It’s been a year since the launch of Shibarium took the meme coin niche and the entire crypto community by storm. Shibarium was launched on the Shiba Inu mainnet on August 16, 2023, after months of meticulous planning and development.
Shibarium has introduced new practical use cases for SHIB and BONE, two of the most popular tokens in the Shiba Inu ecosystem, in a strategic effort to transcend its status as a currency itself and establish a more serious, utility-driven presence in the crypto space.
Since then, Shibarium has recorded several milestones. SHIB’s value has also become closely tied to the performance and activity of the Shibarium Layer 2 network.
Shibarium celebrates its first anniversary
Shibarium was created to improve the Shiba Inu cryptocurrency ecosystem by providing better scalability, lower gas fees, and a smoother user experience. Gas fees on Shibarium are paid using BONE. This system is unique because a portion of these BONE fees are converted to SHIB and then burned. This burning process theoretically reduces the supply of SHIB tokens in circulation, which could lead to an increase in the value of SHIB over time.
It is interesting to note that Shibarium has been widely accepted after its launch. In less than a month, Shibarium had treated more than 3 million transactions and it easily surpassed 1.3 million blocks mined. These early successes paved the way for continued growth. Shibarium has maintained its momentum by regularly processing millions of transactions and seeing a steady increase in the number of wallets created.
At the time of writing, Shibarium has processed over 417 million transactions and over 1.8 million wallets have been created. Despite this significant activity, gas fees have remained relatively low, which is in line with Shibarium’s vision. The number of smart contracts created on Shibarium has also steadily increased since its launch, with 17,487 contracts registered at the time of writing.
What’s next for Shibarium?
During the activity on Shibarium slowed down from its initial peak, the layer 2 scaling solution remains full of promise and potential for future growth. Shibarium is still a vital part of the Shiba Inu ecosystem, and there are ongoing developments which could soon boost user engagement and network activity.
According to Lucie, Shiba Inu’s marketing manager, $12 million has already been secured for Shibarium’s future growth. There are also plans to introduce NFTs, gaming, and a metaverse on the platform, which could stimulate user activity and interaction. So, we could see Shibarium return to its peak activity very soon, which could contribute to an increase in SHIB and BONE prices.
Happy birthday #Shibarium ! 🎉
What a year for Shibarium!
Since launching in August 2023, we have achieved incredible milestones:• 417 million transactions and 1.8 million wallets created!
•$12 million guaranteed for future growth.
•Gas costs remain incredibly low, even with… pic.twitter.com/RLxM6iruL5
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 17, 2024
At the time of writing, SHIB is trading at $0.00001336. BONE is trading at $0.3945.
Featured image from Pexels, chart from TradingView
