- Shibarium, Shiba Inu’s (SHIB) layer-2 scaling solution, is on the verge of achieving a significant milestone.
- This progress is particularly noteworthy given the recent 80% decline in some key metrics for Shibarium.
- The total number of blocks on Shibarium has now reached 6,377,906, approaching the critical 6.5 million mark.
Shibarium’s imminent milestone marks a pivotal moment in Shiba Inu’s blockchain journey, reinforcing its development trajectory.
Shibarium’s Steady Progress Despite Recent Challenges
Shibarium, having launched approximately a year ago, has been steadily gaining traction. According to Shibariumscan, the total number of blocks on the network has reached 6,377,906, setting the stage for achieving the 6.5 million block milestone. The network has also seen a significant increase in total transactions, which now stand at 418,079,698, alongside a wallet address count of 1,812,355.
Recent Innovations and Developments
In the past week, Shibarium has introduced major functionalities. Notably, it now features a burn portal designed to remove excess SHIB tokens from circulation. This burn portal becomes fully operational once enough BONE tokens have been collected, and requires new users to hold at least 100 BONE tokens to initiate a burn. The process includes swapping BONE tokens for SHIB tokens on the Ethereum network, effectively reducing the circulating supply of SHIB.
Integration With Payment Giants Visa and Mastercard
Shibarium’s ecosystem is expanding through new integrations, including on-ramp features with popular payment processors Visa and Mastercard for BONE tokens. These integrations aim to extend the utility of BONE tokens, making them more accessible and functional within the broader financial ecosystem.
Challenges and Decline in Block Production
Despite these positive developments, Shibarium has faced some setbacks. Recently, the number of new blocks produced on the network fell from 17,210 to 5,742, and new transactions decreased from 7,161 to 1,172, indicating an 83.6% drop. This decline may suggest waning interest in the network. However, according to CoinMarketCap data, SHIB’s trading volume remains robust, suggesting that market interest persists despite these hurdles.
Conclusion
Shibarium’s ongoing journey reflects both its resilience and the dynamic nature of the cryptocurrency space. As it nears the 6.5 million block milestone and continues to innovate with features like the burn portal and Visa/Mastercard integration, Shibarium is poised to enhance the Shiba Inu ecosystem’s functionality and appeal. Despite recent declines in block production and transaction numbers, the overall trajectory remains positive, positioning Shibarium for sustained relevance and growth in the crypto market.
