Shiba Inu (SHIB) Key Burn Mystery Unraveled by Team Insider: Details
Release: 2024/05/02 23:59 Reading: 425
Cover image via U.Today
Shiba Inu team member Lucie recently engaged in a discussion about burns, highlighting Shiba Inu founder Ryoshi's burning of keys to the Shiba Inu supply.
Lucie responded to a comment on X by a community member inquiring about Shiba Inu's lead, Shytoshi Kusama, and the timing of burns. In her response, Lucie elaborated on the rationale behind Ryoshi's decision to burn the keys to the Shiba Inu supply.
Lucie explained that Ryoshi's burning of keys to the Shiba Inu supply "implies that for anything to be burned, it must first be purchased." This suggests that any assets to be destroyed must be acquired beforehand.
Ryoshi's burning of keys to Shib's supply means that for anything to be burned, it must first be purchased. In order to conduct burns, you need to generate income to facilitate the process.— ????? | SHIB.IO (@LucieSHIB) May 2, 2024
"To execute burns, users need to generate revenue to support the process," the SHIB team member further clarified.
Lucie also addressed requests for SHIB developers to initiate burns, stating that Shiba Inu's lead, Shytoshi Kusama, and other developers do not possess the keys to burn tokens. This is because they do not hold tokens to burn.
Lucie emphasized that the SHIB community serves as the driving force behind burns, such as burning tokens or transactions. This explains the focus on attracting additional projects to Shibarium and encouraging users to bridge. According to Lucie, this is the mechanism through which more SHIB will be burned.
Shiba Inu layer 2 Shibarium to undergo hard fork
The upcoming hard fork of the Shibarium network marks a significant milestone in the development of Shiba Inu's blockchain ecosystem.
The Shibarium hard fork involves substantial updates to two essential components of the Shiba Inu blockchain ecosystem: Bor and Heimdall. These enhancements aim to enhance network efficiency, optimize consensus mechanisms, and introduce additional scalability-supporting functions.
The hard fork events are scheduled as follows:
- Shibarium Bor Hard Fork: May 2, 2:30 a.m. EST (block height: 4504576)
- Shibarium Heimdall Hard Fork: May 3, 12:30 a.m. EST (block height: 3941864)
This hard fork implements milestones to achieve deterministic finality on the Shibarium network, enhancing the reliability of transaction confirmations.
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