Shibarium, the Ethereum-based layer 2 blockchain solution from the Shiba Inu team, has reached another important milestone, showing the growing strength of the platform.
The last great milestone of the Shiba Inu Shibarium
The Shiba Inu Tier 2 platform recently passed a major milestone in terms of total transactions processed, as total transactions have increased dramatically in recent weeks.
According to network tracker Shibariumscan, Shibarium has surpassed more than 90 million transactions made on the platform since its introduction. Network sniffer data shows that the number is currently approximately 90,677,816 at the time of writing.
It is worth mentioning that since December 2, the Shiba Inu blockchain has continuously maintained an impressive average of 7.5 million daily transactions. Currently, the total number of daily transactions revealed by the network tracker is 7.84 million transactions.
Network activity appears to be growing significantly, reaching important milestones in recent weeks. At the beginning of this month, the total number of transactions on Shibarium was 66 million, indicating an increase of more than 35% since this month.
Shibariumscan data also revealed an increase in the network’s total blocks and wallet addresses. The total number of Shibarium blocks is approximately 2,077,814, while the total number of wallet addresses is 1,305,042.
This type of increase in transactions means that millions of BONE tokens have been spent on transaction fees. As a result of this, it sets the stage for Shiba Inu’s long-awaited token burning.
However, despite the recent increase in transactions, the consumption rate of Shiba Inu has still decreased in the last 24 hours. According to Shibburn, the SHIB token burn rate has fallen by 91% in the last 24 hours.
It’s worth noting that Shiba Inu recently recorded its highest burn rate since the initiative was introduced. Last week, the project saw a staggering 7,686,774% increase in burn rate, destroying around 8.35 billion SHIB tokens.
Shibarium migrates to the Sepolia network
Last week, Shiba Inu announced that Shibarium will adopt the Sepolia network. The team highlighted that Shibarium Puppynet will be transferred from Goerli Network to Sepolia Network.
The goal of this adjustment is to be aligned with more effective and scalable infrastructures, according to the team. Additionally, the transition will pave the way for more advanced solutions.
Furthermore, the change is not just a transition, but an update that will allow for a more efficient and user-friendly environment. This is due to the growing demands of the blockchain community, especially in areas such as NFT and DeFi.
Sepolia offers a more stable and controlled testing environment, accurately replicating the features and functionality of the Ethereum mainnet. Because of this, developers are guaranteed access to a reliable and consistent platform to test their dApps and smart contracts. The team stated that this strategic change will take effect on December 15, 2023.