Shiba Inu, the renowned cryptocurrency recognized for its distinctive Shiba mascot, has set an ambitious target for the year 2024. The Shiba Inu ecosystem team recently conveyed their vision on the X platform, succinctly declaring their aim to “Make Shibarium great.” While the specifics of their strategic plan were not detailed in the tweet, the announcement has piqued curiosity within the crypto community regarding potential innovations and enhancements in the pipeline for Shibarium.
Shibarium’s Remarkable Progress
Shibarium, the official Layer-2 blockchain platform of Shiba Inu, made its debut on the mainnet on Aug. 16, 2023. Despite a gradual start, Shibarium has achieved significant milestones, impressing many with its notable accomplishments. In under five months, Shibarium processed over 255 million transactions and created nearly 2.5 million blocks. The network has garnered engagement from a substantial user base. It amassed a total of 1,326,827 wallet addresses since its mainnet launch.
The platform’s performance, particularly since Dec. 2, has been remarkable, sustaining an average of 5 million daily transactions. This heightened activity resulted in increased Shibarium gas fees. In response, the team initiated an innovative move – the first-ever Shibarium-powered burn. Over 8.2 billion SHIB tokens have been incinerated, utilizing only a portion of the collected gas fees, totaling more than 33 billion SHIB tokens.
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Strategies to Enhance Shibarium
Despite Shibarium’s recent accomplishments, the Shiba Inu ecosystem team is determined to enhance the capabilities of the Layer-2 blockchain in 2024. A key initiative involves introducing a burn portal designed to automatically burn SHIB tokens following predefined rules. This automated Shibarium burn system is set to commence this month, offering a unique approach to managing token supply.
Additionally, the team aims to strengthen Shibarium’s scalability in the upcoming hard fork. Currently capable of handling up to 200 transactions per second, the next upgrade for Shibarium will increase its block capacity, enabling even greater transaction throughput. Although the specific date for the next hard fork remains undisclosed, the team’s dedication to ongoing improvement is evident.
Shiba Inu’s strategic plan for 2024 unfolds with a focus on elevating Shibarium, its Layer-2 blockchain platform, to new heights. The remarkable statistics and achievements of Shibarium in recent months set the stage for an exciting year ahead. With the introduction of innovative features such as the burn portal and scalability enhancements in the upcoming hard fork, Shiba Inu’s commitment to progress and innovation in the crypto space is unequivocal. As the crypto community eagerly awaits further details, Shiba Inu’s journey to make Shibarium great is poised to shape the narrative of the evolving blockchain ecosystem in the coming year.
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