Shibarium Token Burning Mechanism Enters Official Test Phase on Puppynet
Shibarium’s lead, Ragnar Shib, a pivotal member of the Shibainu ecosystem, updates the community on the SHIB token burning mechanism within Shibarium. Despite community expectations for the mainnet launch in January, the official test phase commenced, signifying significant progress for the L2 scaling solution.
Ragnar Shib addressed a misunderstanding regarding the deployment schedule, clarifying confusion among community members anticipating the mainnet launch in January. The SHIB token’s burning mechanism in Shibarium is making substantial strides in enhancing and testing its token copying gateway, a highly anticipated feature within the SHIB community.
In a recent tweet, Ragnar Shib announced the official start of the test phase for Shibarium’s token burning mechanism. Last month, the copying mechanism was deployed on Puppynet, the testnet version of the Layer 2 scaling solution. This development represents a crucial step forward in the project’s advancement.
Ragnar Shib’s message addressed the community’s high expectations for the mainnet launch in January, leading to expressions of frustration on various social media platforms. In response, Ragnar Shib clarified that there was a misunderstanding regarding the deployment timeline. The Shib Inu Magazine explicitly mentioned that the copying mechanism would be deployed on Puppynet for testing purposes in January.
The initial deployment on Puppynet is of paramount importance to enhance the solution, ensure efficiency, and bolster its reliability before eventually transitioning to the mainnet.
The Shibarium team manually burned SHIB tokens using some of the fees generated by Shibarium. They initiated five powerful burning operations, resulting in the destruction of over 43 billion SHIB tokens worth $390,440. However, manual burning encounters challenges such as inefficiency and a lack of transparency.
The automated burning mechanism aims to address these issues based on pre-existing DeFi rules, simplifying the burning process and increasing transparency. Although no specific date has been set for the automated copying mechanism’s transition to the mainnet, it is expected to be operational before the year’s end. The launch of Shibarium’s Arium burning mechanism on the mainnet holds promise to significantly contribute to SHIB’s deflationary model, potentially leading to a substantial increase in prices by reducing the enormous circulating supply of SHIB, currently at 581.32 trillion tokens.
READ MORE Clarification on Shibarium’s New Burning Mechanism and Recent SHIB Burns
Shibarium’s progress fortifies the future of Shibainu, with Ragnar Shib following DaVinci, another Shibainu ecosystem member, encouraging the community to use Shibarium in their transactions. DaVinci stressed the importance of active participation to maintain the burning initiative and contribute to the network’s growth.
The continuous development and testing of Shibarium’s automated SHIB token burning mechanism represent a significant milestone for the Shibainu community. While some enthusiasts had high hopes for a January mainnet launch, it is now evident that the project is in a crucial testing phase on Puppynet. The team’s commitment to addressing current challenges and increasing transparency through automation bodes well for the future of SHIB.
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