A crucial update on the development of Shibarium’s automated SHIB token-burning mechanism has been provided by RagnarShib, a team member of the Shiba Inu ecosystem. The testing phase for the Shibarium burn mechanism has officially commenced, taking place on Puppynet, the testnet version of the Layer 2 (L2) scaling solution. This progress represents a significant step forward for the project.
Addressing community expectations, RagnarShib clarified that there was a misunderstanding regarding the deployment timeline. The Shib Magazine, a Shiba Inu bi-weekly journal, clearly stated that the burn mechanism would undergo testing on Puppynet in January. The initial deployment on Puppynet is a crucial phase for refining the solution before transitioning to the mainnet.
The Shibarium team has manually burned SHIB tokens using some of the Shibarium fees, initiating five Shibarium-powered burns and incinerating over 43 billion SHIB tokens valued at $390,440. However, this manual process faced challenges, including inefficiency and a lack of transparency. The automated burn mechanism aims to address these issues by streamlining the burning process based on predefined rules.
While no specific date is provided for the mainnet transition, it is expected to go live before the end of the year. The mainnet launch holds the promise of contributing significantly to SHIB’s deflationary model, reducing the enormous circulating supply and potentially leading to a substantial price increase.
This update comes amidst another team member, DaVinci, urging the community to utilize Shibarium for transactions to support the burn initiative. DaVinci stressed the importance of active participation to sustain the burn initiative, emphasizing that using Shibarium for transactions generates more fees on the network, positively impacting the token-burning process.
The ongoing development and testing of Shibarium’s automated SHIB token-burning mechanism mark a significant milestone for the Shiba Inu community. While some enthusiasts expected a January mainnet launch, the project is in the crucial testing phase on Puppynet. The team’s commitment to addressing challenges and increasing transparency through automation bodes well for SHIB’s future.
