- Shibarium, the layer-2 blockchain network created by Shiba Inu, is commemorating its one birthday.
- To improve security, the network has given smart contracts a “Security Score.”
- To control the token supply, IT also invented ShibTorch, an auto-burning mechanism.
To commemorate its one anniversary, Shiba Inu’s Shibarium is launching new features aimed at improving security and lowering the number of tokens available.
These enhancements cap off a year of noteworthy adoption and growth for the Layer-2 network powered by Ethereum.
Shibarium Celebrates Launching New Features in Its First Year
Lucie, the marketing head for Shiba Inu, recently revealed that Shibarium has added a big new security feature via X (previously Twitter).
With Shibarium’s new Security value function, smart contracts on the network are evaluated for vulnerabilities and given a value ranging from 1 to 100. This tool, which is powered by SolidityScan, a smart contract vulnerability scanner, assesses contracts according to a number of factors, such as gas fees and security levels (critical, high, medium, etc.). With this feature, Shibarium’s transparency should increase.
In addition, Shibarium has introduced ShibTorch, an auto-burning mechanism modeled after Ethereum’s EIP-1559 update. By enclosing transaction base fees in a burn contract and enabling users to initiate burns after BONE (the native token) accumulates, ShibTorch improves on this idea. When this event occurs, BONE is converted to SHIB on Ethereum, and the SHIB tokens are burnt forever, lowering the total amount in circulation.
In addition, the Shiba Inu community is looking forward to November’s ShibaCon conference, which will take place in Bangkok. The opportunity for memecoin enthusiasts to connect and gain more knowledge about the project makes the event a crucial milestone for the cryptocurrency.
The aforementioned advancements align with Shibarium’s first anniversary. With 1.8 million registered wallets, the Ethereum-based Layer-2 network has shown significant uptake, performing about 418 million transactions. Shibarium continues to charge cheap gas rates in spite of its growing usage, with an average of 4,700 transactions per day at the moment.
Lucie also disclosed that Shibarium intends to grow into NFTs, gaming, and the Metaverse, and that the company has raised $12 million for this purpose.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
