Shibarium Officially Confirms Upcoming Hardfork Launch, Introducing SHIB Burn Mechanism

Author: Nidhi Kolhapur

Nidhi Kolhapur

Author

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Aug 9, 2024 14:06

The official Shibarium X handle has announced the upcoming launch of a hard fork on the L2 network, which is expected to introduce the highly anticipated SHIB burn mechanism. The hard fork will occur at 9:15 AM (UTC) today, August 9, 2024. Following the hard fork, the team will release a new Bor version, v1.1.2-bone. The marketing lead of the Shiba Inu ecosystem, added clarity to the initial announcement, emphasizing that the burn mechanism will be tied to Shibarium transaction fees.  70% of the base fee will be automatically converted to SHIB and permanently removed from circulation once the new hard fork goes live.