Shibarium, the Layer-2 (L2) scaling solution of the Shiba Inu (SHIB) ecosystem has unveiled the successful completion of its hard fork.
What the Shibarium Hard Fork Means
The Shibarium hard fork is a network event that the community has been anticipating for some time. As unveiled on X, the hard fork was launched at block height 4504576.
This upgrade underscores a unique transformation for Shiba Inu as a whole. As the Shibarium Network highlighted, this hard fork means users can now enjoy faster transactions. Additionally, they will be exposed to predictable gas fees in times of intense traffic congestion.
1/ #Shibarium has successfully completed its hard fork at block height 4504576!
Get ready for:
•Blazing-fast transactions! ⚡
•Predictable gas fees! ⛽️ pic.twitter.com/oQrtF3OMTe— Shibarium Network (@ShibariumNet) May 2, 2024
Shibarium is an L2 protocol with many expectations. The protocol was launched in August last year but was met with a major performance hiccup. While this hard fork is the first defined upgrade it is recording, other related enhancement work has been carried out in the past.
Data from Shibarium scan places the average block time at 5 seconds. This figure could soar as high as 7 seconds and on occasions, it drops to 3 seconds. Per an earlier report from BGEcrypto, this Shibarium hard fork will eliminate these uncertainties. It will also bring predictability to Shibaswap users.
Implication for Shiba Inu (SHIB) Price
The hard fork will ultimately give Shiba Inu a utility facelift. This boost might attract more users to the network in the long term. Additionally, it may return Shibarium to the era where millions of transactions are recorded daily.
With more users in the network, there might be additional demand placed on SHIB which might be good for the price. At the time the Shibarium hard fork was unveiled, the price of SHIB was up 3.63% in 24 hours to $0.00002301.
Breaching the $0.000023 level is a milestone worth watching as keeping this level might serve as a crucial springboard. When the impact of the Shibarium hard fork is weighed in, SHIB may record a boost that can drive its price to $0.0000259.
