It has already been a year since the launch of Shibarium, which caused a huge stir in the crypto world and the entire crypto community. Shibarium was launched on the Shiba Inu mainnet on August 16, 2023, after months of careful planning and development.
Shibarium has introduced new and practical use cases for SHIB and BONE, two of the most popular tokens in the Shiba Inu ecosystem, in a strategic effort Transcend his meme coin status And create a more serious, utility-driven presence in the crypto space.
Since then, Shibarium has achieved many milestones. The value of SHIB has also become intertwined with performance and activity on the Shibarium layer 2 network.
Shibarium celebrates its first anniversary
Shibarium was created to enhance the Shiba Inu cryptocurrency system by providing improved scalability, lower gas fees, and a smoother user experience. Gas fees on Shibarium are paid using BONE. What makes this system unique is that a portion of these BONE fees are converted into SHIB and then burned. This burning process theoretically reduces the supply of SHIB tokens in circulation, which could increase the value of SHIB over time.
Interestingly, Shibarium It is widely accepted. After its launch, in less than a month, Shibarium was launched. It has been processed more than 3 million transactions and easily surpassed 1.3 million blocks mined. These early successes paved the way for continued growth. Shibarium maintained its momentum by consistently processing millions of transactions and seeing a steady increase in the number of wallets created.
At the time of writing, Shibarium has processed over 417 million transactions, and over 1.8 million wallets have been created. Despite this massive amount of activity, gas fees have remained relatively low, which is in line with Shibarium’s vision. The number of smart contracts created on Shibarium has also grown steadily since its launch, with 17,487 contracts registered at the time of writing.
What’s next for Shibarium?
While the activity on the Shibarium It has slowed down. From its initial peak, the solution expands to layer 2. Still full of promise and potential for future growth. Shibarium remains a key component of the Shiba Inu ecosystem, and there is Current developments Which could soon reignite user engagement and network activity.
According to Lucy, Shiba Inu’s head of marketing, $12 million has already been secured for Shibarium’s future growth. There are also plans to introduce NFTs, games, and a virtual world to the platform, all of which could be Boost user activity Accordingly, we may see Shibarium return to its peak activity very soon, which may contribute to the strengthening of SHIP and BONE prices.
happy birthday #shibarium !🎉
What a year for Shibarium!
Since its launch in August 2023, we have achieved amazing accomplishments:•417 million transactions and 1.8 million wallets created!
•$12 million secured for future growth.
•Gas fees remain incredibly low, even as… pic.twitter.com/RLxM6iruL5
— Lucy Shipp (@LucieSHIB) August 17, 2024
At the time of writing, SHIB is trading at $0.00001336. BONE is trading at $0.3945.
Featured image by Pexels, chart by TradingView