Shibarium Officially Confirms Upcoming Hardfork Launch, Introducing SHIB Burn Mechanism

The post Shibarium Officially Confirms Upcoming Hardfork Launch, Introducing SHIB Burn Mechanism appeared first on Coinpedia Fintech News

The official Shibarium X handle has announced the upcoming launch of a hard fork on the L2 network, which is expected to introduce the highly anticipated SHIB burn mechanism. The hard fork will occur at 9:15 AM (UTC) today, August 9, 2024. Following the hard fork, the team will release a new Bor version, v1.1.2-bone. The marketing lead of the Shiba Inu ecosystem, added clarity to the initial announcement, emphasizing that the burn mechanism will be tied to Shibarium transaction fees.  70% of the base fee will be automatically converted to SHIB and permanently removed from circulation once the new hard fork goes live.