Ethereum layer-2 scaling solution Shibarium has broken the 1 billion transaction count milestone, setting the SHIB ecosystem in a rare adoption spotlight
Shiba Inu’s Layer-2 scaling solution, Shibarium, is celebrating the processing of its one-billionth transaction. This milestone is significant because it comes barely two years after its official launch in August 2023.Â
Shibarium Rubs Shoulders With Bitcoin and EthereumÂ
Per the Shibariumscan data, Shibarium achieved this milestone on March 31, just after the L2 blockchain recorded a daily transaction count of 4 million.Â
Currently, its transaction count is at 1,001,311,027, approximately 1.001 billion. It now ranks amongst blockchains like Bitcoin and Ethereum, which have surpassed the 1 billion mark. However, Shibarium’s journey to this category was faster than the other blockchains.Â
The short time frame to reach this level points to Shibarium’s capacity to handle large volumes. Invariably, this underscores its robustness and the community’s active participation. It took Bitcoin about 15 years to hit the 1 billion transaction volume level, while it took the protocol only 593 days, or 84 weeks and five days.Â
The current outlook does not suggest that Shibarium’s operation has been without some hitch. The L2 encountered technical issues just after it launched and went offline for 2 weeks. It was not until late August 2023 that it resumed activities, and it has since remained operational.Â
Other Activities in the Shibarium EcosystemÂ
Apart from the high transaction volume, the Ethereum L2 boasts that 193.93 million blockchain addresses have interacted with it since its launch.Â
Per insights from Shibariumscan, the network has mined a total block of 10.23 million, with an average block time of 5.0 seconds. It also claims to have 248,608 accounts, although only 917 are active.Â
This represents a dive of 89.01% compared to the 8,346 active accounts recorded the previous day.Â
Meanwhile, the L2 hopes to get a major revamp, and Shiba Inu plans to launch new tokens to complement SHIB’s utility.Â
The game-changing upgrade will have two notable features: a token creation tool and a Token Tinder for voting and discovery. On Token Tinder, users would vote by swiping right or left to support or oppose a proposed project in the ecosystem.
On the other hand, the token creation tool is similar to Solana’s memecoin launchpad Pump.Fun, offering users an avenue to create and deploy new tokens on Shibarium.
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