Shibarium Surpasses 6.5M Blocks Amid Activity Decline

Shiba Inu’s layer-2 scaling solution, Shibarium, has achieved an impressive feat, processing over 6.5 million blocks. With total transactions nearing 420 million, this milestone highlights the progress of the Shiba Inu ecosystem. 

However, despite this achievement, recent metrics reveal a dip in activity. Daily transactions have dropped to the 3,000-4,000 range, a stark contrast to the millions recorded earlier this year.

Shibarium's Evolution Over the Year

Launched a year ago, Shibarium was designed to enhance the Shiba Inu ecosystem by boosting speed, scalability, and reducing transaction fees. Throughout the year, several upgrades were introduced to improve user experience. 

In April, a new user interface (UI) update was rolled out, offering popular self-custody wallets like MetaMask and Trust Wallet. Additionally, Shibarium underwent a significant upgrade via a hard fork, aimed at empowering developers.

This enhances user experience, and speeds up block processing times. Most recently, Shibarium implemented a burning mechanism, “Burn Portal,” to reduce SHIB's circulating supply by burning a portion of tokens.

The Role of BONE in the Shibarium Ecosystem

In the Shibarium ecosystem, BONE plays a vital role as the governance token and is essential for covering gas fees. Validators and delegators depend on BONE for transactions within the network. 

A portion of the gas fees paid in BONE is used to purchase SHIB tokens, which are then sent to a null address for burning. To participate in this initiative, users need to collect a minimum of 100 BONE.

While Shiba Inu remains in the green on a weekly scale, the meme coin saw a 1.5% dip in the past 24 hours, trading around $0.0000147. With a market cap of approximately $8.6 billion, Shiba Inu holds the 16th spot in the cryptocurrency rankings.