Shiba Inu’s Layer-2 scaling solution Shibarium has successfully undergone its first significant hard fork and the new development comes with several features as well as implications for the market.
Shibarium PuppyNet Migrated to Sepolia
On Tuesday, Shibarium performed the hard fork which would require that all nodes and users upgrade to the latest version of the protocol’s software. As part of the new development, the underlying Layer-1 of Shibarium’s PuppyNet, the beta testnet, will be migrated from the Goerli Network to the Sepolia Network. The purpose of this move is to align the protocol with other scalable and efficient infrastructures.
In addition, Shibarium’s burning mechanism which is designed to reduce the token supply will be conducted manually until it aligns with the network’s health status and sustainability. Once there is a synergy, it would immediately be transitioned to an automated system with a January timeline projected.
With the addition of these features and many more to come, the team behind Shibarium is positive that the protocol will see mass adoption in the coming days.
There is a need for constant upgrades and improvement in the blockchain and Web3.0 industry. Projects that plan to remain relevant with the capacity offering client requirements need to always come up with new proposals.
Forks like this are necessary when a protocol decides to undergo such blockchain developments. Either soft or hard fork goes a long way in enhancing the network’s functionality, its community as well as its value.
Shibarium Upgrades Via DeFi Hardfork
According to an explanation offered by NOWNodes, the new nodes provider when it comes to hard forks that are not backward-compatible “a clear and permanent divergence occurs from the previous version of the blockchain, and nodes running the previous version will not be accepted by the newest version.”
This mandates an upgrade for users who wish to continue the services offered by the protocol.
It is worth noting that hard forks can give rise to two separate blockchains particularly if all nodes do not appear to be in support of the upgrade. Ultimately, forks are capable of transforming the market by creating several new opportunities and impacting the burning mechanisms of blockchain networks.
As an L2 solution built on top of the existing Ethereum network, Shibarium is more concerned with providing a solution that is efficient and user-friendly but more importantly, an environment that is quite beneficial for Decentralized Finance (DeFi) and Non-fungible Tokens (NFTs).
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