Shiba Inu’s Layer-2 Scaling Solution Experiences Rapid Growth in Staking
Shiba Inu’s (SHIB) layer-2 scaling solution has been witnessing significant growth, leading to an increase in staking for the altcoin used for gas fees. According to data from the SHIB blockchain tracker Shibariumscan, the total number of transactions over Shibarium has exceeded 2.5 million, while the daily transactions are slightly above 200,000.
A Growing User Base
Shibarium has attracted over 1.2 million unique wallet addresses, further solidifying its position in the market. Additionally, the amount of Bone Shibaswap (BONE) on Shibarium has reached a staggering 27.1 million, according to data from the platform itself.
Striving for Excellence
Earlier this month, Shibarium achieved the milestone of over 1 million transactions and wallet addresses. This accomplishment prompted developer Kaal Dhairya to express the team’s dedication to making Shibarium one of the best layer-2 protocols available.
Dhairya stated, „We have achieved – and aim to maintain – our status as one of the fastest and cheapest layer-2 networks out there. (I also read somewhere that some people are unhappy that the gas prices are very low in the network, which made me chuckle.)“
Overcoming Technical Challenges
Shibarium faced some technical challenges shortly after its launch in mid-August, which led to a temporary shutdown due to the overwhelming user activity. As a result, millions of dollars worth of crypto assets were stuck over its Ethereum (ETH) bridge. However, the project successfully resolved these issues by implementing a new monitoring system. Lead developer Shytoshi Kusama believes this system will prevent future technical difficulties caused by sudden surges in network traffic.
Price Analysis
As of this writing, SHIB is trading at $0.000007, experiencing a fractional increase compared to the previous day. On the other hand, BONE is priced at $0.832, also showing a marginal increase over the last 24 hours.
Frequently Asked Questions (FAQs)
What is Shibarium?
Shibarium is a layer-2 scaling solution for Shiba Inu (SHIB) that aims to enhance its speed and reduce gas fees.
How many transactions has Shibarium processed?
Shibarium has processed over 2.5 million transactions since its launch.
How many unique wallet addresses have used Shibarium?
More than 1.2 million unique wallet addresses have utilized Shibarium.
What challenges did Shibarium face after its launch?
After its launch, Shibarium encountered technical issues due to a significant influx of user activity, resulting in a temporary shutdown and trapped crypto assets.
How did Shibarium overcome these challenges?
Shibarium implemented a new monitoring system to mitigate technical difficulties caused by surges in network traffic.
What are the current prices of SHIB and BONE?
At present, SHIB is trading at $0.000007, and BONE is priced at $0.832.
Please note that the information provided in this article is based on publicly available sources and should not be considered as financial advice.
