Shiba Inu, the renowned cryptocurrency, has witnessed a recent development where its core developer, Kaal, addressed and discredited speculations surrounding the legitimacy of the reported 32 million transactions milestone on the Shibarium network.
Data sourced from Shibariumscan indicates that the total transactions on the Layer-2 network have surged to 35,580,919, marking an increase of approximately 3 million since Kaal’s previous announcement.
Kaal’s clarification became imperative to dispel any doubts about the authenticity of SHIBDAO transactions, countering perceptions that they might be misleading and deviating from actual reality.
Shibarium Surpasses Its Previous Records
Since its inception in August, SHIBDAO has strategically surpassed its own records. Initial transaction figures, which were in the range of a few thousand, have now escalated to an average of 7 million daily transactions.
Commenting on this milestone, Kaal emphasized that these transactions should not be dismissed as spam, clarifying that despite a 1,000% increase in gas fees, normal transaction costs remain at “a tenth of a penny,” with more complex transactions costing “less than a dime.” The developer expressed enthusiasm about the consistently high speed despite these challenges.
Kaal also highlighted a noteworthy observation that the spike in gas fees resulted in a substantial accumulation of BONE, leading to Shibarium’s inaugural SHIB burn. Importantly, the SHIBDAO network demonstrated resilience in the face of heavy traffic, with network utilization staying below 60%, underscoring its scalability.
Despite the current achievements, Kaal hinted at even more ambitious plans for the SHIBDAO protocol. Confirming an ongoing initiative to develop the SHIB decentralized operating system for the network state, the developer teased a significant upgrade for the transition of the testnet Puppynet from Goerli to Sepolia. This move is necessitated by Ethereum’s impending phase-out of Goerli later this month, marking the end of its pioneering testnet use.
To complement Shibarium’s staggering growth, the development team unveiled a dual-mode burn mechanism set to integrate manual and automatic burning by January 2024. With a well-defined roadmap, Kaal challenged developers to articulate what they are “building with SHIB on Shibarium,” hinting at the continued evolution and innovation within the Shiba Inu ecosystem.