Here's How The Layer-2 Solution Has Fared Since Launch

It’s already been a 12 months for the reason that launch of Shibarium took the meme coin area of interest and your complete crypto neighborhood by storm. Shibarium was launched on the Shiba Inu mainnet on August 16, 2023, after months of meticulous planning and growth.

Shibarium launched new and sensible use circumstances for SHIB and BONE, two of the most well-liked tokens of the Shiba Inu ecosystem, in a strategic effort to transcend its meme coin standing and set up a extra severe, utility-driven presence within the crypto house.

Since then, Shibarium has registered numerous milestones. The worth of SHIB has additionally change into intertwined with the efficiency and exercise on the Shibarium layer-2 community.

Shibarium Celebrates One-12 months Anniversary

Shibarium was created to boost the Shiba Inu cryptocurrency ecosystem by offering improved scalability, decrease gasoline charges, and a extra seamless consumer expertise. Gasoline charges on Shibarium are paid utilizing BONE. What’s distinctive about this technique is {that a} portion of those BONE charges is transformed to SHIB after which burned. This burning course of theoretically reduces the availability of SHIB tokens in circulation, which may result in a rise within the worth of SHIB over time.

Apparently, Shibarium was broadly accepted after its launch. In lower than a month, Shibarium had processed over 3 million transactions and it simply surpassed 1.3 million blocks mined. These early successes set the stage for continued development. Shibarium maintained its momentum by constantly processing tens of millions of transactions and seeing a gradual enhance within the variety of wallets created.

SHIB market cap at present at $7.8 billion. Chart: TradingView

On the time of writing, Shibarium has processed over 417 million transactions, and greater than 1.8 million wallets have been created. Regardless of this sheer quantity of exercise, gasoline charges have remained comparatively low, which resonates with the imaginative and prescient of Shibarium. The variety of good contracts created on Shibarium has additionally grown steadily since its launch, with 17,487 contracts recorded on the time of writing.

What’s Subsequent For Shibarium?

Whereas the exercise on Shibarium has slowed down from its preliminary peak, the layer-2 scaling answer stays filled with promise and potential for future development. Shibarium remains to be a vital part of the Shiba Inu ecosystem, and there are ongoing developments that might quickly reignite consumer engagement and community exercise.

Based on Lucie, the Shiba Inu advertising and marketing lead, $12 million has already been secured for Shibarium’s future development. There are additionally plans to introduce NFTs, video games, and a metaverse to the platform, all of which may enhance consumer exercise and interplay. As such, we may see Shibarium returning to peak exercise very quickly, which may contribute to a worth enhance for SHIB and BONE.

Blissful Birthday #Shibarium !

What a 12 months for Shibarium!Since its launch in August 2023, we’ve hit wonderful milestones:

•417 million transactions and 1.8 million wallets created!

•$12 million secured for future development.

•Gasoline charges stay extremely low, even with excessive… pic.twitter.com/RLxM6iruL5

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 17, 2024