Shibarium, Shiba Inu’s trailblazing layer-2 scalability solution, proudly marks the passage of over 200 million transactions since its headline-grabbing premiere in August. This accomplishment solidifies its standing among competitors like Optimism, Arbitrum, zkSync, and the recently introduced Coinbase Layer-2 network. Just a few weeks ago, Shibarium celebrated surpassing 100 million transactions, marking a remarkable achievement in a relatively short span.
As of December 28th, data from Shibarium.io reveals that the L2 blockchain has processed 206 million transactions, witnessing a surge in wallet addresses to 1.3 million, with daily transactions averaging 7.85 million. The scaling platform has successfully processed 2,345,969 blocks, maintaining an average block time of 5.0 seconds.
Looking ahead, Shibarium is set for further advancements, with an upcoming hard fork on the horizon. This upgrade aims to significantly enhance transaction speed, potentially exceeding the current capacity of 200 transactions per second. By addressing scalability issues prevalent in many established blockchains, Shibarium positions itself as a leader in the next generation of blockchain technology.
A noteworthy development is the introduction of SRC-20 on Shibarium. While ordinals have driven the rise of the BRC-20 standard on the Bitcoin network, tokens based on the BRC-20 standard have swamped the arena with their native inscriptions. The Shiba Inu L-2 has also witnessed the arrival of SRC-20 inscriptions, providing users with the ability to create their inscriptions on the platform.
Shiba Inu: SRC-20 and Shibarium Unite
In an encouraging development, the SRC-20 community known as the Woof team has recently extended support for Shib burns, highlighting that Shibarium now possesses burning capabilities, including a null address for members to use in destroying Shiba Inu tokens. SRC-20 also serves as the universal currency of the metaverse.
The introduction of these inscriptions is expected to contribute to higher gas fees and increased burns, resulting in a reduction in the supply of SHIB tokens. Many proponents believe that this will positively impact the circulation of Shiba Inu tokens, further enhancing Shibarium’s role in the evolving landscape of blockchain technology.