The Shiba Inu Shibarium reaches another milestone: details

TL;DR

Shibarium has processed more than 6.5 million blocks and is close to reaching 420 million transactions despite the recent decrease in daily activity. Over the past year, the network has undergone key updates, including a new user interface, a hard fork, and a burning mechanism to reduce the supply of SHIB. Shibarium’s latest achievement

The number of total blocks processed on Shiba Inu’s Layer 2 scaling solution recently exceeded 6.5 million, while total transactions are slowly approaching 420 million.

However, many other Shibarium metrics have underperformed recently. New daily transactions have remained between 3,000 and 4,000 in recent days, a significant decline from the first quarter of the year, when the number was in the millions. The number of active accounts, new contracts and new verified contracts has also headed south.

Shibarium was explicitly designed to foster the development of the Shiba Inu ecosystem by improving speed, improving scalability and reducing transaction fees. As such, some industry participants believe that its subsequent progress could positively affect SHIB’s price.

While the meme coin is well in the green on a weekly basis, it is down 1.5% in the last 24 hours. It is currently trading around $0.0000147 with a market cap of around $8.6 billion, making it the 16th largest cryptocurrency.

SHIB Price, Source: CoinGecko Shibarium Anniversary

The mentioned advance of the protocol is more than significant considering that it saw the light exactly one year ago.

Shibarium implemented several vital updates during this period to improve the user experience and introduce other benefits. In April, the team released a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” Its main goal was to enable better compatibility with popular self-custodial wallets such as MetaMask, Trust Wallet, Coinbase Wallet and others.

A few days later, Shibarium underwent another update via a hard fork. It aimed to improve the user experience, empower the developer and innovator community, and implement faster block processing times.

“We’re also smoothing out variations in transaction fees during times of high traffic, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible,” the team added in that moment

More recently, Shibarium adopted a combustion mechanism called “Burn Portal”. Although its ultimate goal is to reduce the circulating supply of SHIB by sending a portion of tokens to a designated address, it is somewhat different from the original program adopted by the meme coin project.

In the Shibarium ecosystem, BONE functions as a token of governance and is crucial to covering gas fees, with validators and delegators relying on it for transactions within 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. Users must collect a minimum of 100 BONE to participate in the initiative.

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

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