The Shiba Inu Team Establishes Shibarium’s Strategic Goal for 2024

The team behind the Ethereum-based altcoin Shiba Inu has garnered the attention of the crypto community as they revealed their plans for the project’s Layer 2 blockchain solution, Shibarium in 2024.

1. Introduction:

  • Shiba Inu team unveils plans for Shibarium, the Layer-2 blockchain platform, in 2024.
  • Shibarium made its mainnet debut in August 2023 and has shown significant growth in transactions and block creation.

2. 2024 Vision:

  • The team aims to “make Shibarium great in 2024” according to a recent announcement on X.
  • Strategic moves indicate a focus on enhancing the SHIB burn mechanism for Shibarium.

3. Enhanced SHIB Burn Mechanism:

  • Introduction of a burn portal for automatic SHIB burns based on predefined guidelines.
  • The automated Shibarium burn system set to go live in January with continuous upgrades for efficiency and reliability.

4. Scalability Improvements:

  • Plans for improving Shibarium’s scalability in an upcoming hard fork.
  • The first hard fork, completed last month, increased the network’s block capacity, enabling up to 200 transactions per second.

5. Significance of First Hard Fork:

  • Major milestone achieved in the Shiba Inu ecosystem with the completion of the first hard fork at block height 1,962,000.
  • Notable changes include enhancements to the token-burning mechanism, supporting multiple burn tokens (BONE and SHIB).

6. Token-Burning Mechanism Enhancement:

  • Aiming to deliberately reduce circulating tokens to potentially increase their value.
  • Initially manual, the token-burning process will evolve into an automated system.

7. Conclusion:

  • Shiba Inu team’s strategic initiatives for Shibarium in 2024 include an enhanced SHIB burn mechanism and scalability improvements, building on the success of the first hard fork.

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