Important Shibarium metric explodes 460% – details

TL;DR

Shiba Inu’s Layer 2 solution, Shibarium, saw a significant increase in activity, with daily transactions increasing by 460% and active accounts increasing by 360%. Recent protocol updates, including a new recording mechanism, may positively affect the price of SHIB. Shibarium in motion again

Shiba Inu’s Layer 2 scaling solution has been performing poorly lately, processing a relatively low number of transactions and blocks. However, the situation has changed for the better in the last 24 hours.

The data shows that the number of daily transactions soared from 1,736 on August 19 to nearly 10,000 the next day, representing a 460% increase.

Other important metrics have also headed north. For example, the number of active accounts on the protocol exceeded 1,100 on August 20, or a resurgence of 360% on a 24-hour scale.

Shibarium’s growing indicators usually indicate an increase in network activity, the growth of the user base and the development of the ecosystem. The subsequent advancement of the L2 blockchain solution is often presented as a factor that could contribute to a Shiba Inu price increase.

Meanwhile, the valuation of the second largest meme coin is up 5% daily, while its market capitalization regained the $8 billion mark. It will be interesting to see if SHIB’s rise continues in the future based on Shibarium’s upbeat numbers and the broader renaissance of the crypto market.

Shibarium Updates

The network was officially launched almost a year ago and has witnessed several updates since then. In April 2024, the team released a new user interface (UI) update, describing it as “faster, smoother and more accessible than ever”. Its main goal was to improve compatibility with popular self-custodial wallets such as MetaMask, Trust Wallet, Coinbase Wallet and others.

Shortly after, the developers introduced another update through a hard fork that aimed to improve the overall user experience, empower the developer and innovator community, and implement faster block processing times.

More recently, the Shibarium team released a designated “Burn Portal.” The ultimate goal of the combustion mechanism is to reduce the circulating supply of SHIB chips, but it works quite differently from the original program adopted by the Shiba Inu team.

In the Shibarium ecosystem, BONE serves as a token of governance and is essential for paying gas fees, while validators and delegates rely on the currency for transactions on the network.

A portion of the gas fees paid to BONE is used to purchase SHIB tokens, which are then sent to a null address to be recorded. To start a burn, users must accumulate at least 100 BONE tokens.

For more updates on the ecosystem, be sure to check out our Shibarium News.

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