As a seasoned crypto investor with a penchant for the quirky and the underdog, I can’t help but feel a sense of intrigue when it comes to Shibarium, the layer-2 scaling solution of the beloved Shiba Inu coin. Just days after seeing it plummet by an 80% drop in key metrics, it’s now on track to break a crucial milestone – a testament to the resilience and adaptability that characterizes the crypto market.
Shiba Inu‘s (SHIB) layer-2 scaling solution, Shibarium, appears to be nearing a significant landmark based on its current trajectory. Remarkably, this progress is being made just a few days following a steep decline of more than 80% in key metrics for Shibarium.
Shibarum set for new milestone
Approximately one year after its launch, data from Shibariumscan indicates that Shibarium’s total blocks have reached an impressive 6,377,906. This achievement places Shibarium on the trajectory towards the significant milestone of 6.5 million blocks, a key stepping stone for this layer-2 solution. Concurrently, transactions on the network have skyrocketed to a staggering 418,079,698, while the number of wallet addresses has grown to 1,812,355.
Over the past week, there have been significant advancements regarding Shibarium. According to U.Today, Shibarium now includes a burn portal for disposing of extra SHIB tokens from circulation. It’s important to note that this feature will become fully functional once an adequate amount of BONE tokens has been collected. For new users, initiating a burn requires at least 100 BONE tokens.
The procedure entails exchanging BONE tokens for SHIB tokens using the Ethereum network. This results in the withdrawal of those exchanged SHIB tokens from circulation.
Another recent development on Shibarium is the launch of on-ramp features with Visa and Mastercard for BONE tokens. With this feature, the Shiba Inu ecosystem aims to expand BONE’s utility to a variety of users.
Reduction in block number on Shibarium
As Shibarium moves toward a significant achievement, there’s been a decrease in the number of blocks being mined. A recent report indicates that the production of new blocks has dropped significantly, going from 17,210 to 5,742. Simultaneously, the number of new transactions on the platform has decreased by approximately 83.6%, falling from 7,161 to 1,172.
The drop indicates less enthusiasm for Shibarium, but data from CoinMarketCap reveals a contrasting narrative about SHIB‘s trading activity.
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2024-08-19 14:13