Shiba Inu’s Shibarium Experiences Historic Surge in Gas Fees, Active Users Ahead Of Hard Fork

May 2, 2024

Shibarium has experienced an unprecedented surge: gas fees have skyrocketed, coinciding with a remarkable increase in active users, setting the stage for a pivotal moment in the layer-2 scalability solution’s evolution.

As anticipation mounts for its eagerly-awaited hard fork, the cryptocurrency community is bracing for the impact of these monumental developments.

Shiba Inu’s layer-2 scalability platform experienced a monumental rise in transaction fees, which soared by an unprecedented 500%. Recent data showed that the total gas fees surged from a previous 12 BONE to an impressive 61.47 BONE. 

This increase highlighted the growing activity and utilization of Shibarium, where Bone ShibaSwap (BONE) served as the dedicated token for transaction fees. This significant uptick underscored the expanding footprint of Shibarium in the digital currency landscape and marked a critical phase of growth and adaptation for the network.

Beyond the dramatic surge in transaction fees, Shibarium’s landscape was further energized by a notable spike in active accounts. As of Wednesday, the number of users engaging with the platform had catapulted by 211%, ascending from 1,724 to an impressive 3,650. This surge not only reflects an heightened interest and participation in the network but also signifies a burgeoning community eager to leverage Shibarium’s enhanced capabilities.

The remarkable surge in active users and transaction fees on Shibarium can likely be traced back to a series of strategic announcements made by the Shiba Inu team over the past weeks.

Last month, the Shiba Inu team revealed a significant financial milestone, announcing $12 million in raised funds from various venture capitalists. This infusion of capital is earmarked for an ambitious project—the development of its L3 Privacy Chain. This innovative blockchain initiative will harness the power of ZAMA’s Fully Homomorphic Encryption (FHE), a cutting-edge technology poised to enhance privacy and security within the blockchain arena.

In addition to the strategic announcements, the Shibarium development team has recently rolled out a major update aimed at significantly enhancing user experience and platform accessibility. This latest version introduces a more streamlined operation by eliminating unnecessary external libraries, which tidies up the backend environment. 

Further improvements include refined error-handling mechanisms for Smart Contracts and APIs, ensuring more reliable and secure transactions. Moreover, a shift from JavaScript animations to CSS animations has been implemented to decrease RAM usage, contributing to a lighter and faster user experience. These technological enhancements are designed to create a more stable and responsive platform, enhancing overall efficiency and user satisfaction.

To cap off these advancements, Shibarium is set to undergo a significant hard fork this Thursday. This pivotal update promises not only faster transactions and reduced costs but also reaffirms the platform’s commitment to user satisfaction. More importantly, this Hard Fork sets the stage for Shiba Inu’s ambitious expansion plans aimed at onboarding the next billion users. Such strategic developments are designed to enhance the scalability and efficiency of Shibarium, paving the way for its evolution into a major player in the blockchain ecosystem.

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