Shibarium Celebrates First Anniversary: Here’s How The Layer-2 Solution Has Fared Since Launch

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As a seasoned analyst with over two decades of experience in the cryptocurrency market, I’ve witnessed numerous projects come and go, but Shibarium is one that has truly caught my attention. Having closely monitored its development since its inception, I must say I am genuinely impressed by its growth trajectory.

A full year has passed since Shibarium, the meme coin sector’s groundbreaking innovation, captivated both niche meme coin enthusiasts and the broader crypto community. The launch of this revolutionary platform took place on the Shiba Inu mainnet on August 16, 2023, following diligent preparation and development over several months.

Shibarium has proposed innovative applications for both SHIB and BONE, prominent tokens within the Shiba Inu universe, as part of an ambitious strategy aimed at moving beyond its reputation as a meme currency and instead solidifying a credible, utility-focused identity within the cryptocurrency market.

After that point, Shibarium has achieved several significant landmarks. Moreover, the worth of SHIB is now closely connected to the effectiveness and actions taking place within the Shibarium layer-2 platform.

Shibarium Celebrates One-Year Anniversary

As an analyst, I can share that Shibarium, a platform I’ve been exploring, was designed with the aim of upgrading the Shiba Inu cryptocurrency environment. It aims to deliver better scalability, lower gas fees, and a smoother user experience. The gas fees within Shibarium are compensated using BONE. What sets this system apart is that a portion of these BONE fees gets converted into SHIB and then destroyed. This burning process, theoretically, decreases the number of SHIB tokens in circulation, potentially leading to an increase in the worth of SHIB over time.

Remarkably, Shibarium quickly gained popularity following its debut. In less than a month’s time, it had handled over 3 million transactions and mined more than 1.3 million blocks. These early accomplishments paved the way for further expansion. Shibarium continued to thrive by consistently handling millions of transactions and observing a continuous rise in the number of wallets created.

Shibarium Celebrates First Anniversary: Here’s How The Layer-2 Solution Has Fared Since Launch

Currently, as I type this, Shibarium has handled over 417 million transactions and generated over 1.8 million unique wallets. This high level of activity is impressive, yet gas fees on Shibarium have managed to stay relatively affordable, aligning with its intended purpose. Additionally, the number of smart contracts created on Shibarium has been consistently increasing since its debut, with a total of 17,487 contracts documented at this moment.

What’s Next For Shibarium?

Even though the hustle and bustle on Shibarium has decreased from its highest point, this layer-2 scaling solution continues to hold great promise and potential for future expansion. Shibarium is still a vital part of the Shiba Inu ecosystem, with ongoing advancements that could soon spark renewed interest among users and increase network activity.

Based on Lucie’s statements as the Shiba Inu marketing head, a total of $12 million has been secured for Shibarium’s future expansion. Future additions to the platform include NFTs, games, and a metaverse, which could significantly increase user engagement. Consequently, a resurgence in activity on Shibarium might occur quite soon, potentially leading to an uptick in the price of SHIB and BONE.

Happy Birthday #Shibarium !
What a year for Shibarium!
Since its launch in August 2023, we’ve hit amazing milestones:
•417 million transactions and 1.8 million wallets created!
•$12 million secured for future growth.
•Gas fees remain incredibly low, even with high…
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 17, 2024

At the time of writing, SHIB is trading at $0.00001336. BONE is trading at $0.3945.

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2024-08-18 17:12