Shiba Inu’s Shibarium Adds New Security and Burn Features

Shiba Inu’s Shibarium is celebrating its first anniversary by introducing new features focused on enhancing security and reducing token supply.

These improvements highlight a year of notable adoption and development for the Ethereum-based Layer-2 network.

Shibarium Celebrates First Year With New Features

Shiba Inu’s marketing lead, Lucie, recently announced via X (formerly Twitter) that Shibarium has introduced a significant new security feature.

“Shibarium just added a fantastic new feature — a ‘Security Score’ for contracts created on the network. This is a game-changer for anyone navigating the ecosystem, offering an extra layer of transparency and peace of mind,” Lucie shared.

The new “Security Score” feature in Shibarium assesses smart contracts on the network for vulnerabilities, assigning a score between 1 to 100. Powered by SolidityScan, a smart contract vulnerability scanner, this tool evaluates contracts based on various parameters, including security levels (critical, high, medium, etc.) and gas fees. This addition aims to boost transparency across Shibarium.

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Alongside this, Shibarium has also launched an auto-burning feature known as ShibTorch, inspired by Ethereum’s EIP-1559 upgrade. ShibTorch enhances this concept by locking transaction base fees in a burn contract and allowing users to trigger burns once BONE (the native token) accumulates. When triggered, BONE is converted to SHIB on Ethereum, and the SHIB tokens are permanently burned, reducing the overall supply.

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

Moreover, the Shiba Inu ecosystem is anticipating the ShibaCon conference, which is scheduled to be held in Bangkok in November. The event marks a pivotal development for the memecoin as it would allow its enthusiasts to network and learn more about the project.

“ShibaCon is more than just an event; it’s a pivotal moment in the Shiba Inu ecosystem and a must-attend for anyone involved in the blockchain space. If you’re part of the Shib Army, this is your chance to connect, learn, and engage with the very heart of the community,” Lucie remarked.

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All of these developments coincide with the one-year anniversary of Shibarium. The Ethereum-based Layer-2 network has seen substantial adoption, completing approximately 418 million transactions with 1.8 million registered wallets. Despite increasing activity, Shibarium maintains low gas fees and currently averages about 4,700 daily transactions.

Lucie also revealed that Shibarium has secured $12 million for future growth, with plans to expand into NFTs, gaming, and the Metaverse.