enhance efficiency and reliability,” the team stated.
Furthermore, the team also intends to improve the scalability of Shibarium in the upcoming hard fork. The layer 2 blockchain recently completed its first hard fork early last month.
One of the Shiba Inu team members disclosed last month that Shibarium will be capable of handling more transactions by the next hard fork. This is a result of the initiative increasing the network’s block capacity.
It is noteworthy that the layer 2 blockchain can handle up to 200 transactions within a second. The update has improved the token burns and also created support for a multiple-token burn model.
Significance Of Shibarium’s First Hard Fork
With the completion of its first hard fork last month at block height 1,962,000, the Shiba Inu ecosystem experienced a major milestone. After the fork, the network’s infrastructure was significantly altered with a special emphasis on token-burning mechanisms and transitioning to a more effective network layer.
A Shiba Inu enthusiast also confirmed this in an X post, in which DaVinci noted in Discord that one of the notable changes in the fork is the enhancement of the token-burning mechanism.
DaVinci stated:
Hello, We are undergoing a swift hard fork at Bor Block- 1962000 to enhance our burning mechanism, enabling support for multiple burn tokens, namely BONE and SHIB.
This technique aims to deliberately lower the number of tokens in circulation, which could raise their value. At first, the procedure will be run manually, but an automated system will be implemented later.
Featured image from iStock, chart from Tradingview.com
