Shiba Inu‘s (SHIB) new Layer-2 scaling solution continues to grow rapidly, leading to a surge in staking of the altcoin used to operate gas fees. New data from the SHIB blockchain tracker Shibariumscan reveals that the total number of transactions on Shibarium has surpassed 2.5 million, with a daily transaction count slightly above 200,000.
The Impact of Shibarium on SHIB
The protocol has also gained over 1.2 million unique wallet addresses using its services. Additionally, according to Shibarium’s own data, the amount of Bone ShibaSwap (BONE) has exceeded 27.1 million. Earlier this month, Shibarium reached over one million transactions and wallet addresses, leading developer Kaal Dhairya to declare the team behind Shibarium is determined to make it one of the best Layer-2 protocols in the market.
We have achieved the status of being one of the fastest and cheapest Layer 2 networks, and we aim to maintain it. I also read somewhere that some people are not happy with the network fees being too low, which made me laugh.
The Negative Effects of Shibarium
Shibarium, launched in mid-August, temporarily went offline weeks later due to technical issues surrounding the intense user activity flow that caused millions of dollars worth of cryptocurrency to be stuck on the Ethereum (ETH) bridge. However, the project came back online with a new monitoring system that lead developer Shytoshi Kusama said would mitigate the technical problems caused by volatility in network traffic. At the time of writing, SHIB is trading at $0.000007. With a slight increase during the day, BONE is trading at $0.832 and has experienced a marginal increase in the past 24 hours. As a result, SHIB’s price is showing a small increase, while BONE has experienced a marginal increase in the past 24 hours. Shibarium’s growth since its inception and its ability to reduce gas fees are seen as positive developments for SHIB and BONE users.
