Shibarium’s Grand Debut: Elevating Shiba Inu’s Potential on GeckoTerminal & CoinGecko

Posted on by Dorah Lilian
Estimated read time 4 min read
  • GeckoTerminal, a well-known decentralized exchange (DEX) monitoring tool provided by CoinGecko, has revealed its incorporation of Shibarium, the Layer 2 blockchain of Shiba Inu.
  • Within a span of four months, Shibarium has managed to handle more than 22 million transactions involving numerous wallets, yet faced a brief transaction pause and a drop in Shiba Inu’s value to $0.000008 due to an initial problem.

Shibarium, the highly awaited second-layer network designed for Shiba Inu (SHIB), has successfully gone live. The speed at which new tokens are being introduced on this network is truly remarkable. This has generated a lot of excitement within the cryptocurrency community, as everyone looks forward to an exciting weekend. During this time, both developers and investors will be actively discovering the fresh prospects presented by this platform.

A number of decentralized exchanges (DEXes) have already established themselves as pivotal trading centers for these novel tokens. Some noteworthy examples are: Piswap, Pawdex and WoofFinance. These DEXes are playing a crucial role in facilitating the trading of the newly introduced tokens on the Shibarium network.

CoinGecko Introduces Fresh Classification for Shibarium Tokens

In a Twitter announcement, GeckoTerminal, a popular decentralized exchange (DEX) tracker tool offered by CoinGecko, also announced the integration of Shiba Inu’s L2 blockchain, Shibarium. Notably, Shibariums’s incorporation into GeckoTerminal, will allow users to monitor all tokens operating within the Ethereum-derived Layer 2 network. As indicated by information on GeckoTerminal, the Shibarium blockchain currently hosts a collective count of 123 liquidity pools.

The platform announced the establishment of a novel section tailored to cryptocurrencies existing within the Shibarium ecosystem. Noteworthy is the inclusion of 10 tokens, among them SHIB, all now listed within CoinGecko’s Shibarium ecosystem category. As anticipated, the designated gas token for Shibarium, Bone ShibaSwap (BONE), holds the top position as the most substantial gainer within this category.

Based on information obtained from Shibariumscan, the count of interacting wallet addresses on the Layer 2 (L2) blockchain has exceeded 48,000. Currently, the tally of active wallet addresses within Shibarium has reached 48,868. Earlier today, a well-known influencer in the Shiba Inu community, SHIB GUY, reported the number of wallets to be approximately 47,369.

What’s particularly intriguing is that more than 1,000 addresses have been added in a matter of hours. Given this abrupt increase, forecasts of a sustained rise to 100,000 within a few days have surfaced.

Shibarium Milestones

Apart from the notable surge in active wallet addresses, Shibarium has also accomplished favorable outcomes in terms of transaction volume and block generation. According to Shibariumscan, the total count of transactions has reached 120,494 on the mainnet. Furthermore, the quantity of generated blocks has reached 280,835, with an average block time of five seconds.

Moreover, Shibarium set a new record for its highest daily transactions yesterday, reaching an impressive milestone of 100,905. Remarkably, Shibarium achieved these remarkable milestones in less than two weeks after its L2 blockchain was introduced on the mainnet. It’s worth recalling that Shibarium officially went live on August 16, 2023, during the Blockchain Futuristic Conference held in Toronto, Canada.

Despite facing technical challenges that led to a temporary halt in block production for a few days, the L2 blockchain has still managed to achieve astonishing statistics. It’s important to note that block production on Shibarium has resumed amidst ongoing efforts to enhance scalability. The development team has implemented crucial features to prevent the recurrence of technical issues stemming from high traffic.

Notably, the team has introduced monitoring and automated server reset functionalities to mitigate the likelihood of a repeat of the recent technical problem.

As long as Shibarium maintains optimal performance, it won’t be long before the mainnet surpasses the record set by the blockchain’s testnet. Data from Puppyscan indicates that over 17 million wallet addresses have been connected to Shibarium Beta, also known as Puppynet.

Conclusion

The introduction of Shibarium has encountered its share of obstacles. Here’s a concise overview of the journey thus far: The launch, initially planned for May, was postponed multiple times and eventually occurred between August 15-16. However, the launch faced complications, with technical issues causing a pause in block production on August 17 due to Ethereum (ETH) transaction problems.

The Shiba Inu team has been diligently addressing concerns, dispelling recent apprehensions as fear, uncertainty, and doubt (FUD), and actively monitoring validator data and transactions to prepare for a restart of the Shibarium network. Serving as a layer-2 solution on the Ethereum blockchain, Shibarium aims to facilitate efficient transactions and unique governance within the Shiba Inu ecosystem.

 

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Dorah Lilian

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