Shibarium, the Ethereum-based Layer 2 blockchain solution from the Shiba Inu teamhas reached another important milestone, demonstrating the growing strength within the platform.
Shiba Inu Shibarium’s latest major milestone
The Shiba Inu Layer 2 platform recently passed a major milestone in terms of the total number of transactions processed transactions have increased dramatically in recent weeks.
According to Shibarium scan – the network tracker, Shibarium, has completed more than 90 million transactions on the platform since its introduction. Data from the network tracker shows that the number currently stands at approximately 90,677,816 at the time of writing.
It is notable that the Shiba Inu blockchain has continuously maintained a whopping 7.5 million daily transactions since December 2. Currently, the total number of daily transactions revealed by the network’s tracker totals 7.84 million transactions.
The network’s activity appears to be growing significantly and has reached major milestones in recent weeks. Earlier this month, the total number of transactions in Shibarium reached 66 million, indicating an increase of more than 35% since this month.
Data from Shibariumscan also revealed an increase in the network’s total number of blocks and wallet addresses. The total number of blocks of Shibarium is approximately 2,077,814, while the total number of wallet addresses is 1,305,042.
These kinds of increases in the number of transactions mean millions BONE tokens were issued in transaction fees. As a result, it sets the stage for the long-awaited Shiba Inu token burn.
Despite the recent increase in transactions, Shiba Inu burns have continued to decline over the past 24 hours. According to Shibburnthe SHIB token burn rate has fallen by 91% in the last 24 hours.
It is worth noting that Shiba Inu recently experienced the highest burn rate since the initiative was introduced. Last week, the project saw an astonishing 7,686,774% increase in burn rate, destroying approximately 8.35 billion SHIB tokens.
Shibarium migrates to the Sepolia network
Last week, Shiba Inu announced that Shibarium will take over the Sepolia network. The team pointed out that Shibarium Puppynet will be moved from the Goerli network to the Sepolia network.
The goal of this adjustment is to align with more effective and scalable infrastructures, the team said. Moreover, the transition will pave the way for more advanced solutions.
Furthermore, the move is not merely a transition, but an upgrade that will enable a more efficient and user-friendly environment. This is due to the growing demands of the blockchain community, especially in areas like NFTs and DeFi.
Sepolia provides a testing environment that is more stable and controlled and the Ethereum the features and functionalities of mainnet. This guarantees developers access to a reliable and consistent platform for testing their dApps and smart contracts. TThe team claimed that this strategic change will go live on December 15, 2023.
Featured image from iStock, chart from Tradingview.com
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