The progress of the network during this period

TL;DR

Shibarium has processed over 418 million transactions and implemented key updates, including some hard forks to improve network performance. The network introduced a burning portal to reduce the supply of SHIB, with BONE tokens playing an essential role in the process. Happy birthday, Shibarium

Shibarium is a Layer 2 blockchain solution built on the Ethereum network, specifically designed to foster the development of the Shiba Inu ecosystem. Its main purposes include reducing transaction costs, improving speed, and improving scalability.

The protocol was officially launched exactly one year ago, and has passed numerous important milestones since then. It has processed more than 418 million total transactions, surpassing 400 million by March 2024. It is worth noting that progress has stalled recently: at the beginning of the year the number of daily transactions was in the millions, while in the last months exceeded 20,000 only once.

The total number of blocks processed on the network is approaching 6.5 million, while wallet addresses are south of 2 million.

The team behind Shibarium took it to X to outline some other important goals the network has achieved since its launch. He noted the successful execution of the three hard forks: Delhi, Indore and Shanghai. The updates aim to improve the overall user experience, improve transaction speed and optimize network efficiency.

The team also recalled the two tokens introduced into the ecosystem: K9 Finance DAO (KNINE) and Bad Token (BAD), stating that another (called HOCHI) was recently released, “offering even more flexibility than ever.”

The latest breakthrough

Shibarium has undergone three additional updates in recent months. In April, the team unveiled 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.

Soon after, the team released an update via a hard fork to implement faster block processing times and empower the developer and innovator community.

More recently, Shibarium adopted a designated “Burn Portal.” Its ultimate goal is to reduce the circulating supply of Shiba Inu (SHIB) by sending a portion of tokens to a null address, making it scarcer (and potentially more valuable, assuming demand stays the same or increases).

However, the mechanism is quite different from the original one adopted by the Shiba Inu team. In the Shibarium ecosystem, BONE serves as a governance token and is essential for paying gas fees, while validators and delegates rely on it for network transactions.

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. Users must accumulate at least 100 BONE tokens to start a burn.

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

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