Shibarium’s Surge: Shiba Inu’s Layer-2 Blockchain Gains Momentum

Estimated read time 2 min read
  • Shibarium’s total transaction count surpasses 2.5 million, with daily transactions exceeding 200,000.
  • Over 1.2 million unique wallet addresses have engaged with the platform.

Drawing inspiration from the vast landscape of blockchain developments, Shiba Inu’s layer-2 blockchain, Shibarium, is experiencing a significant surge in performance. This rapid ascent has led to a noticeable increase in staking for BONE, the altcoin crucial for its operational gas fees, as reported by dailyhodl.

Shibarium’s recent data reveals that its total transaction count has crossed the impressive milestone of 2.5 million, with daily transactions consistently hovering just over 200,000. Additionally, over 1.2 million unique wallet addresses have actively engaged with the platform.

Earlier this month, when Shibarium reached 1 million transactions and wallet addresses, lead developer Kaal Dhairya commented,

“We are not just achieving but also striving to sustain our status as one of the premier layer-2 networks. The fact that some even gripe about our ultra-low gas prices is a bit amusing.”

Technical Challenges and Triumphs

Shibarium encountered some initial challenges since its launch in mid-August. It had to temporarily shut down due to technical glitches resulting from overwhelming user response, which left crypto assets worth millions stranded on its Ethereum (ETH) bridge. However, this setback was short-lived. Under the guidance of lead developer Shytoshi Kusama, the platform was successfully revived with a new monitoring framework designed to mitigate complications from potential network traffic spikes.

Currently, SHIB is priced at $0.000007, with a slight upward trend for the day. Simultaneously, BONE is trading at $0.832, marking a modest increment over the past day.

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