The Shiba Inu community is buzzing with excitement as Shibarium's long-awaited update to automate SHIB burning is set to launch soon.
With the potential to reduce SHIB supply and drive ecosystem growth, this update has been one of the most anticipated features in recent months.
Find out all the details and what it could mean for the future of SHIB.
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Upcoming Update at Block Height 6206570
An eagerly awaited update related to the "SHIB Auto-Burn" on Shiba Inu (SHIB)-related Ethereum Layer 2, Shibarium, is about to be implemented.
Shibarium has a mechanism where a portion of the fees collected from each on-chain transaction is converted to SHIB and periodically burned. With this update, the SHIB burn process will be automated.
The plan to automate the SHIB burn was announced late last year. According to SHIB's marketing leader, Lucie, the update for the SHIB Auto-Burn will be implemented at Shibarium's block height of 6206570.
Once the update is completed, 70% of the fees collected from transactions on Shibarium will be automatically converted to SHIB and burned. (Since Shibarium fees are paid in BONE, they will be converted to SHIB and then burned.)
Hard Fork Scheduled for August 9, 2024, Around 9:15
The block height at which the update will be implemented is 6206570, and as of the time this article was written, the block height has just passed 6200600 (Shibarium's average block generation time is approximately 1 block/5 seconds).
Shibarium's official X (formerly Twitter) account has also confirmed that the Bor version will initiate a hard fork around 9:15 AM (UTC) on August 9, 2024.
The SHIB Auto-Burn is intended to gradually reduce the SHIB supply over the long term. While a burn doesn't necessarily mean a price increase, the SHIB Auto-Burn has been one of the most anticipated features for months, and expectations are high for its official release.
Shiba Inu's project is actively working on various initiatives to increase transaction volume on Shibarium, so if trading activity increases across Shibarium-related products, SHIB burns could accelerate, potentially contributing to the overall growth of the SHIB ecosystem.
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