Major Upgrade Ahead for Shibarium: What You Need to Know About the Cancun Hard Fork
Recently, Lucy, the official marketing representative for the Shiba Inu team, took to Twitter to announce the significance of the upcoming hard fork on Shibarium. In her tweet, she highlighted how crucial this update is for the development team and the broader Shiba Inu ecosystem. Alongside this hard fork, there will be a significant upgrade introduced to Puppynet, the experimental network for Shibarium.
The new upgrade, titled Cancun, is a major milestone that Lucy emphasized in her announcement. She pointed out that this update will target improvements for both Shibarium and Puppynet. Lucy made it clear that the Cancun upgrade is of paramount importance for developers, as it will enable them to implement key changes that will enhance the network’s performance, making it smoother, faster, and more secure.
What’s Coming with the Cancun Upgrade?
In a separate tweet posted by Shibarium’s official account, the team confirmed that the Puppynet Bor bone-beta + Cancun hard fork is scheduled for implementation next Friday at 8:00 AM UTC. The Shibarium team also encouraged the community to update their nodes to ensure maximum performance and security.
The Cancun hard fork is set to bring several key improvements to Shibarium, focusing on enhancing transaction speeds, optimizing the storage system, and improving the overall user experience. For developers, Puppynet serves as a testing ground where they can experiment with new features before rolling them out on Shibarium’s mainnet. Similar to other test networks like Ethereum’s Sepolia, Puppynet operates with zero-value tokens, meaning that the assets on it are purely for testing and have no real-world value.
Cancun: The Next Big Step After Bor
The Cancun hard fork is the second major upgrade for Shibarium, following the Bor update, which was launched earlier this summer. One of the most significant features of the Bor upgrade was the introduction of an automated SHIB burn mechanism on Shibarium, a system that had been tested on Puppynet since January. With this mechanism in place, SHIB tokens are automatically burned as part of the transaction process on Shibarium, using fees collected in the network’s native token, BONE, and converting them to Shiba Inu tokens before burning them.
This new burning mechanism has been crucial in Shiba Inu’s tokenomics, helping to decrease the circulating supply of SHIB over time. Since the introduction of the SHIB burning system, millions of SHIB tokens have been sent to “Inferno” wallets, permanently removing them from circulation.
Impact on SHIB Prices
The upcoming Cancun hard fork and the news surrounding it have had a noticeable effect on the price of SHIB. Over the past 24 hours, SHIB’s value has increased by 5%, demonstrating the market’s positive response to the anticipated upgrades.
Additionally, as of yesterday morning, the total number of SHIB tokens burned and locked in “Inferno” wallets has reached over 10.5 million. This steady burning process, coupled with the improvements brought by the Cancun upgrade, is expected to further boost SHIB’s long-term value as the supply continues to decrease.
A Bright Future for Shibarium
With the Cancun hard fork just around the corner, the Shiba Inu community is eagerly awaiting the improvements this update will bring. Shibarium’s development has been progressing steadily, with Puppynet providing valuable insights and opportunities for testing new features before their deployment on the mainnet.
The upcoming enhancements will not only improve the technical infrastructure of Shibarium but also provide a smoother and more efficient user experience. As Shibarium continues to evolve, the broader Shiba Inu ecosystem is poised for further growth, driven by continuous innovation and community support.
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In conclusion, the Cancun upgrade is a significant milestone for both developers and users of Shibarium. It will introduce critical changes that promise to make the network faster, more secure, and more efficient. As the Shiba Inu project continues to expand, the community can expect more exciting developments on the horizon.
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