The Shiba Inu development team has released their sixth issue of the SHIB Magazine, revealing exciting updates on Shibarium’s impressive scalability, the emergence of SRC-20 inscriptions, and three upcoming manual burns.
Just three months after its launch, Shibarium’s daily transactions have skyrocketed to a staggering 7.5 million, a remarkable increase from its initial 15,000 daily transactions. As of this writing, the network boasts over 96.4 million total transactions, showcasing its remarkable scalability and growing adoption.
Despite this massive load, Shibarium’s network utilization remains at a comfortable 50%, demonstrating its ability to handle transaction spikes without breaking down. This scalability prowess is crucial for the network’s future growth and mainstream adoption.
The surge in transactions on Shibarium has also led to significant gas fee accumulation, primarily in BONE tokens. This, in turn, has fueled the Shiba Inu burn mechanism, as Shibarium dedicates 70% of its gas fees in BONE to burn SHIB.
The network recently crossed the $25,000 threshold, triggering the first manual burn of 8.2 billion SHIB tokens, worth over $73,000. With accumulated transaction fees reaching 1,400,000 BONE, worth $1,023,680, the team plans to initiate three more manual burns this week. These burns are expected to surpass the previous 8.2 billion token burn, significantly reducing the overall circulating supply of SHIB.
Shiba Inu: A New Era for Shibarium
The latest SHIB Magazine also highlighted the emergence of SRC-20 inscriptions on Shibarium. Similar to the craze surrounding Bitcoin’s ordinal inscriptions and the BRC-20 standard, these inscriptions allow users to create and hold NFTs directly on Shibarium.
The emergence of SRC-20 inscriptions presents several exciting possibilities. It could attract new users and developers to the Shibarium ecosystem, potentially leading to increased network activity and further SHIB burns. Additionally, it adds a new dimension to the Shiba Inu ecosystem, enabling users to interact with NFTs directly within the Shibarium network.
With its impressive scalability, ongoing SHIB burns, and the emergence of SRC-20 inscriptions, Shibarium appears poised for significant growth in the near future. The network’s continued development and innovation will undoubtedly attract more users and developers, solidifying its position as a leading layer-2 scaling solution in the blockchain space. As Shibarium continues to grow, so too will the Shiba Inu ecosystem, cementing its place as a major player in the world of cryptocurrency.