Shiba Inu (SHIB) Core Team Continues to Release Updates to Showcase the Future of Shibarium - COINTURK NEWS
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Shiba Inu (SHIB) Core Team Continues to Release Updates to Showcase the Future of Shibarium

4:04 am (20 days ago)
September 5, 2023

Shiba Inu (SHIB) ecosystem’s Ethereum-based layer-2 protocol Shibarium is producing blocks as planned, and the core team behind the protocol is releasing new updates to demonstrate the future of the protocol.

The Current State of Shibarium

According to the Marketing Strategist Lucie of the Shiba Inu ecosystem, the lead developer Shytoshi Kusama has confirmed that the burn portal for the Shibarium protocol is currently under development.

As shown in a screenshot shared by Lucie, Kusama confirmed the development efforts in response to a question about the burn portal on Telegram by a community member. The token burn process is an integral part of the Shiba Inu protocol, as reported, where SHIB tokens are continuously burned.

Despite the ongoing burn portal, the Shibarium team leader implied a focus on increasing adoption rather than token burning. While burn development is important, the ultimate goal for the entire ecosystem is stated to be the adoption and usage of the Shibarium protocol.

Understanding that both adoption and token burning serve the same goals but in different ways, Kusama’s position aims to ensure a solid circulation of the associated token and support its intrinsic value in the long term by reducing the overall supply of SHIB. This is another significant trend that may increase investors’ and users’ interest in the Shiba Inu ecosystem.

Updates on Shibarium’s Outlook

Particularly, after the protocol’s initial unsuccessful launch in August, Shibarium seems to be making the most of the second chance it has been given. Since the protocol has scaled, additional plans to strengthen its functionality have been introduced across the board by the team.

Some of these updates include plans to activate additional validators that can help ensure the security of the ecosystem and canceling the contract address of Bone Shibaswap, the native token of the scaling solution. While transactions continue on the burn portal, there is also the possibility of completing all the innovations that lead towards Shibarium.

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