Shibarium, a layer-2 blockchain solution developed on the Ethereum network, has made significant strides in the past year. The platform, dedicated to supporting the growth of the Shiba Inu ecosystem, has implemented various upgrades and enhancements to improve network performance and scalability.
Since its inception, Shibarium has processed over 418 million transactions, reaching a significant milestone of 400 million transactions in March 2024. However, recent data suggests that the network’s transaction volume has experienced a decline, with daily transactions dropping from millions to just over 20,000 in recent months. Despite this, the total number of blocks processed on the network continues to increase, nearing 6.5 million, and the number of wallet addresses approaches 2 million.
The Shibarium team has executed three hard forks – Delhi, Indore, and Shanghai – to enhance user experience, improve transaction speed, and optimize network efficiency. These upgrades have been instrumental in making the platform more accessible and compatible with popular self-custody wallets like MetaMask, Trust Wallet, and Coinbase Wallet. Additionally, a new user interface (UI) update was introduced in April to further enhance the platform’s performance.
One of the notable features introduced by Shibarium is the Burn Portal, designed to reduce the circulating supply of Shiba Inu (SHIB) tokens by sending a portion of tokens to a null address. This mechanism aims to increase the scarcity of SHIB tokens, potentially leading to an increase in value. Unlike the original burn mechanism adopted by the Shiba Inu team, Shibarium leverages the use of BONE tokens as the governance token within the ecosystem. BONE tokens are essential for paying gas fees, and a portion of these fees is used to purchase SHIB tokens for burning. Users need a minimum of 100 BONE tokens to initiate a burn.
In addition to the existing tokens within the ecosystem – K9 Finance DAO (KNINE) and Bad Token (BAD) – Shibarium recently introduced a new token named HOCHI, offering users even more flexibility. HOCHI, along with BONE and SHIB, plays a crucial role in the token economy of Shibarium, enabling transactions, governance, and value accrual within the network.
As Shibarium continues to evolve and expand its ecosystem, it remains committed to improving network performance, scalability, and user experience. The platform’s journey over the past year highlights its dedication to innovation and development within the Shiba Inu ecosystem. For the latest updates on Shibarium and its developments, stay tuned to Shibarium news sources.