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Shiba Inu team begins testing of automated SHIB token burn mechanism

TL;DR

  • RagnarShib, a Shiba Inu ecosystem team member, updates the community on Shibarium’s automated SHIB token-burning mechanism.
  • The testing phase for the Shibarium burn mechanism has officially started and deployed on Puppynet, the testnet version of the L2 scaling solution.
  • There was a misunderstanding regarding the deployment timeline, with some community members expecting a mainnet launch in January.

The Shiba Inu ecosystem team member known as RagnarShib has provided a crucial update on the ongoing development of Shibarium’s automated SHIB token-burning mechanism. The team is making significant strides in refining and testing the burn portal, a feature eagerly anticipated by the SHIB community.

In a recent tweet, RagnarShib announced that the testing phase for the Shibarium burn mechanism has officially begun. The deployment of the burn mechanism took place last month on Puppynet, the testnet version of the Layer 2 (L2) scaling solution. This development marks a significant step forward in the project’s progress.

Clarification on deployment timeline

RagnarShib’s message was prompted by some members of the SHIB community, who had high expectations of the burn portal launching on the mainnet in January. This led to expressions of frustration on various social media platforms.

In response, RagnarShib clarified that there was a misunderstanding regarding the deployment timeline. He referred to The Shib Magazine, a Shiba Inu bi-weekly journal, which explicitly stated that the burn mechanism would be deployed on Puppynet for testing purposes in January. The magazine stated, “Starting in January, the mechanism will evolve into an automated system on Puppynet for testing purposes.”

The initial deployment phase on Puppynet is crucial for refining the solution, ensuring efficiency, and enhancing its reliability before it eventually transitions to the mainnet.

The Shibarium team has been manually burning SHIB tokens using some of the Shibarium fees. They have initiated five Shibarium-powered burns, incinerating over 43 billion SHIB tokens valued at $390,440. However, this manual process has challenges, including inefficient performance and a lack of transparency.

The automated burn mechanism aims to tackle these issues based on predefined rules, streamlining the burning process and increasing transparency.

While no specific date is provided for the transition of the automated burn mechanism to the mainnet, it is expected to go live before the end of the year. The mainnet launch of the Shibarium burn mechanism holds the promise of significantly contributing to SHIB’s deflationary model. Reducing SHIB’s enormous circulating supply, currently at 581.32 trillion tokens, could pave the way for a substantial price increase.

Shibarium’s progress boosts Shiba Inu’s future

RagnarShib’s update comes in the wake of another Shiba Inu ecosystem team member, DaVinci, urging the community to utilize Shibarium for their transactions. This call is in response to the growing demand from the community for more burns. DaVinci addressed the community on Telegram and stressed the importance of active participation to sustain the burn initiative.

DaVinci emphasized that using Shibarium for transactions would generate more fees on the network, which, in turn, would have a positive impact on the token-burning process. He stated, “Your active participation is crucial to sustaining the burn initiative… If you’re not utilizing Shibarium, requesting burns may be perceived as engaging in Scam-like behavior.”

The ongoing development and testing of Shibarium’s automated SHIB token-burning mechanism represent a significant milestone for the Shiba Inu community. While some enthusiasts had high hopes for a January mainnet launch, it is now clear that the project is in the crucial testing phase on Puppynet. The team’s commitment to addressing current challenges and increasing transparency through automation bodes well for SHIB’s future.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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