Puppynet, Shibarium's testnet, has migrated to Sepolia, in anticipation of Goerli's demise. In addition, the L2 developers have activated a token burning mechanism, with which they will reduce the supply of SHIB.
Shiba Inu developers have migrated Shibarium's Puppynet testnet from Goerli to Sepolia.
Sepolia is Ethereum's testnet based on the consensus layer; that is, on the Proof of Stake network. This testnet is successfully migrated to the new Ethereum network, in mid-2022, as a fundamental part of Ethereum's transition from the PoW to PoS consensus mechanism.
The Shibarium developers indicated that, as part of this evolution, they have adapted Puppynet to the new network, following the constant advances of the blockchain ecosystem. “This change reflects the continuous evolution of blockchain technologies and the need to align with more scalable and efficient infrastructures.”", they said the developers of Siba Inu, last month.
The transition from Puppynet to Sepolia ushered in a new era for Shiba Inu developers, offering a more controlled and stable sandbox environment for developers to test their dApps and smart contracts.
Now, Shibarium is embarking on a new journey, which will enhance the attractiveness of the SHIB token. The project developers have implemented a token burning mechanism, crucial for the economic model of the network.
“This mechanism is designed to strategically reduce the supply of tokens, potentially increasing the value of the token and benefiting its ecosystem”, the developers wrote.
Token burning is activated in Shibarium
The Shibarium burning mechanism began with a first manual phase, where the token burning process was in charge of the official deployer wallet, with the purpose of making the necessary adjustments to this process and aligning the token burning with the health and sustainability of the network.
However, this same month, Shibarium implemented a second phase of its burning mechanism, to evolve its system to a completely automated one. This is in order to increase its effectiveness and reliability and the transparency of the process in general.
The SHIB burning rate increased dramatically after the activation of this mechanism, burning more than 1,2 million SHIB last Thursday.
SHIB burning is tied to network usage, so the more users using Shibarium, the more tokens will be burned, creating a self-sustaining cycle of growth and revaluation.
This year, Shibarium developers also plan to implement several improvements and updates, with which they seek to streamline the token burning processes, to create and maintain a balanced and robust economic model that can scale with the growth of the new blockchain network. .
“By aligning token burning with network usage and continually improving the process through updates, Shibarium is setting a precedent in the blockchain token economy”, the developers highlighted.
Shibarium was launched in August 2023, as a layer 2 blockchain with the potential to revolutionize the entire Shiba Inu blockchain ecosystem.
Continue reading: Shiba Inu will integrate self-sovereign identity (SSI) to the Shibarium network
