The Shiba Inu ecosystem team recently shared its 2024 objective on the X platform. In a post made yesterday, the team expressed its ambition to enhance Shibarium significantly. Nevertheless, the post did not provide specific details regarding the strategies or plans the team intends to implement to accomplish this goal.
Shiba Inu’s Shibarium Groundbreaking Feats: A Chronicle of Innovation
For background, Shibarium serves as Shiba Inu’s official Layer-2 blockchain platform, officially launching on the mainnet on August 16, 2023. Initially experiencing a gradual start, this L2 scaling solution has surprised many with its remarkable performance. Within less than five months, Shibarium has facilitated over 255 million transactions and produced nearly 2.5 million blocks. Since its mainnet launch, a total of 1,326,827 (1.32 million) wallet addresses have engaged with the network. Since December 2, Shibarium has consistently processed an average of 5 million daily transactions.
Notably, Shibarium witnessed a surge in gas fees due to increased transaction volume. In response, the team initiated the inaugural Shibarium-powered burn, incinerating over 8.2 billion SHIB tokens. To date, more than 33 billion SHIB tokens have been burned using a fraction of Shibarium’s gas fees.
Despite recent successes, the Shiba Inu ecosystem team remains committed to elevating Shibarium’s status. Among their planned enhancements is the introduction of a burn portal set to automatically burn SHIB according to predefined rules, with the automated burn system scheduled to commence this month. Additionally, the team aims to boost Shibarium’s scalability in the upcoming hard fork.
Notably, Shibarium currently processes up to 200 transactions per second, and the next hard fork, as disclosed by top developer Kaal Dhairya, will further increase block capacity to accommodate more transactions. The initial hard fork in early December improved burns and introduced support for a multiple-token burn model. As of now, the team has yet to reveal the date for the next hard fork.
