The Shiba Inu (SHIB) team is creating excitement among enthusiasts as they unveil plans for a major hard fork in the Shibarium ecosystem on May 2. This upgrade aims to improve the scalability and efficiency of the Shiba Inu network by implementing new Ethereum-based layer-2 scaling solutions. The goal is to enhance transaction speed and provide users with a smoother experience.
The primary objective of the Shibarium hard fork is to address existing scalability issues and optimize transaction throughput. By streamlining block processing times, the upgrade will better accommodate increased demand, resulting in improved user experiences and reduced gas fees. This cost-effectiveness will make transactions more accessible and affordable for users.
The hard fork also focuses on reducing transaction costs within the Shiba Inu network. Through strategic optimizations, users can expect lower transaction fees, making the platform more accessible and user-friendly. Notably, the blog post highlights a significant reduction in transaction fees, with rates as low as 0.0000219 BONE ($0.00001). This reduction aligns with Shiba Inu’s commitment to creating an inclusive financial ecosystem, fostering a vibrant and diverse community of users.
In addition to immediate enhancements, the Shibarium hard fork sets the stage for future features and functionalities within the Shiba Inu ecosystem. This upgrade is an investment in the network’s long-term scalability and viability, positioning it to handle the expected influx of users and activity. The Shiba Inu team is dedicated to continuous growth and innovation, ensuring that the platform remains at the forefront of the cryptocurrency space.
While the announcement of the Shibarium hard fork has been met with enthusiasm by many community members, some have expressed disappointment over the lack of mention regarding the automatic burning of SHIB tokens. As a deflationary token, SHIB relies on manual burning practices to control its supply. However, supporters argue that implementing a dedicated automatic burn portal could enhance SHIB’s value proposition and contribute to its positive trajectory.
It’s important to note that while the improvements to the Shibarium ecosystem are expected to enhance network performance, they may also exert downward pressure on SHIB’s price. This is because each transaction on Shibarium results in a portion of SHIB tokens being burned, which affects the overall supply. Additionally, data from Santiment suggests an increasing supply of SHIB on exchanges, along with a rise in whale transactions, indicating a potential risk of sell-off for the meme coin. As of now, SHIB is trading at $0.00002599, showing a 5% decline in the last 24 hours.