TL;DR
- Shiba Inu’s layer-2 solution, Shibarium, saw a significant boost in activity, with daily transactions increasing by 460% and active accounts rising by 360%.
- Recent upgrades to the protocol, including a new burn mechanism, may positively impact SHIB’s price.
Shibarium on the Move Again
Shiba Inu’s layer-2 scaling solution has been underperforming lately, processing a relatively low number of transactions and blocks. However, the situation changed for the better in the past 24 hours.
Data shows that the number of daily transactions skyrocketed from 1,736 on August 19 to almost 10,000 the following day, representing a 460% increase.
Other important metrics have headed north, too. For instance, the number of active accounts on the protocol reached over 1,100 on August 20, or a 360% resurgence on a 24-hour scale.
The rising Shibarium indicators typically signal increased network activity, growth in the user base, and development of the ecosystem. The further advancement of the L2 blockchain solution is often touted as a factor that could contribute to a Shiba Inu price rally.
Meanwhile, the valuation of the second-largest meme coin is up 5% daily, while its market capitalization reclaimed the $8 billion mark. It will be interesting to see whether SHIB’s uptick will continue in the future based on the optimistic Shibarium figures and the broader crypto market revival.
Shibarium’s Upgrades
The network officially went live nearly a year ago and has witnessed multiple upgrades since then. In April 2024, the team launched a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” Its main goal was to improve compatibility with popular self-custody wallets such as MetaMask, Trust Wallet, Coinbase Wallet, and others.
Shortly after, the developers introduced another upgrade through a hard fork which aimed at enhancing the overall user experience, empowering the community of developers and innovators, and implementing quicker block processing times.
Most recently, the Shibarium team launched a designated “Burn Portal.” The ultimate goal of the burning mechanism is to reduce the circulating supply of SHIB tokens but it operates rather differently than the original program adopted by the Shiba Inu team.
In the Shibarium ecosystem, BONE serves as the governance token and is essential for paying gas fees, while validators and delegators rely on the coin for transactions on the network.
A portion of the gas fees paid in BONE is used to purchase SHIB tokens, which are then sent to a null address for burning. To initiate a burn, users need to accumulate at least 100 BONE tokens.
For more updates on the ecosystem, make sure to check out our Shibarium news.
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