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

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

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 critical, utility-driven presence within the crypto area. 

Since then, Shibarium has registered varied milestones. The worth of SHIB has additionally develop 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 method 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 might result in a rise within the worth of SHIB over time.

Curiously, Shibarium was extensively 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 persistently processing thousands and thousands of transactions and seeing a gentle enhance within the variety of wallets created.

SHIB market cap at the moment 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 essential element of the Shiba Inu ecosystem, and there are ongoing developments that would quickly reignite consumer engagement and community exercise. 

In accordance with 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 might increase consumer exercise and interplay. As such, we might see Shibarium returning to peak exercise very quickly, which might contribute to a value increase for SHIB and BONE.

On the time of writing, SHIB is buying and selling at $0.00001336. BONE is buying and selling at $0.3945.

Featured picture from Pexels, chart from TradingView