Shibarium, the Shiba Inu Layer-2 blockchain, has surpassed 4 million transactions in just three months since its launch.
The network has also seen growth in user wallets and block production, with nearly 1.3 million and over 1.78 million blocks created.

The Shiba Inu Layer-2 blockchain, Shibarium, has surpassed a significant milestone, recording over 4 million transactions since its inception, according to data from Shibariumscan. This achievement underscores the growing prominence of Shibarium in the blockchain space, especially considering it has only been operational for three months.

Rapid Growth Post-Relaunch

Shibarium’s journey has been notable for its rapid growth and resilience. Launched initially on August 16, the blockchain faced a setback due to a technical glitch that necessitated a temporary shift to fail-safe mode. This interruption lasted over two weeks, after which Shibarium made a strong comeback. Since its relaunch in late August, the network has seen a substantial surge in activity, with the total transaction count now standing at 4,126,333.

The network’s robust performance post-relaunch is a testament to its technological prowess and the growing interest in the Shiba Inu ecosystem. Shibarium has proven to be one of the most scalable Layer-2 solutions on Ethereum, demonstrating an average block time of 5.0 seconds, a feature that contributes significantly to its efficiency.

Expansion Beyond Transactions

Shibarium’s growth extends beyond just transaction counts. Furthermore, according to Into the Block, the network has also seen an increase in the number of wallets interacting, reaching close to 1.3 million. This figure stood at 1,270,878 at the time of reporting, indicating a substantial user base and community trust in the platform.

In terms of blockchain activity, Shibarium has produced a total of 1,787,717 blocks since its launch. This impressive number of blocks produced further solidifies the network’s position as a formidable player in the blockchain arena.

Moreover, the daily transaction volume on the network has witnessed a significant increase, from 8,930 transactions on November 19 to 43,690 at the current time. This spike reflects the growing usage and acceptance of Shibarium among users.

The Shiba Inu Ecosystem: A Broader Perspective

The achievement of Shibarium is part of a larger success story – that of the Shiba Inu ecosystem. The Shiba Inu decentralized finance (DeFi) ecosystem has maintained impressive growth, with the total value locked (TVL) in Shibarium reaching $670,511. Marswap, a leading DeFi project on Shibarium, holds 51.05 percent of the network’s TVL.

These developments come just a week after Shibarium ranked among the top five most active networks on NOWNodes. The anticipation is high that Shibarium activities will continue to increase, especially with lead developer Shytoshi Kusama’s efforts to integrate the network into more crypto exchanges.

Shiba Inu’s Wider Influence

The growth of Shibarium coincides with the overall progress of the Shiba Inu cryptocurrency. SHIB wallets with a balance above $0 have surged to 1.26 million, marking a nearly 15,000 percent increase since February 2021. SHIB’s price rally and a peak market capitalization of over $40 billion have partly driven this growth.

Additionally, initiatives like the burning mechanism, which have led to a significant increase in the burn rate and billions of tokens being made inaccessible, also contribute to this growth. The development of Shibarium, as a layer-2 solution, has undoubtedly played a crucial role in advancing the Shiba Inu memecoin, enhancing its transactional capabilities and user base.

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Filed under: Bitcoin - @ November 24, 2023 11:05 am