Shiba Inu's Shibarium Celebrates First Anniversary with New Security and Auto-Burning Features

Oluwapelumi Adejumo
18 August 2024, 15:00 GMT+0000
Daria Krasnova

Shiba Inu’s Shibarium is celebrating its first anniversary. They’ve rolled out some exciting new features aimed at boosting security and cutting down on token supply. This marks a year filled with impressive growth and development for this Ethereum-based Layer-2 network.

Recently, Shiba Inu’s marketing lead, Lucie, shared some great news on X (formerly Twitter). She announced a new security feature called the “Security Score.” This feature is a game-changer. It provides an extra layer of transparency for anyone using the network. “Shibarium just added a fantastic new feature — a ‘Security Score’ for contracts created on the network,” Lucie said. “This offers peace of mind for users navigating the ecosystem.”

The “Security Score” evaluates smart contracts for vulnerabilities, giving them a score from 1 to 100. It’s powered by SolidityScan, a tool that checks for weaknesses in smart contracts. This tool looks at various factors, like security levels and gas fees. The goal is to enhance transparency across Shibarium.

In addition to the Security Score, Shibarium introduced an auto-burning feature called ShibTorch. This feature draws inspiration from Ethereum’s EIP-1559 upgrade. ShibTorch works by locking transaction base fees in a burn contract. Users can trigger burns once they accumulate enough BONE, the native token. When they do, BONE converts to SHIB on Ethereum, and those SHIB tokens are permanently burned. This helps reduce the overall supply.

“ShibTorch empowers the Shiba community to take an active role in shaping the future of SHIB,” Lucie explained. “By participating in the burn process, we can help drive SHIB’s value up and strengthen its presence in the crypto world. ShibTorch isn’t just a feature; it’s a commitment to decentralization and a stronger SHIB ecosystem.”

Lucie also mentioned an event called ShibaCon. “ShibaCon is more than just an event; it’s a pivotal moment in the Shiba Inu ecosystem,” she noted. “If you’re part of the Shib Army, this is your chance to connect, learn, and engage with the heart of the community.”

All these developments come as Shibarium celebrates its one-year anniversary. Over the past year, this Ethereum-based Layer-2 network has seen substantial adoption. It has completed around 418 million transactions and has 1.8 million registered wallets. Despite the increased activity, Shibarium keeps gas fees low, averaging about 4,700 daily transactions.

Lucie also revealed that Shibarium has secured $12 million for future growth. They plan to expand into NFTs, gaming, and the Metaverse. Exciting times lie ahead for Shibarium and its community!