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Shiba Inu’s Shibarium surpasses 300 million transactions mark

Shiba Inu

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TL;DR

  • Shiba Inu’s layer-2 solution, Shibarium, has reached a significant milestone with over 300 million total transactions, addressing Ethereum’s high gas fees.
  • Shibarium serves as a foundation for decentralized applications (dApps) within the Shiba Inu ecosystem, fostering innovation and collaboration.
  • The Shiba Inu community continues its SHIB burning efforts, recently burning 100 million SHIB tokens and maintaining its commitment to reducing the token supply.

Shiba Inu’s layer-2 solution, Shibarium, has achieved a remarkable milestone, surpassing 300 million transactions. This significant growth reflects the continued success of Shibarium, which was developed to address Ethereum‘s high transaction fees and provide a scalable solution for the Shiba Inu ecosystem.

One of the primary objectives of Shibarium was to reduce transaction fees for users within the Shiba Inu community. Ethereum, while known for its security and reliability, has faced challenges related to high gas fees. Shibarium was created as a layer-2 solution on top of Ethereum to tackle this issue, making transactions more affordable for Shiba Inu participants.

Shibarium’s rapid development and adoption

Shibarium officially launched on the Ethereum mainnet in August 2023 after extensive development and testing by the Shiba Inu team and its dedicated community. Since its launch, Shibarium has experienced rapid growth in total transactions. In just five months, it has crossed the impressive milestone of 300 million total transactions, as reported by Shibariumscan Explorer, with 304,302,131 total transactions to date.

The Shiba Inu ecosystem has also seen an increase in wallet addresses, currently numbering 1,343,792, and a substantial number of total blocks, reaching 2,789,983. These statistics underscore the growing adoption and utilization of Shibarium within the Shiba Inu community.

Beyond reducing transaction fees, Shibarium serves as a platform for innovation and collaboration within the Shiba Inu ecosystem. It provides a solid foundation for the development of decentralized applications (dApps) like Shib: The Metaverse, Shiba Eternity, and various other projects, products, platforms, and services within the broader Shiba Inu community.

Lucie, a member of the SHIB team, expressed optimism about Shibarium’s future, stating that it is still in its early stages and hinting at exciting projects currently in development. This suggests that Shibarium has the potential to surprise the community with innovative initiatives in the near future.

Continued SHIB burning and NFT collections

Meanwhile, the Shiba Inu community continues its efforts to burn SHIB tokens. The Shibdream NFT collection recently achieved the significant milestone of burning 100 million SHIB tokens. In the last 24 hours alone, a total of 111,672,568 SHIB tokens were burned, as reported by Shibburn.

Overall, Shiba Inu’s Shibarium has achieved an impressive milestone by surpassing 300 million transactions, fulfilling its role as a scalable solution for the Shiba Inu ecosystem and reducing transaction fees. With ongoing innovation and SHIB burning initiatives, the future looks promising for the Shiba Inu community and its dedicated supporters.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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