Business News Report
November 24, 2023

Shiba Inu’s Shibarium Surpasses 4 Million Transactions, Records Stellar Market Growth

In Brief

Shiba Inu’s L2 blockchain, Shibarium, continues its impressive growth, with the total transaction count crossing the 4 million mark.

Shiba Inu's Shibarium Surpasses 4 Million Transactions, Records Stellar Market Growth

Shiba Inu’s Layer-2 blockchain Shibarium has achieved a significant milestone, recording over 4 million transactions within just three months of its launch.

Despite a brief technical setback in its early days, the network has demonstrated remarkable growth, not only in transaction volume but also in the number of wallets and block production.

After launching on August 16 and experiencing a temporary technical glitch, Shibarium swiftly recovered post its mainnet relaunch in late August.

Since then, the network has seen a considerable surge in activity. The total transaction count now exceeds 4.12 million, as reported by Shibariumscan data.

Expanding Shibarium Network

Shibarium’s growth extends beyond transactions. The network is nearing 1.3 million in wallet interactions, indicating a rapidly expanding user base.

Additionally, Shibarium has produced over 1.78 million blocks since its inception, boasting an average block time of just 5.0 seconds. This efficiency makes it one of the most scalable Layer-2 solutions on the Ethereum network.

Surge in Daily Transactions and Total Value Locked

The network has experienced a dramatic increase in daily transactions, rising from 8,930 on November 19 to 43,690 at present.

Furthermore, the total value locked (TVL) in Shibarium’s decentralized finance (DeFi) ecosystem has reached $670,511. Marswap stands out as the top DeFi project on the network, commanding over 51% of the network’s TVL.

Shibarium’s recent recognition as one of the top five most active networks on NOWNodes underscores its rising prominence. Lead developer Shytoshi Kusama’s efforts to integrate Shibarium into crypto exchanges could lead to potentially significant spikes in network activity in the upcoming months.

Shibarium’s rapid growth in transaction volume, network interactions, and DeFi involvement marks a notable phase in Shiba Inu’s blockchain evolution.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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