Gushiken Yona
Shibarium has recently experienced a dramatic drop in gas fees, solidifying its position as the most cost-effective network in the crypto space.
Shibarium, the layer-2 scaling solution for Shiba Inu (SHIB), has rapidly emerged as a frontrunner in the blockchain space, boasting impressive transaction metrics and unparalleled cost-efficiency. Launched in late August 2023, the network has already processed a staggering 415.95 million transactions, demonstrating its robust utility and growing adoption.
Recent data from the blockchain explorer for Ethereum networks, Shibarium explorer, revealed Shibarium witnessed an astonishing 84% decrease in transaction fees, dropping from 79 BONE on June 22 to a mere 12 BONE on June 27. BONE, the official gas fee token for Shibarium, plays a crucial role in facilitating transactions and staking within the ecosystem.
Moreover, the average gas price on Shibarium saw a steep decline, plunging 79% from 40.83 gwei on June 24 to 8.39 gwei on June 27. Gas prices are a measure of the computational power required to execute transactions on the blockchain.
Lower gas prices signify a reduction in the cost of performing transactions, enhancing the network’s usability and accessibility for a broader audience. This reduction is particularly important for decentralized applications (dApps) and other blockchain-based services that rely on affordable transaction costs to maintain their operations.
Lower transaction fees and gas prices mean that users can process transactions on Shibarium at a fraction of the cost compared to other networks. This is a major advantage for both individual users and businesses operating on the blockchain.
In addition to the reductions in fees and gas prices, Shibarium experienced a 32.50% increase in average block size, rising from 683 on June 9 to 905 on June 27. Block size refers to the amount of data that can be processed in a single block on the blockchain.
An increase in block size generally means that more transactions can be included in each block, improving the overall efficiency and throughput of the network. This enhancement allows Shibarium to handle a higher volume of transactions, making it a more scalable and robust platform.
Shibarium’s remarkable performance in reducing gas fees and increasing efficiency has far-reaching implications for the broader crypto community. It sets a new standard for affordability and accessibility in the blockchain space, potentially attracting more users and developers to the Shiba Inu ecosystem.
This development is particularly noteworthy in the context of rising gas fees on other major networks. As Shibarium continues to evolve and improve, it could emerge as a viable alternative for users seeking a cost-effective and scalable platform for their decentralized activities.
Bone ShibaSwap (BONE) is experiencing a resurgence, trading in the green at $0.5014 as of early Friday morning ET. Bolstered by a significant 24-hour trading volume increase of 5.89%, reaching $4,791,394, the token has seen a 2.33% spike in value today.
While experiencing a minor 1.31% dip over the past week, the recent surge signals renewed investor confidence in the Shiba Inu ecosystem’s layer-2 scaling solution. This positive momentum is noteworthy, considering the broader market challenges that led to a 24.01% decline in BONE’s value over the last 30 days.
CoinMarketCap data reveals a circulating supply of 229,923,351 BONE, with a market capitalization currently mirroring the daily price increase at $115,333,076. This suggests a potential turning point for BONE, as it demonstrates resilience amid market volatility and underscores the growing interest in Shibarium’s capabilities.
Disclaimer: Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
