The Shibarium network, designed as a blockchain layer2 to enhance scalability, recently achieved a significant milestone by confirming 1 million blocks.
The Shiba Inu development team has decided to delve deeper into the world of decentralized finance (DeFi) and even make significant strides in it with Shibarium.
Shibarium encountered some unexpected challenges during its launch, primarily stemming from a sudden surge in demand leading to network congestion. Consequently, the network had to activate an unsafe mode, posing significant challenges that needed resolution.
However, after a temporary pause, Shibarium made a strong comeback. It reached a noteworthy milestone of confirming 1 million blocks at an impressive average speed of one block every 5 seconds.
Furthermore, on September 21st, the Shibarium network recorded an astonishing figure of 3 million transactions verified within 745,837 blocks. During this period, the network witnessed a notable addition of over 36,000 new wallet addresses. Currently, the Shibarium network has confirmed a staggering 3,380,946 remarkable transactions, involving a total of 1,252,866 wallet addresses.
This translates to roughly 3 transactions occurring on every published block and on each wallet address, signifying a flexible and active ecosystem.
The achievement of reaching 1 million blocks not only signifies the operational status of the Shibarium blockchain but also its robust developmental state. The previous challenges highlighted the network’s resilience and adaptability. Moreover, the increasing number of transactions and wallet addresses reflects the growing demand, emphasizing the rising utilization of this ecosystem.
In light of these developments, tokens like SHIB are poised to reap significant benefits. This is due to the seamless functionality and expansion of Shibarium. BONE, the gas fee payment token in the network for every transaction, can also reap substantial benefits from the growing adoption of this ecosystem, further driving demand for BONE in the open market.
However, at the time of writing, SHIB is trading at $0.000006938 USD, experiencing a daily decrease of 3.62% and is considered one of the biggest losers in the cryptocurrency market for the day.
As the Shibarium network continues to grow and demonstrate its potential, investors and enthusiasts alike are eagerly anticipating further advancements. This sets the stage for a promising future for BONE and the entire Shiba Inu community in the ever-evolving DeFi landscape.
Read more:
- Shibarium’s Growth Mirrors The Majestic Life Cycle Of A Tree: A Tale Of Resilience
- Shibarium Shatters Records: New All-Time Highs And Surge In SHIB Burn Rate