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Shiba Inu (SHIB) Key Burn Mystery Unraveled by Team Insider: Details

Thu, 2/05/2024 – 15:59

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Shiba Inu team member Lucie recently delved into the discussion of burns, citing Shiba Inu’s founder Ryoshi’s burning of keys to the Shiba Inu supply.

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Lucie was responding to a comment on X by a community member who asked about Shiba Inu’s lead, Shytoshi Kusama, and when burns were coming. In response to this, Lucie explained the reasoning behind Shiba Inu founder Ryoshi’s decision to burn the keys to the Shiba Inu supply. 

Lucie explained that Ryoshi’s burning of keys to the Shiba Inu supply “means that for anything to be burned, it must first be purchased.” This implies that whatever would be destroyed must first be acquired.

“In order to conduct burns, users need to generate income to facilitate the process,” the SHIB team member further explained. 

Lucie also addressed calls that SHIB developers do something about burns, saying that Shiba Inu’s lead, Shytoshi Kusama, and the other developers are not the key to burns. This is because they do not hold tokens to burn. 

Lucie highlighted that the SHIB community is the driving force behind burns, such as burning tokens or transactions. This explains why the focus is on drawing additional projects to Shibarium and encouraging users to bridge. Lucie claims this is how more SHIB will be burned. 

Shiba Inu layer 2 Shibarium to undergo hard fork

The impending hard fork of the Shibarium network marks a watershed moment in the evolution of Shiba Inu’s blockchain ecosystem.

The Shibarium hard fork includes significant updates to two key components of the Shiba Inu blockchain ecosystem: Bor and Heimdall. These fixes are intended to improve network efficiency, optimize consensus mechanisms and introduce additional scalability-supporting functions.

The hard fork events are planned as follows: Shibarium Bor Hard Fork: May 2, 2:30 a.m. EST (block height: 4504576). The Shibarium Heimdall Hard Fork is slated for May 3 at 12:30 a.m. EST (block height: 3941864). This hard fork implements milestones to reach deterministic finality on the Shibarium network, which improves transaction confirmation reliability.

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