The 5 million milestone is significant for the Shiba Inu ecosystem, especially given the fact that Shibarium was launched in August 2023.
The Shiba Inu layer-2 scaling solution Shibarium has reached another big milestone, processing over five million blocks on its network, setting a precedent for other L2 solutions in the digital asset sector.
The network has also seen impressive growth in other areas–the total transactions on Shibarium have surpassed 417 million, and the number of wallet addresses has recently exceeded 1.8 million. Also, the average daily SHIB transactions are around 11,160.
On the other hand, the SHIB burn rate has exploded by 350% recently, resulting in almost 10 million tokens being destroyed. The burn program’s ultimate goal is to reduce the asset’s substantial circulating supply, making it scarcer and potentially more valuable, increasing its price over time. So far, the Shiba Inu team has already burned over 41% of the maximum total supply of 999,982,356,918,347 coins.
It is important to note that the 5 million milestone is significant for the Shiba Inu ecosystem, given that Shibarium was launched in August 2023. The L2 solution aims to enhance the ecosystem by reducing transaction fees, increasing speed, and improving scalability, thereby increasing its use cases and attracting developers.
Positive Developments
Another positive development in the Shibarium ecosystem is the reduction of bridge time from Shibarium to Ethereum. Previously, BONE withdrawals from Shibarium to the Ethereum chain took seven days, but this time has now been reduced to around 45 minutes. This results in transactions getting much faster and smoother, further enhancing the user experience. On Thursday, the network noted this “game-changing” development on social media platform X (previously known as Twitter):
“This means withdrawals initiated post the upgrade will be much quicker, allowing you to move your BONE tokens faster, with greater agility, making your experience in the Shibarium ecosystem even smoother.”
On April 18, the Shibarium team announced the launch of a new user interface (UI) upgrade, which they described as “faster, smoother, and more accessible than ever”. The update aimed to offer users compatibility with popular self-custody wallets like MetaMask, Trust Wallet, and Coinbase Wallet.
Shortly after the UI upgrade, the team introduced another major development through a hard fork. This hard fork aims to empower the community of developers, enhance user experience, and implement quicker block processing times. Currently, the average block time is around 5 seconds.
Despite the optimistic developments in the Shiba Inu ecosystem, the meme coin failed to achieve higher prices today and is significantly down from its all-time high of $0.00008845 achieved in October 2021.
However, SHIB is still up by around 22% over the last 30 days.
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