Shibarium Milestones: A Progress Report 📈
Shibarium, the layer-2 scaling solution for Shiba Inu, has hit significant milestones with over 6.5 million blocks processed and nearly 420 million transactions to date. Despite recent declines in daily activity, the network continues to make strides.
Recent Stats and Concerns
The network has seen a drop in new daily transactions, with figures now ranging between 3,000-4,000, a significant decrease from earlier in the year when numbers were in the millions. Other metrics such as active accounts, new contracts, and verified contracts have also shown a downward trend.
- Shibarium designed to enhance the Shiba Inu ecosystem
- Potential impact on SHIB price
While SHIB has seen weekly gains, it is down 1.5% in the last 24 hours, trading around $0.0000147 with an $8.6 billion market cap, ranking as the 16th-largest cryptocurrency.
Shibarium’s Growth Journey 🚀
Over the year, Shibarium has undergone several key upgrades to boost usability and functionality. In April, the network rolled out a new UI update aimed at providing a faster, smoother, and more accessible experience for users, particularly for self-custody wallets like MetaMask and Trust Wallet.
- New UI for enhanced user experience
- Hard fork for improved block processing
Additionally, there was a hard fork to enhance user experience and quicken block processing times. The team’s focus was on providing a more seamless experience, making transaction fees more predictable and fair, even in times of high traffic.
“We are smoothing out transaction fee variations during high traffic times, making costs predictable and fair for everyone,” – Shibarium team
The latest burning mechanism, “Burn Portal,” aims to reduce the circulating supply of SHIB by sending tokens to a designated address, a different approach from the original meme coin project. BONE, the governance token in the Shibarium ecosystem, plays a crucial role in covering gas fees, essential for network transactions.
- Burning mechanism for reducing SHIB supply
- BONE token for gas fees
Users need a minimum of 100 BONE to participate in the burning initiative. Stay updated on the latest Shibarium news for more insights on the ecosystem’s developments.
Hot Take: Stay Informed, Stay Ahead! 🔥
Shibarium’s journey toward growth and innovation underscores its commitment to enhancing user experience and reducing transaction costs. While recent metrics show a decline in daily activity, the network’s strategic upgrades and burning mechanism are poised to make a positive impact on the SHIB ecosystem.
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