Shiba Inu ethereum-based Layer 2 Blockchain Solution Shibarioachieves another important milestone in blocks and transactions that shows the attractiveness of the network.
Shiba Inu: the latest Shibarium milestone
Shiba Inu Shibario It recently reached a major milestone, recording over one million blocks and over 3 million transactions since it was introduced to the public in late August 2023.
The platform’s latest achievement could be traced back to the collective Shiba Inu token burning movement. Last month, a prominent member of the Shiba Inu team Lucie urged investors migrate from using centralized exchanges and start using Shibarium as it will help with the Shiba Inu token burns.
According to blockchain explorer Shibariumscan, Shibarium blocks currently stand at 1,063,594 at the time of writing. This highlights significant growth in demand for scalable features.
<img decoding="async" class="alignnone size-medium wp-image-259198 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/10/Shiba-Inu-News-Ethereum-L2-Shibarium-Crosses-Another-Major-Milestone.png" alt="Shibarium Shiba Inu ethereum L2″ width=”640″ height=”327″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/10/Shiba-Inu-News-Ethereum-L2-Shibarium-Crosses-Another-Major-Milestone.png 640w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-10-at-11.35.59-980×501.png 980w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-10-at-11.35.59-768×393.png 768w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-10-at-11.35.59-1536×786.png 1536w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-10-at-11.35.59-2048×1048.png 2048w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-10-at-11.35.59-750×384.png 750w, https://bitcoinist.com/wp-content/uploads/2023/10/Screenshot-2023-10-10-at-11.35.59-1140×583.png 1140w” sizes=”(max-width: 640px) 100vw, 640px”/>
Total blcoks crosses 1 million | Source: ShibariumScan
In transactions, the Layer 2 blockchain has seen a steady increase in total transactions, surpassing the exclusive level of 3 million transactions a few weeks ago, marking yet another milestone for the network.
Shibarium Explorer data has shown that the total transactions currently stand at 3,383,413 at the time of writing. Additionally, the total number of wallet addresses currently interacting is 1,252,888 at the time of writing.
Shiba Inu’s Shibarium is a layer 2 blockchain based on ethereal network which was launched at the end of August. It is a decentralized finance (DeFi) platform that was designed to offer a more scalable and sustainable infrastructure for Shiba Inu transactions as an alternative to centralized crypto exchanges.
SHIB price shows strength amid Shibarium milestone | Source: SHIBUSD on Tradingview.com
Next steps for shibarium
Shytoshi KusamaAnonymous co-founder and lead developer of Shiba Inu has revealed Shibarium’s latest strategy on how it plans to blockchain add validators to the network to ensure network security.
In an X (formerly Twitter) mail Shared by Lucie, Marketing Strategist at Shiba Inu, on October 9, 2023, Kusama highlighted that while the team continues to work behind the scenes, the plan for adding validators to the network is to line up the right people to scale. However, the co-founder did not reveal the full plan.
About #Shibario validators… @ShytoshiKusama pic.twitter.com/fJc9mJBl6b
— 𝐋𝐔𝐂𝐈𝐄 | Shibarium (@LucieSHIB) October 9, 2023
The blockchain relies on a network of decentralized validators to confirm that no invalid transactions are submitted to the ethereum mainnet to ensure the security of the network.
Shibarium has implemented the EIP-1559 standard, a feature that the creators say will result in “more predictable gas fees” in a deflationary BONE world, which is similar to that of Polygon and ethereum.
Furthermore, 10,000 BONE Validators must connect them to ethereum staking management contracts for Shibarium. The Shibarium network also rewards node operators for playing the role of validators, as they keep the network decentralized and secure by confirming that transactions are genuine.
Featured image of crypto Disrupt, chart from Tradingview.com
