- SHIB coin burn rate was increased by an astonishing 771,019% in 24 hours, and 18.68 million SHIB tokens got burned.
- The Shibarium layer-3 upgrade will prioritize privacy, employing Fully Homomorphic Encryption (FHE) to encrypt user data.
- Even with the rush of burns, total SHIB burns continue to be low, and focus is turning towards the approaching blockchain upgrade.
Shib community was left surprised with an incredible increase in the rate at which Shiba Inu tokens are burned. The rate, according to Shibburn tracker, saw an astronomical rise of a massive 771,019% in just a 24-hour period.
Despite the astronomical rise by such an immense percentage, only 18.68 million SHIB coin had been incinerated. The largest burn transaction saw the removal of 16.03 million SHIB, with a further burn of 1.07 million tokens.
The tweet and website of Shibburn both display the same high percentage rise, which indicates that perhaps a bigger burn transaction occurred but has not yet been reported. This has generated rumors that more SHIB tokens could have been burned without anyone in the community being aware of it.
SHIB coin Burn Rate Sees Unexpected Shift
SHIB coin burns during the last week have amounted to 74.89 million tokens. Yet, the burn rate has plummeted by 86.04% from the previous week. Although the recent drastic increase in the percentage of the burn rate took place, the total number of burned tokens continues to stay relatively low.
The SHIB coin burn mechanism is supposed to decrease the overall supply, but such types of changes in the volume of burns take place regularly depending on community activity and trading volumes.
As burn activities carry on, the SHIB coin team has been working diligently on the upgrade of Shibarium layer-3 for more than a year. There were a few posts this week from the SHIB team to tease what is in store with this upgrade.
The marketing head, going by the name Lucie, posted on X and gave us some hints about the new features of layer 3. The SHIB team seems to be concentrating on improving the privacy and security of Shibarium’s blockchain for users.
Shibarium Layer-3 and Privacy Enhancement
Lucie detailed that Shibarium’s layer 3 would offer end-to-end encryption of user data, even when applications are in operation. This means developers and authorities will not see user data unless the user wants to share it.
The privacy feature is offered through Fully Homomorphic Encryption (FHE) rollups, which are being developed with the help of Zama. It allows computation to be performed on encrypted data without the decryption of the data, which gives complete privacy.
With all these developments, the SHIB community is seeing both a new burn mechanism and enhanced blockchain technology. While the recent increase in burn rate has been a contentious issue, the limelight is shifting towards the layer-3 upgrade, which may bring a major shift in the Shibarium ecosystem.
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