It’s been a year since the launch of Shibarium took the meme coin niche and the entire crypto community by storm. Shibarium launched on the Shiba Inu mainnet on August 16, 2023, after months of meticulous planning and development.
Shibarium 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 to transcends its status as a meme currency and establish a more serious, utility-oriented presence in the crypto space.
Since then, Shibarium has recorded several milestones. The value of SHIB has also become intertwined with the performance and activity on Shibarium’s layer-2 network.
Shibarium celebrates its first anniversary
Shibarium was created to improve the Shiba Inu cryptocurrency ecosystem 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 lead to an increase in the value of SHIB over time.
Interestingly, Shibarium It was widely accepted after its launch. In less than a month, Shibarium had processed more than 3 million transactions were made and it easily surpassed 1.3 million blocks mined. These early successes set the stage 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 large 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 launch, with 17,487 contracts registered at the time of writing.
What's next for Shibarium?
While the activity in Shibarium has slowed down Since its initial peak, the layer 2 scaling solution Still full of promise and future growth potential. Shibarium remains a critical component of the Shiba Inu ecosystem, and there are Ongoing developments which could soon revive user engagement and network activity.
According to Lucie, Shiba Inu's marketing manager, $12 million has already been raised for Shibarium's future growth. There are also plans to introduce nfts, gaming, and a metaverse to the platform, all of which could increase user activity and interaction. Therefore, we could see Shibarium return to its peak activity very soon, which could contribute to a price increase for SHIB and BONE.
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Happy Birthday twitter.com/hashtag/Shibarium?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#Shibario
What a year for Shibarium!
Since launching in August 2023, we have achieved amazing milestones:
• 417 million transactions and 1.8 million wallets created!
•$12 million secured for future growth.
•Gas rates remain incredibly low, even with high… photo.twitter.com/RLxM6iruL5
— LucieSHIB (@LucieSHIB) twitter.com/LucieSHIB/status/1824763479389016484?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>August 17, 2024
At the time of writing, SHIB is trading at $0.00001336. BONE is trading at $0.3945.
Featured image from Pexels, chart from TradingView
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