As a seasoned analyst with years of experience under my belt, I find myself intrigued by this sudden surge in Shibarium activity. While it’s always exciting to see such dramatic increases, the question that lingers is: where did all these new users come from and what are they doing on the platform?
According to Shibariumscan data, there’s been a massive surge in new accounts on Shibarium, the layer-2 blockchain rollup associated with the Shiba Inu (SHIB) ecosystem. Over the last day of September alone, the number of new accounts grew an astounding 2,350%, rising from 20 daily sign-ups to a whopping 470.
The mysterious cause behind this sharp upward trend in numbers hasn’t been identified yet, leading to a grand total of 943 active accounts on the Shibarium network.
Absolutely, this spike in activity led to a domino effect across various blockchain statistics. The statistic that stood out the most was the significant increase in new transactions, which soared by an impressive 214% during the reviewed period. This figure climbed from 3,190 to a staggering 6,826.
Despite an increase of 36.57% in transaction fees, it’s worth noting that the metrics measuring the network’s fees and revenues showed minimal change overall. For instance, the total BONE spent on gas fees, as indicated by the “Transaction Fees” statistic, experienced this rise.
But where’s economic effect?
It might appear extensive, but upon considering the influx of fresh accounts on the Shiba Inu blockchain, it’s evident that most of these new users didn’t engage much with the blockchain directly.
In Shibarium, the mechanism for processing transactions involves users spending their BONE tokens as fees. A part of these fees is transformed into SHIB tokens, which are then destroyed or “burned.
Fundamentally, Shibarium aims to increase scarcity and deflationary nature of the Shiba Inu token, ensuring that idle users don’t turn the blockchain into unnecessary energy consumption.
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2024-10-01 18:26