Shibarium’s official X account, @ShibariumNet, recently announced a significant update for its layer-2 blockchain. The upgrade includes updates to Heimdall and Bor hardforks, along with a new contract dedicated to burning SHIB tokens. This enhancement makes Shibarium compatible with Ethereum’s Dencun hardfork, aligning it with the latest blockchain advancements. The team’s guidance documents recommend starting with the Heimdall update before proceeding to Bor. The upgraded Heimdall ensures seamless operations within the post-Dencun environment, boosting efficiency.
Heimdall and Bor Updates Focus on Performance
The Bor upgrade emphasizes better performance, enhanced security, and improved blockchain management. Notably, it introduces a new SHIB burn contract, designed to support future updates and improvements. The burn contract will go live at block 8,200,512.
Related article: Shibarium TVL Surges to All-Time High of $8.57 Million
Though the details remain scarce, the team promises the upgrade will significantly help reduce the SHIB token supply, potentially adding value for holders. The guidance also stresses the importance of node runners updating their nodes before downloading the hardfork versions.
Massive SHIB Burns Increase Burn Rate
In the past 24 hours, SHIB enthusiasts burned a staggering 2,022,950,833 SHIB tokens. A single transaction accounted for 2,020,624,700 of these tokens, driving the SHIB burn rate up by 3,162.56%.
Related article: Shiba Inu Holders Eye Critical Levels with Trillions Incoming
According to comments on the Shibburn tracker, the founder of SquidGrow, Shibtoshi, likely initiated this massive burn. Last week, he destroyed an additional 1,003,266,585 SHIB. Thanks to these efforts, the SHIB community successfully burned 3,162,301,655 tokens in November alone.
The new burn contract and continuous burns could strengthen SHIB’s position by reducing its overall supply. As Shibarium aligns with Ethereum’s latest updates, holders may see increased value over time.
