Shibarium Achieves New Milestones, Surges with 100% Spike in Daily Transactions

July 2, 2024
Shibarium Achieves New Milestones, Surges with 100% Spike in Daily Transactions

Shibarium experienced a significant surge in activity, with daily transactions doubling and several key metrics reaching new milestones.

Shibarium, the layer-2 scalability solution of the Shiba inu crypto project continued to showcase impressive performance evidenced by several metrics. Recent data from Shibarium blockchain explorer Shibarium Scan showed that the total number of blocks processed on the Shibarium network surpassed 5.5 million, showcasing the platform’s growing capacity and usage. 

Additionally, the total number of transactions neared an impressive 420 million, while wallet addresses exceeded 1.8 million. These figures demonstrate the increasing adoption and utilization of Shibarium by the cryptocurrency community. 

Notably, daily transactions on the protocol skyrocketed to over 14,260 on Sunday, marking a remarkable 100% increase from 7,160 transactions the day before. This surge in activity signals a growing demand for the scalability and efficiency that Shibarium offers for Shiba Inu transactions.

Furthermore, Shibarium witnessed a 2.16% increase in account growth between June 2nd and July 2nd, rising from 114,186 to 116,658 users. This consistent growth in user accounts indicates a sustained interest in the platform and its potential to enhance the Shiba Inu ecosystem.

In a positive development for users, the average transaction fee on Shibarium decreased by 35%, from 0.0085 on June 29th to 0.0055 on July 2nd. This reduction in fees makes Shibarium an even more attractive platform for conducting transactions, as it becomes more cost-effective for users to participate in the network.

The 100% spike in daily transactions signals a surge in demand for Shibarium’s capabilities and reflects growing confidence in its ability to handle increased transaction volume. This surge coincides with significant milestones reached by the platform, including surpassing 5.5 million blocks processed, nearing 420 million total transactions, and exceeding 1.8 million wallet addresses. 

These achievements highlight Shibarium’s continued progress as a viable scaling solution for Shiba Inu. Additionally, the steady increase in user accounts signifies sustained interest and adoption, fostering a growing community of users and developers engaged with the platform. Further enhancing Shibarium’s appeal is the 35% reduction in average transaction fees, making it more accessible and cost-effective for users to engage in transactions.

Overall, these metrics paint a picture of a thriving and expanding ecosystem within Shibarium. The surge in transactions, coupled with milestone achievements, account growth, and lower fees, positions Shibarium as a promising layer-2 solution that could play a crucial role in the future growth and scalability of the Shiba Inu ecosystem.

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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.

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