Shibarium Testnet Moves to Sepolia Network in Major Shiba Inu Upgrade
Shiba Inu’s Shibarium, a major blockchain project, is moving its testnet from Ethereum’s Goerli Network to the Sepolia Network on December 15, 2023. This big step is expected to improve the blockchain and its SHIB burn mechanism.
Shiba Inu’s Shibarium Set for Major Upgrade
Shiba Inu’s layer 2 blockchain project, Shibarium, is gearing up for a significant upgrade. On December 15, 2023, the project will transition its testnet, Puppynet, from the Ethereum Goerli Network to the Sepolia Network.
This move is seen as a key development in the blockchain’s journey, bringing along a much-anticipated improvement to the SHIB burn mechanism.
The transition to the Sepolia Network is described by the Shiba Inu development team as a crucial strategic shift. It aims to provide developers with a more reliable and consistent environment for testing their decentralized applications (dApps) and smart contracts.
The Goerli Network has played a vital role in the Ethereum testnet ecosystem, but the move to Sepolia is expected to offer enhanced capabilities and support for Shibarium’s growing needs.
Transitioning to Sepolia Network as Goerli Nears Retirement
As the Goerli Network approaches retirement, the Shiba Inu development team was prompted to make a necessary change for its layer 2 blockchain project, Shibarium.
The team announced, “With the deprecation of the Goerli Network, Shibarium’s Puppynet will now adopt the Sepolia Network as its new layer 1 (L1) platform.”
The migration to the Sepolia Network represents a strategic shift, crucial for ensuring that developers have a reliable and consistent platform for testing their decentralized applications (dApps) and smart contracts.
While the Goerli Network has been a cornerstone of the Ethereum testnet ecosystem, the move to Sepolia is expected to bring significant enhancements.
Shibarium’s new testnet on the Sepolia Network is set to significantly boost scalability, reduce transaction costs, and enhance transaction speeds. This improvement is vital for meeting the increasing demands from decentralized applications, especially in areas like decentralized finance (DeFi) and non-fungible tokens (NFTs).
Shibarium Advances with Enhanced SHIB Burn Mechanism
On a similar note, Shibarium is responding to community feedback with a major upgrade to its token economics. The project is introducing an automatic SHIB burn mechanism, addressing the previously noted absence of a built-in system for burning L2-locked SHIB.
This new mechanism will initially be managed manually by the official deployer wallet, allowing for precise, strategic reduction of the SHIB token supply. This approach is not just about increasing the token’s value but also aligns with the long-term sustainability of the network.
The manual management phase will involve close coordination with validators and node operators to implement necessary network changes.
Starting from January, the burn process is set to become automated. This transition will bring multiple enhancements to improve both the efficiency and reliability of the burning process. Operating under predefined rules, the automated system is designed to be more efficient and transparent.
The efficiency of this burn mechanism is closely linked to Shibarium’s network adoption and transaction volume. An increase in transactions and a rise in gas fees, potentially by as much as 1000%, would lead to a corresponding exponential increase in token burning.
Looking ahead, the Shiba Inu developers are optimistic about the future of this mechanism. They see it evolving into a key element of Shibarium’s economic strategy, driven by the direct link between network usage and the efficiency of the burn process.
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