As a seasoned crypto investor with a keen interest in the Shiba Inu ecosystem, I have to admit that watching Shibarium grow and evolve over the past year has been nothing short of exhilarating. With more than 418 million transactions processed and numerous key upgrades under its belt, it’s safe to say that this layer-2 blockchain solution is living up to its promise of fostering growth within the Shiba Inu ecosystem.
TL;DR
- Shibarium has processed over 418 million transactions and implemented key upgrades, including some hard forks to enhance network performance.
The network introduced a burn portal to reduce SHIB supply, with BONE tokens playing an essential role in the process.
Happy Birthday, Shibarium
Shibarium is a second-layer blockchain system constructed on the Ethereum network, primarily developed to boost the growth of the Shiba Inu ecosystem. Its primary functions are aimed at reducing transaction fees, increasing speed, and augmenting scalability.
A year ago, the protocol was officially launched and has since surpassed numerous significant milestones. To date, it has handled over 418 million transactions, reaching the 400 million mark in March 2024. It’s important to note that its progress has slowed down recently – during the early part of this year, daily transactions were consistently in the millions. However, in recent months, the number of daily transactions has only exceeded 20,000 once.
On the network, the overall count of blocks being processed is approaching 6.5 million, while the number of wallet addresses hovers slightly below 2 million.
The creators of Shibarium shared details about additional achievements the network has made since its launch. They highlighted the successful implementation of three hard forks – Delhi, Indore, and Shanghai. These upgrades were designed to enhance user experience, increase transaction speed, and optimize network efficiency.
The team also brought up the topic of the two tokens previously introduced in the system – K9 Finance DAO (KNINE) and Bad Token (BAD) – as they announced that a new one, called HOCHI, has just been launched. This new token is said to provide more flexibility than ever before.
The Latest Progress
In the past few months, Shibarium has undergone three significant improvements. In April, the team rolled out a revamped user interface (UI), touting it as “swifter, smoother, and more accessible than ever before.” The main aim was to enhance its compatibility with popular self-custody wallets like MetaMask, Trust Wallet, Coinbase Wallet, and others.
Right after that, we, as the crypto investors, witnessed a significant upgrade to our platform via a hard fork. This move aimed at expediting block processing times and fostering the development community, encouraging innovation among us.
More recently, Shibarium has adopted a “Burn Portal” aimed at decreasing the number of circulating Shiba Inu (SHIB) coins. This is achieved by transferring some tokens to an empty address, thus making SHIB more scarce and potentially increasing its value if demand remains steady or grows.
From my perspective as an analyst, the mechanism within this specific system deviates from the initial one implemented by the Shiba Inu team. In the Shibarium ecosystem, BONE functions primarily as a governance token, playing a crucial role in paying gas fees. Additionally, validators and delegators interact with it for transactions on the network.
A part of the gas fees collected in BONE is allocated towards purchasing SHIB tokens, which are subsequently transferred to an unassigned address and destroyed. For a user to start this burning process, they must amass a minimum of 100 BONE tokens.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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2024-08-25 14:52