As a researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs, but Shibarium’s journey over the past year has been nothing short of impressive. Despite the recent dip in daily activity, the network’s ability to process over 6.5 million blocks and approaching 420 million transactions is truly commendable.
TL;DR
- Shibarium has processed over 6.5 million blocks and is close to reaching 420 million transactions despite a recent decline in daily activity.
Over the past year, the network underwent key upgrades, including a new UI, a hard fork, and a burning mechanism to reduce SHIB supply.
Shibarium’s Latest Achievement
On Shiba Inu‘s layer-2 scaling solution, the overall count of processed blocks has surpassed 6.5 million recently, and the total number of transactions is approaching 420 million.
Although Shibarium has experienced impressive growth earlier this year, recent days have shown a drop in key performance indicators. Daily transactions have been fluctuating between 3,000 and 4,000, a significant decrease from the millions recorded during the first quarter. Additionally, the number of active accounts, new contracts, and verified contracts has also seen a downturn.
Shibarium was specifically created with the aim of nurturing the Shiba Inu ecosystem. This is achieved by boosting speed, increasing scalability, and lowering transaction costs. Consequently, certain market players anticipate that its continued advancement could potentially increase the value of SHIB.
Despite showing an upward trend over the past week for this meme currency, there has been a minor decrease of approximately 1.5% within the last day. At present, its trading value hovers around $0.0000147, and its market capitalization is roughly $8.6 billion, placing it as the 16th largest cryptocurrency.
Shibarium’s Anniversary
The advancement in the mentioned protocol is quite remarkable, given that it was recently introduced just one year ago.
During that timeframe, Shibarium underwent significant enhancements aimed at enhancing user experience and offering additional advantages. In April, the team rolled out a refreshed user interface (UI), touting it as “swifter, sleeker, and more accessible than ever.” The primary objective was to facilitate seamless integration with widely-used self-custody wallets such as MetaMask, Trust Wallet, Coinbase Wallet, and other similar platforms.
A few days after that, Shibarium experienced another upgrade via a hard fork. This update was designed to improve user experience, strengthen the developer and innovator community, and accelerate block processing speeds.
As a crypto investor, I’m glad to know that we’re addressing transaction fee fluctuations during peak times. This move makes costs more consistent and equitable for all users, ensuring our platform remains an affordable and accessible choice.
More recently, Shibarium has implemented a token destruction method known as “Burn Portal.” While this mechanism aims to decrease the number of circulating SHIB tokens by transferring some tokens to a specific address, it differs slightly from the initial strategy endorsed by the meme coin project.
Within the Shibarium environment, I serve as an analyst observing the role of BONE. This token functions chiefly in governance matters and significantly contributes to the payment of transaction fees, known as gas fees. The validators and delegators in this network, including myself, heavily rely on BONE for smooth transactions to occur.
A part of the BONE transaction fees is allocated to buy SHIB tokens, which are then sent to an unspendable address to be destroyed. In order to take part in this program, users must accumulate a minimum of 100 BONE units.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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2024-08-27 10:43