Shibarium, Shiba Inu's Ethereum Layer-2 Network, Surpasses 2 Million Transactions

Shibarium, Shiba Inu's Ethereum layer-2 network, surpasses 2 million transactions and supports over 1.1 million wallet addresses. Find out more about Shibarium and its growing importance in the cryptocurrency landscape.

Posted 10 months ago in Technology

Shibarium Ethereum Layer-2 Network

Shibarium, the Ethereum layer-2 network developed by Shiba Inu, has crossed a significant transactional threshold, surpassing 2 million transactions and supporting over 1.1 million wallet addresses.

Shibarium's growing pains

With an average block time of 5.0 seconds and a gas tracker at 3.02 Gwei, Shibarium has logged a total of 580,102 blocks as of Sept. 11. The network saw daily transactions average at approximately 168,150, demonstrating the platform's increasing utility and adoption rate.

Developed as a fork of Polygon, Shibarium is part of Shiba Inu's broader strategy to expand into the metaverse and gaming applications, and it offers cheap settlements for DeFi applications built on top of it. After a slew of initial hiccups—such as software bugs that left millions of dollars in limbo—the platform seems to have stabilized after putting additional fail-safes in place.

SHIB's underperformance

In spite of Shibarium's early success, the price of the Shiba Inu token (SHIB) remains subdued. According to the latest CoinGecko data, SHIB is priced at $0.00000702, down 4% on the day and down 8.1% over the week. The token is performing similarly to other altcoins like Dogecoin and Cardano, which have also posted negative numbers in the past week.

However, Shibarium's new milestones could be a positive indicator of the project's long-term viability, even if they haven't yet had a significant impact on the token's price. Shibarium is positioning Shiba Inu as a key player in the rapidly evolving cryptocurrency landscape, allowing it to go beyond its meme coin status.

Last updated 9/11/2023, 3:39:56 PM


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