in Crypto

Here’s how the Layer-2 solution has performed since launch

It has already been a year since the launch of Shibarium took the meme coin niche and the entire crypto community by storm. Shibarium was launched on the Shiba Inu mainnet on August 16, 2023, after months of meticulous planning and development.

Shibarium has introduced new and practical use cases for SHIB and BONE, two of the most popular tokens in the Shiba Inu ecosystem, in a strategic effort to transcend its status as meme money and establish a more serious, utility-oriented presence in the cryptocurrency industry.

Since then, Shibarium has seen several milestones. The value of SHIB has also become intertwined with the performance and activity on the Shibarium layer-2 network.

Shibarium celebrates first anniversary

Shibarium was created to improve the Shiba Inu cryptocurrency ecosystem by offering better scalability, lower gas fees, and a smoother user experience. Gas fees on Shibarium are paid via BONE. What makes this system unique is that a portion of these BONE fees are converted into SHIB and then burned. This burning process theoretically reduces the supply of SHIB tokens in circulation, which could lead to an increase in the value of SHIB over time.

Interestingly, the Shibarium It has been widely accepted after its launch. In less than a month, Shibarium had elaborated over 3 million transactions and easily surpassed 1.3 million blocks mined. These early successes set the stage for continued growth. Shibarium has maintained its momentum by consistently processing millions of transactions and seeing a steady increase in the number of wallets created.

SHIB’s market cap is currently $7.8 billion. Chart: TradingView

At the time of writing, Shibarium has processed over 417 million transactions and over 1.8 million wallets have been created. Despite this huge amount of activity, gas fees have remained relatively low, which resonates with Shibarium’s vision. The number of smart contracts created on Shibarium has also grown steadily since its launch, with 17,487 contracts registered at the time of writing.

What future for Shibario?

While the activity on Shibarium he slowed down from its initial peak, the level 2 scaling solution remains full of promise and potential for future growth. The Shibario is still a critical component of the Shiba Inu ecosystem, and there are developments in progress which could soon reignite user engagement and network activity.

According to Lucie, Shiba Inu marketing manager, $12 million has already been secured for future growth of Shibarium. There are also plans to introduce NFTs, games, and a metaverse to the platform, all of which could increase user activity and interaction. Therefore, we may see Shibarium return to peak activity very soon, which could contribute to a price increase for SHIB and BONE.

At the time of writing, SHIB is trading at $0.00001336. BONE is trading at $0.3945.

Featured image from Pexels, chart from TradingView

Written by Anika Begay

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