The Shibarium Network Reaches 1 Million Blocks: A Milestone for Ethereum Scaling
The Shibarium Network, a layer-2 blockchain created by the developer of ShibaSwap’s BONE token, has achieved a significant milestone of confirming 1 million blocks. This network was designed to scale the Ethereum network and has gained support from the Shiba Inu (SHIB) community within the decentralized finance ecosystem.
During its initial launch, Shibarium encountered challenges related to Ethereum’s bridge and block production. The network experienced issues due to an unexpectedly high demand, resulting in massive traffic in a single block, which caused the network to enter “fail-safe mode,” according to its core developer.
However, after resolving these issues, Shibarium is now successfully completing an average of one block every 5 seconds, reaching the remarkable milestone of 1 million published and confirmed blocks.
Impressive Transaction Volume and Wallet Growth
On September 21, Shibarium recorded a total of 3 million transactions confirmed in 745,837 blocks. During this period, over 36,000 new wallet addresses were added to the network. As of now, there have been 3,335,636 confirmed transactions in Shibarium with a total of 1,252,387 wallet addresses.
This significant transaction volume and growing number of wallet addresses validate the effectiveness of the Shibarium blockchain and signify increased demand and usage within its ecosystem.
Potential Benefits for SHIB and BONE Tokens
The successful operation and growth of Shibarium have positive implications for tokens such as SHIB and BONE. BONE is particularly impacted as it is used for gas fee payments in each transaction. With more investors utilizing the ecosystem, there will be an increased demand for BONE tokens in the open market.
Hot Take: Shibarium Network Achieves Milestone, Boosting Ethereum Scaling and Token Utility
The recent milestone of 1 million confirmed blocks in the Shibarium Network is a significant achievement for Ethereum scaling. Overcoming initial challenges, Shibarium has demonstrated its ability to handle high transaction volumes and attract a growing number of users. This success not only validates the effectiveness of the network but also enhances the utility and demand for tokens like SHIB and BONE. As Shibarium continues to flourish, it has the potential to further boost Ethereum’s scalability and contribute to the overall growth of the decentralized finance ecosystem.
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