Tue, 26/12/2023 – 8:12
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Shibarium, the Shiba Inu (SHIB) Ethereum-based layer-2 scaling solution, is on track to hit another epic milestone as the daily transaction count stays elevated. At the time of writing, the daily transaction count is pegged at 7.53 million, bringing the total transactions recorded to 191,205,833.
Should the tempo be sustained, the layer-2 scaling solution is poised to breach the 200 million transaction milestone before the end of the week, setting an impressive precedent for the protocol. Shibarium is one of the year’s major success stories in the digital currency ecosystem.
Emanating from a meme coin project is daunting enough, surpassing expectations concerning its chain resilience amid intense traffic is another hurdle that Shibarium has figured out since it made its emergence. At first launch, Shibarium crashed as it was unable to handle the load, but after intense engineering work with contributions from industry giants like Polygon, it came back bigger and better.
Since its rebirth and the current transaction blow-up, Shibarium has not experienced any outage, placing it on a par with some other Ethereum-based layer-2 scaling solutions like Polygon, Arbitrum and Optimism. The Shibarium success story is one of many others Shiba Inu can boast of for 2023.
Shibarium milestone multifaceted
Besides the history that Shibarium is pursuing as concerns total transaction growth sparked in part by Inscriptions, the protocol is also making waves in other key performance metrics. The average block time remains low at five seconds despite the millions of transactions processed daily.
There is also growth in the total number of wallet addresses, which now comes in at 1,319,349. In addition, the total blocks produced by Shibarium since inception comes in at 2,312,016, underscoring the massive bandwidth per block.
As part of its major plans, Shibarium hopes to integrate a burn portal that will contribute to the automatic burning of SHIB. As a result, the L2 will play a pivotal role in the future of Shiba Inu.