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

Cover image via U.Today

Shiba Inu team member Lucie recently engaged in a discussion on token burns, referencing the burning of keys to the Shiba Inu supply by the project's founder, Ryoshi.

Lucie's response was prompted by a community member's inquiry on X about Shiba Inu's lead developer, Shytoshi Kusama, and the timing of upcoming burns. She clarified the rationale behind Ryoshi's decision to burn the keys to the Shiba Inu supply.

Lucie explained that Ryoshi's action "means that for anything to be burned, it must first be purchased." This implies that the tokens to be destroyed must first be acquired.

Ryoshi's burning of keys to Shib's supply means that for anything to be burned, it must first be purchased. In order to conduct burns, you need to generate income to facilitate the process.— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 2, 2024

The SHIB team member further elaborated that "in order to conduct burns, users need to generate income to facilitate the process."

Lucie also addressed requests for the SHIB developers to initiate burns, emphasizing that Shytoshi Kusama and the other developers do not hold tokens for burning.

Lucie highlighted that the SHIB community is the primary driver of burns through actions such as token burns and transactions. This explains the focus on attracting additional projects to Shibarium and encouraging users to bridge, as Lucie believes this will lead to increased SHIB burns.

Shiba Inu layer 2 Shibarium to undergo hard fork

The upcoming hard fork of the Shibarium network marks a significant milestone in the evolution of Shiba Inu's blockchain ecosystem.

The Shibarium hard fork will introduce substantial updates to two key components of the Shiba Inu blockchain ecosystem: Bor and Heimdall. These enhancements aim to improve network efficiency, optimize consensus mechanisms, and introduce additional scalability-supporting features.

The hard fork events are scheduled as follows:

• Shibarium Bor Hard Fork: May 2, 2:30 a.m. EST (block height: 4504576)
• Shibarium Heimdall Hard Fork: May 3 at 12:30 a.m. EST (block height: 3941864)

This hard fork will implement milestones to achieve deterministic finality on the Shibarium network, enhancing the reliability of transaction confirmations.