Shibarium, Shiba Inu’s Layer-2 Blockchain, Achieves Milestones Amid Market Challenges
In a cryptocurrency landscape marked by volatility and uncertainty, Shibarium, Shiba Inu’s Layer-2 blockchain, continues to demonstrate resilience and growth. The network has recently achieved notable milestones despite the prevailing bear cycle.
At the time of writing, Shibarium is on the verge of hitting 3.3 million transactions, a significant achievement considering it reached the 3 million transaction mark just nine days prior on September 22. This suggests that the network processed approximately 283,364 transactions during this short period, indicating a slightly reduced transaction rate compared to the mid-September surge when over 560,000 transactions were processed in just 72 hours.
Read Also: CREMATLUNC Deployment Delayed, but Normal Operations to Resume Soon
One noticeable trend in Shibarium’s performance is the decline in daily transactions. On September 14, daily transactions were consistently around 200,000 for over three days. However, the network currently records approximately 17,090 daily transactions, with the highest daily count since September 16 peaking at around 45,270 transactions. This decline in daily transactions could be attributed to the overall bearish sentiment prevailing in the cryptocurrency market.
Shibarium’s user base is still growing steadily, boasting over 1.25 million wallet addresses. Since its mainnet launch on August 16, a total of 1,251,720 addresses have interacted with the network. However, it’s worth noting that the pace of new addresses joining the network has slowed down, with only 5,894 new addresses interacting with the network in the past 17 days.
In terms of blockchain performance, Shibarium has processed 928,862 blocks with an impressive average block time of just 5.0 seconds, demonstrating the network’s efficiency.
One of the most remarkable developments in Shibarium is the surge in staking activities since its relaunch on August 28. Members of the Shiba Inu community have staked a total of 27,257,284.1165 Bone ShibaSwap (BONE) tokens across 12 validators. These validators play a crucial role in securing and verifying transactions on the network.
Among the validators, Unification stands out as the top Shibarium validator, holding a significant 5,597,640.4748 BONE tokens delegated by the community. ShibArmy America follows as the second-highest validator with a holding of 3,985,544 BONE tokens, and ShibArmy Europe takes the third spot with 3,075,520.1803 BONE tokens.
It’s important to note that Shibarium faced technical challenges shortly after its mainnet launch, leading to a fail-safe mode that lasted nearly two weeks. However, after successful scaling efforts, the project relaunched on August 28 and has been functioning smoothly since.
Despite the challenges presented by the broader cryptocurrency market, Shibarium’s growth in transaction volume, staking activities, and wallet addresses demonstrate the continued support and interest in this Layer-2 blockchain within the Shiba Inu community. Shibarium’s ability to navigate the complexities of the crypto landscape highlights its potential for long-term success.
Â
Follow us on Twitter, Facebook, Telegram, and Google News
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
