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Shiba Inu Shibarium

Shibarium Leaves Shaky Start Behind As Multiple Metrics Hit Important Milestones

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Layer-2 network Shibarium seems to have completely moved past its botched launch, as multiple metrics suggest that the network is growing at an impressive rate since it relaunched on August 27. 

Shibarium Crosses 2 Million Transactions

The Shibarium network is growing rapidly and has now processed over 2.1 million transactions, according to data from the block explorer Shibariumscan. This suggests that the network is enjoying massive user adoption, especially with Shibarium touted as a cheaper alternative to Ethereum. 

Related Reading: Back From The Dead: Friend.tech TVL Surges To New ATH

The network enjoyed its best day yet on September 10 in terms of transactions processed, as it recorded close to 203,000 transactions (its highest since launching on August 16.) 

The massive user adoption is also evident in the number of wallet addresses created on the network, as the wallet count has crossed 1.12 million already.

The network has not experienced any hiccups since it relaunched, with over 589,000 blocks produced on the network. This is despite Block production being paused following the difficulties the network experienced upon launch. 

Shibarium is also living up to the hype of being a cheaper and faster alternative, especially for decentralized finance (DeFi) projects. The network currently has an average gas fee of 1.83 gwei and an average block time of 5 seconds. For context, Ethereum, the leading DeFi blockchain, has an average gas fee of 8 gwei and an average block time of more than 12 seconds. 

Shiba Inu Shibarium

Wallet addresses cross 1.12 million | Source: Shibariumscan

The Shibarium team’s scaling efforts also seem to be paying off, with the network utilization at less than 7%, meaning that the network can handle much more traffic than it is currently processing.

Following its troubled start, lead developer Shytoshi Kusama pointed to the fact that Shibarium experienced a “massive influx of transactions and users that happened at the same time,” and that was what led to the network going offline. 

As part of efforts to scale the network following that event, the team had to enlist the help of Polygon, of which Kusama mentioned that they responded quickly and provided “additional resources” to help scale the network. 

Shiba Inu price chart from Tradingview.com (Shibarium)

SHIB price holds $0.00000723 | Source: SHIBUSD on Tradingview.com

What Is Happening With SHIB?

Shiba Inu’s (SHIB) value was expected to rise following Shibarium’s launch. The layer-2 network had adopted the token as one of its governance tokens, and many projected that this added utility would have an immense impact on SHIB’s price.

Related Reading: What Does The Future Of XRP Ledger Look Like? Ripple CTO Has Answers

Furthermore, Shibarium’s whitepaper (famously known as the ShibPaper) described SHIB as the “core” of the ecosystem. It stated that every SHIB holder could vote on important decisions in the ecosystem, with such a move expected to encourage more people to invest in the token.

Despite this, SHIB’s price hasn’t reacted positively, as the meme coin is down over 22% in the last month (from around when Shibarium launched). However, one may argue that the token is simply succumbing to bear market pressure and is most likely oversold. 

Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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