In a groundbreaking feat, the Shibarium network, designed as a layer-2 blockchain to enhance scalability, achieved a significant milestone recently by confirming 1 million blocks. Shiba Inu decided to dive into the decentralized finance [DeFi] pool and even thrive in it with Shibarium.
Shibarium faced several unexpected hurdles upon its launch. This primarily stemmed from an abrupt surge in demand that led to a congestion issue within a single block. As a result, the network had to activate fail-safe mode. This posed substantial challenges that needed to be addressed. However, after a brief pause, Shibarium made a strong comeback. It accomplished the noteworthy milestone of confirming 1 million blocks, averaging an impressive rate of one block every 5 seconds.
Additionally, on Sept. 21, the network recorded a staggering 3 million transactions verified within 745,837 blocks. During this period, it witnessed a remarkable addition of over 36,000 new wallet addresses. At present, the Shibarium network has confirmed an astonishing 3,380,946 transactions, involving a total of 1,252,866 wallet addresses. This translates to roughly 3 transactions conducted per published block and per wallet address, signifying a resilient and active ecosystem.
The achievement of reaching 1 million blocks signifies not only the operational status of the Shibarium blockchain but also its thriving state. Previous challenges have highlighted the network’s resilience and adaptability. Furthermore, the increasing number of transactions and wallet addresses reflects a surging demand, emphasizing the growing utilization of this ecosystem.
Also Read: Shiba Inu: Trillion of SHIB Move Amid Network Activity Spike
Shiba Inu to see an uptick?
In light of these developments, tokens like Shiba Inu are poised to reap substantial benefits. This is due to the seamless functionality and expansion of Shibarium. BONE was the token for gas fee payments in each transaction within the network. It also stands to gain significantly from the increasing adoption of this ecosystem. It further leads to a heightened demand for BONE in the open market.
However, at press time, SHIB was trading at $0.000006938 with a 3.62% daily drop and was labeled one of the biggest losers of the day.
As the Shibarium Network continues to evolve and demonstrate its potential, investors and enthusiasts eagerly anticipate further advancements. This has been setting the stage for a promising future for BONE and the entire Shiba Inu community within the DeFi landscape.
Also Read: Shiba Inu Whale Withdraws 293 Billion SHIB from Coinbase