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Shibarium sets a record with over 400 million transactions

TL;DR

  • Shibarium, linked to Shiba Inu, surpassed 400 million transactions, showcasing its growing adoption in the cryptocurrency space.
  • Marketing lead Lucie reported the network’s transaction count reached 400,253,293, evidencing its capacity for high activity volumes.
  • Despite early challenges, including a two-week offline period, Shibarium quickly recovered, achieving over 1 million addresses faster than other Layer 2 networks.

Shibarium, the Layer 2 blockchain network associated with Shiba Inu, has crossed an important threshold by processing over 400 million transactions. This achievement marks a notable milestone for the network, underscoring its growing adoption and utilization in the digital currency space.

According to Lucie, the marketing lead for Shiba Inu, the network had reached a total of 400,096,901 transactions earlier today, with the number climbing to 400,253,293 by press time. This rapid increase in transactions highlights the network’s capacity to handle a substantial volume of activity, despite a noted decrease in daily transactions earlier in the year.

Both challenges and successes have marked Shibarium’s journey to this point. Initially launched on the mainnet less than seven months ago, the network experienced a hiccup when it went offline for two weeks. However, it bounced back remarkably, achieving over 1 million addresses within 18 days of its relaunch—a faster rate than other prominent Layer 2 networks such as zkSync, Optimism, and Arbitrum. This resilience and rapid growth underscore the network’s potential and the community’s enthusiasm for its success.

Factors driving Shibarium’s growth

Several factors have contributed to Shibarium’s impressive transaction volume, among which are its low transaction fees and the strong support from the Shiba Inu community. Shibarium offers transaction costs as low as 0.0000219 BONE ($0.000021), making it an attractive option for users seeking to execute transactions on a blockchain network at minimal cost. This cost-efficiency, compared to the higher fees associated with leading blockchain networks like Bitcoin and Ethereum, is a significant draw for users and developers alike, fueling the network’s adoption and activity levels.

Moreover, the dedicated Shiba Inu community has played a pivotal role in promoting Shibarium’s adoption. Community members, driven by their enthusiasm for Shiba Inu projects, have actively encouraged others to use the network, contributing to its rapid transaction volume growth. This collective effort has not only bolstered Shibarium’s user base but also facilitated the deployment of a variety of applications on the network, including 15,553 total contracts and 9,316 tokens.

Shibarium’s current standing and future prospects

Despite a decline in daily transactions from a peak of 5-7.5 million to approximately 1.81 million at present, Shibarium’s overall performance remains robust. The network boasts significant achievements, including a record of 3.54 million total blocks, an average block time of 5.0 seconds, 1.36 million wallets, and 65,130 total accounts. Additionally, the Total Value Locked (TVL) on Shibarium currently exceeds $1 million, with a peak of $2.25 million observed on March 5, further evidencing the network’s financial and operational health.

Looking ahead, Shibarium’s low fee structure and strong community support position it well for continued growth and broader adoption within the cryptocurrency ecosystem. As the network evolves and expands its offerings, it stands to attract even more users and developers, potentially setting new records and achieving greater milestones in the future. The progress of Shibarium is a testament to the dynamic nature of the blockchain industry and the potential for innovative networks to emerge and thrive, even amid challenges.

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 decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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