Shiba Inu’s Ethereum-based layer 2 blockchain solution Shibarium, achieves yet another important milestone in blocks and transactions which shows the attraction of the network.
Shiba Inu: Shibarium’s Latest Milestone
Shiba Inu’s Shibarium has recently reached a significant milestone, recording over a million blocks and over 3 million transactions since it was introduced to the public in late August 2023.
The platform’s latest achievement might be traced back to the collective Shiba Inu token burn movement. Last month, a prominent Shiba Inu team member Lucie urged investors to migrate from using centralized exchanges and start using Shibarium as it will help with the Shiba Inu token burns.
According to blockchain explorer Shibariumscan, Shibarium blocks currently sit at 1,063,594 as of the time of writing. This highlights a significant growth in demand for scalable features.
Total blcoks crosses 1 million | Source: ShibariumScan
In transactions, the layer 2 blockchain has seen a steady increase in total transactions crossing the exclusive level of 3 million transactions a few weeks ago marking yet another milestone for the network.
Data from Shibarium Explorer has shown that the total transactions are currently sitting at 3,383,413 as of the time of writing. Also, the total number of interacting wallet addresses currently sits at 1,252,888 as of the time of writing.
Shiba Inu’s Shibarium is a layer 2 blockchain based on the Ethereum network that was launched at the end of August. It is a decentralized finance (DeFi) platform that was designed to offer a more scalable and sustainable infrastructure for Shiba Inu transactions as an alternative to centralized crypto exchanges.
SHIB price shows strength amid Shibarium milestone | Source: SHIBUSD on Tradingview.com
Next Steps For Shibarium
Shytoshi Kusama, the anonymous co-founder and lead developer of Shiba Inu has revealed Shibarium’s latest strategy on how the blockchain plans to add validators to the network to ensure the safety of the network.
In an X (formerly Twitter) post shared by Shiba Inu’s marketing strategist Lucie on October 9, 2023, Kusama highlighted that while the team continues to work from behind the scenes, and the plan to add validators to the network is to put in line the right folks to scale. However, the co-founder did not reveal the complete plan.
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) October 9, 2023
The blockchain relies on a web of decentralized validators to confirm that no invalid transactions are presented to the Ethereum mainnet to ensure the network’s security.
Shibarium has implemented the EIP-1559 standard, a feature that creators claim will result in “more predictable gas fees” in a BONE-deflationary world, which is similar to that of Polygon and Ethereum.
In addition, 10,000 BONE must be connected by validators to the Ethereum staking management contracts for Shibarium. The Shibarium network also rewards node operators for performing the role of validators since they keep the network decentralized and secure by confirming that transactions are genuine.
Featured image from Crypto Disrupt, chart from Tradingview.com