Last updated on November 11th, 2024 at 11:05 am
Shibarium, the Ethereum-based layer-2 scaling solution for the Shiba Inu ecosystem, has reached a significant milestone on its mainnet. Recent data from Shibariumscam reveals that Shibarium’s total blocks have surpassed seven million. The total block count stands at 7,101,728, following sharp increases recorded throughout the month.
Also Read: Shiba Inu (SHIB) Sees Major Gains Following Fed Rate Cut
Growth Metrics Reflect Shibarium’s Evolution
Several metrics indicate the growth and development of the Ethereum layer-2 protocol. Over the past year, the average block time has increased from 4.0 to 5.0. The following reflection of this increase can account for the decline of the throughput rate that may give rise to the efficiency of networks. Nevertheless, the total transaction count has steadily climbed, reaching an impressive 418,292,669. Additionally, the number of wallet addresses on the Shibarium network has topped 1,823,000, indicating a growing user base.
However, the recent metrics have not elicited changes in Shibarium or the Shiba Inu Token (SHIB). At the beginning of this month, Shiba Inu plans to launch its stablecoin called SHI, which is why the market reacted positively. However, with this announcement, there was a micropump in the price and daily volume of SHIB. Nevertheless, this growth did not last long, as the market has stabilized.
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The mixed performance of Shibarium indicates that while the infrastructure is developing, it has yet to translate into sustained price increases or market momentum. The community still holds hope for future growth, especially with the introduction of the SHI stablecoin.
As Shibarium continues to evolve, its focus remains on improving functionality and user experience. Future upgrades may address inefficiencies, potentially enhancing the network’s overall performance.
Conclusion
Shibarium’s over seven million blocks milestone highlights its ongoing development as a layer-2 solution. While user engagement grows, the challenge remains to convert this progress into significant price movements for SHIB. The upcoming launch of the SHI stablecoin may be a crucial factor in shaping the future of the Shiba Inu ecosystem.
Also Read: Shiba Inu Ecosystem Gears Up for Evolution, TREAT Token to Play Key Role
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.