By
Mayowa Adebajo
April 26th, 2024
Kaal Dhairya, one of the key developers behind Shibarium, has revealed a series of significant upgrades aimed at bolstering the network’s capabilities while appreciating the community’s efforts to adopt the protocol.
Shibarium, a layer-2 network associated with the Shiba Inu (SHIB) protocol, has reached a remarkable milestone, surpassing one million wallets within its ecosystem. This achievement stands out in the face of SHIB’s recent price decline of over 20% since the network launched in August.
Shibarium’s recent surge in activity and the increase in wallets can be attributed to several key factors, the most prominent being its integration with the Ethereum blockchain. Data from Shibariumscan reveals that the network has garnered active participation from a vast user base exceeding one million wallets. This surge in wallet numbers indicates significant interest and optimism among the SHIB community regarding Shibarium’s role as a Layer-2 solution bridging Shiba Inu and the Ethereum chain.
Transaction counts have also seen a dramatic rise. Users have collectively conducted an impressive 959,000 transactions, with a daily average approaching one million transactions. Notably, the blockchain’s total block count currently stands at 451,933 at the time of writing.
Token Burning and Shiba Inu Community Engagement
While Shibarium is still in its early stages, one of its distinctive features is the innovative token-burning mechanism. Users actively burn Shiba Inu tokens with each transaction, effectively removing a staggering 43 million SHIB from circulation over the weekend. This mechanism has driven a remarkable 71% increase in the burn rate, with nearly 6 billion tokens incinerated in August—an impressive leap from the numbers recorded in July during Shibarium’s early days.
Despite these achievements, the total assets locked in the network stand at a modest $1.16 million. Decentralized exchanges, primarily DogSwap and MARSWAP, contribute approximately $1 million to the overall Total Value Locked (TVL) on the network.
The substantial increase in wallet addresses and transaction activity reflects an intriguing trend within the Shiba Inu community, suggesting the potential for SHIB to evolve from a meme-based token into one with practical utility.
The surge in adoption and increased token burning within Shibarium underscores the growing enthusiasm and potential of the Shiba Inu ecosystem within the broader crypto community. However, the challenges faced by SHIB on the price front are impossible to ignore, with a recent 3.7% decline over the past week and a 4.5% decrease over the past month.
The Future of Shibarium: Dev Reveals New Upgrades
Meanwhile, Kaal Dhairya, one of the key developers behind Shibarium, has revealed a series of significant upgrades aimed at bolstering the network’s capabilities while appreciating the community’s efforts to adopt the protocol.
“First of all, congratulations to the ShibArmy for reaching a milestone of 1 million wallets and, soon, 1 million transactions. We have achieved—and aim to maintain—our status as one of the fastest and cheapest L2 networks out there,” said Dhairya.
Among the notable updates for Shibarium is integrating a hosted version of the Blockscout explorer into Shibariumscan. Dhairya emphasized the importance of this development, stating,
“This allows our small yet dedicated protocol team to focus on the network and its upgrades, while the fantastic Blockscout team ensures the explorer remains operational and the chain is 100% indexed.”
The Blockscout integration also serves as a tool for developers to “Do Your Own Research” (DYOR) and verify new or existing contracts deployed on Shibarium. He also urged developers to use the Blockscout contract verification system, as the team plans to promote projects built on top of Shibarium in the near future.
In addition to the Blockscout explorer, he unveiled a verified WBONE contract, noting that Shibarium has also expanded its token bridge capabilities, adding support for several new tokens, including USDT, USDC, DAI, WBTC, and XFUND.
“We are also collaborating with numerous third-party bridges to ensure they can assist in bridging many other tokens into Shibarium,” Dhairya added.
The Shibarium team also plans to renounce the Bone contract and add more validators to the network in the coming week.
“Shibarium is open for everyone to develop upon. The SHIB team’s primary focus in the future will be to innovate and build technologies on top of Shibarium, empowering our community to lead a self-sovereign life,” Dhairya concluded.