Shiba Inu’s layer 2 (L2) blockchain project, Shibarium, is set for a pivotal upgrade, transitioning its testnet, Puppynet, from the Ethereum Goerli Network to the Sepolia Network. This transition, effective from December 15, 2023, marks a significant development for the blockchain and also comes with a long-awaited upgrade to the SHIB burn mechanism.
Shibarium Testnet Transitions To Sepolia
The Shiba Inu development team describes the migration to the Sepolia Network as “a strategic shift instrumental in ensuring that developers have access to a reliable and consistent platform for testing their dApps and smart contracts.” The Goerli Network has been a foundational part of the Ethereum testnet ecosystem, crucial for testing decentralized applications (dApps) and smart contracts.
As it nears retirement, the Shiba Inu development team had no choice but to make this necessary change. The team highlighted, “With the deprecation of the Goerli Network, Shibarium’s Puppynet is set to adopt the Sepolia Network as its new L1.”
Shibarium’s new testnet aims to significantly enhance scalability, reduce transaction costs, and improve transaction speeds by leveraging the Sepolia Network. This is critical for meeting the growing demands from decentralized applications, particularly in decentralized finance (DeFi) and non-fungible tokens (NFTs).
The Shiba Inu devs emphasize the significance of this transition for projects, stating, “For developers and projects that have been using Puppynet with Goerli, this transition period is crucial.”
Shiba Inu (SHIB) Burn Gets Finally Upgraded
In recent weeks, there has been much discussion about the fact that Shibarium does not have a built-in, automatic SHIB burn mechanism. Developers and projects have been urged to make the necessary code changes on their own if the L2-locked SHIB were to be burned on the L1. But a solution is now in sight, initially in the testnet.
In a crucial move, Shibarium is introducing an automatic SHIB burn mechanism, a key strategy for the network’s economic model. The developers explained, “This mechanism is designed to reduce token supply strategically, potentially increasing the token’s value and benefiting its ecosystem.”
Initially, this process will be manually managed by the official deployer wallet, allowing for precise control and alignment with network sustainability. “This will also require some changes in the network which will be coordinated with other validators and node operators,” the Shibarium devs explained.
Starting in January, the burn process will become automated, with the developers noting, “Starting in January, the mechanism will evolve into an automated system. This phase 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.”
Notably, the SHIB burn mechanism is linked to the network’s adoption rate. The developers stated, “As Shibarium experiences an increase in the number of transactions and a significant rise in gas fees – by as much as 1000% – the token burning also grows exponentially.”
The Shiba Inu developers concluded with a vision of the future, asserting, “The future of Shibarium’s token burning mechanism looks promising. With the planned upgrades and the direct correlation between network usage and burning efficiency, the mechanism is expected to become a central component of Shibarium’s economic strategy.”
At press time, SHIB traded at $0.00000922.
Featured image from DNyuz, chart from TradingView.com
Source: https://bitcoinist.com/shiba-inu-shibarium-testnet-upgrade/