Shibarium Achieves Impressive Growth: Hits 90 Million Transactions Milestone

12:35 am
December 13, 2023
Featured image for “Shibarium Achieves Impressive Growth: Hits 90 Million Transactions Milestone”

Shibarium, the layer 2 blockchain solution built on Ethereum by the Shiba Inu team, has marked a significant achievement, demonstrating substantial progress within the platform.

Shiba Inu Shibarium’s Recent Milestone

The Shiba Inu layer 2 platform has attained a major milestone as the total transactions processed have surged dramatically in recent weeks.

According to Shibariumscan, the network tracker, Shibarium has crossed over 90 million transactions since its inception, currently sitting at approximately 90,677,816 transactions.

Since December 2, the platform has maintained an average of 7.5 million daily transactions, soaring to 7.84 million transactions at present. This surge reflects substantial network activity and growth, with over a 35% increase in transactions since the beginning of the month.

Additionally, there has been a notable increase in the network’s total blocks and wallet addresses, with approximately 2,077,814 blocks and 1,305,042 wallet addresses recorded on Shibarium.

The escalated transaction volume has led to millions of BONE tokens being spent on transaction fees, setting the stage for the much-anticipated Shiba Inu token burn.

Despite the rise in transactions, the Shiba Inu burn rate has decreased in the past 24 hours according to Shibburn, dropping by 91%. However, the project recently witnessed its highest burn rate ever, with a remarkable 7,686,774% increase and the destruction of about 8.35 billion SHIB tokens.

Shibarium Migrates To Sepolia Network

Last week, Shiba Inu announced the adoption of the Sepolia network by Shibarium. The transition from the Goerli Network to the Sepolia Network aims to align with more effective and scalable infrastructures.

The move serves as an upgrade to provide a more efficient and user-friendly environment, catering to the increasing demands of the blockchain community, particularly in NFTs and DeFi fields.

Sepolia offers a stable and controlled testing environment that replicates Ethereum mainnet’s features, ensuring developers have access to a reliable platform for testing their dApps and smart contracts. The strategic shift is set to go live on December 15, 2023.

SHIB trading at $0.0000096 on the 1D chart | Source: SHIBUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Summary

Shibarium, the layer 2 blockchain solution built on Ethereum by the Shiba Inu team, has marked significant growth, surpassing 90 million transactions since its inception and witnessing a surge in daily transactions. The platform has also migrated to the Sepolia network, aiming to offer a more efficient and user-friendly environment and cater to the growing demands of the blockchain community.

FAQ

What is Shibarium?

Shibarium is an Ethereum-based layer 2 blockchain solution created by the Shiba Inu team, designed to enhance scalability and efficiency.

What is the significance of Shibarium’s milestone?

Shibarium surpassing 90 million transactions underscore its growing strength and adoption, reflecting increased activity and network growth.

What is the impact of Shibarium’s migration to the Sepolia network?

The transition to the Sepolia network aims to align with more effective and scalable infrastructures, providing a stable and controlled testing environment for developers, and catering to the demands of the blockchain community in areas such as NFTs and DeFi.


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