Shibarium Network Reaches an Important Milestone in Solving Ethereum's Scalability Issues - COINTURK NEWS
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Shibarium Network Reaches an Important Milestone in Solving Ethereum’s Scalability Issues

12:03 pm (58 days ago)
October 7, 2023

Shibarium Network, the Layer 2 solution designed to address Ethereum‘s scalability issues, has recently achieved a significant milestone that caught the attention of investors. According to ShibariumScan data, the network has reached 1 million blocks, reflecting a major step forward for both SHIB and BONE. Additionally, it highlights the increasing demand for efficient and scalable solutions.

The Challenging Journey to Shibarium’s Milestone

The journey to reach 1 million confirmed blocks for the Shibarium network was not easy as one might expect. Shortly after its launch, Shibarium faced issues with Ethereum’s bridging and block production. These problems were mainly caused by an unexpected surge in demand, which led to a high traffic volume in a single block, rendering the network non-functional.

After encountering these issues, the Shibarium team quickly took action and resolved the problems one by one. Following weeks of intense work, the Layer 2 network was successfully fixed, achieving an extraordinary milestone of confirming 1 million blocks with an impressive average block time of just 5 seconds.

Shibarium’s story is closely related to Ethereum’s mission to address scalability issues. As the second-largest cryptocurrency by market value, ETH‘s network has been limited in its ability to meet the increasing demand for decentralized applications (dApps) and decentralized finance (DeFi) platforms due to network congestion and high gas fees.

As a Layer 2 solution, Shibarium aims to provide a more efficient and scalable alternative by working on the existing Ethereum Blockchain. This approach makes it an attractive solution by focusing on faster transactions and lower fees, facilitating the overcoming of obstacles in Ethereum’s path.

Furthermore, the challenges faced by Shibarium are not uncommon for developers in the blockchain world. Many projects encounter similar hurdles and issues during their development and growth stages. Shibarium, with full support from the SHIB community, has demonstrated the ability to overcome all these challenges and emerge stronger. Additionally, the total number of transactions on Shibarium has reached 3.34 million, while the number of wallet addresses has exceeded 1.25 million.

Can the Development Affect the Price of SHIB and BONE?

The recent success of the ecosystem confirms that the Shibarium network is functioning smoothly and that previous issues have been largely resolved. Furthermore, the increase in transactions and wallet addresses reflects the growing demand and usage within the ecosystem.

As a result, tokens like SHIB and BONE emerge as altcoins that can benefit from Shibarium’s effective operation and expansion. In particular, BONE tends to be directly affected by this expansion as it serves as the currency that covers gas fees on the network. As more investors join the ecosystem, an increase in demand for BONE in the open market can be expected.

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