Key Takeaways:
- Shibarium’s Layer-2 platform has added an astonishing 36,667 new wallet addresses daily.
- Total transactions on Shibarium are closing in on the 3 million mark, with a current count of 2,944,672 transactions.
- Verified contracts on Shibarium have experienced a remarkable surge, increasing by a whopping 633% in just one week.
- The Shiba Inu ecosystem has seen an all-time high of 415 verified contracts.
Introduction:
Source: Shibariumscan.io
Now let us delve into the implications of this explosive growth. But before that, a quick rundown of that Shibarium is.
What is Shibarium?
Shibarium is an Ethereum-based layer 2 blockchain network designed to enhance the Shiba Inu meme coin ecosystem. It plays a pivotal role in the evolution of Shiba Inu by expanding it into a comprehensive ecosystem comprising decentralized applications (dApps), blockchain games, and a metaverse.
The concept was originally proposed by one of Shiba Inu’s anonymous creators, Ryoshi, in 2021. After nearly two years of development, the beta version of Shibarium was launched on the Goerli Testnet in March 2023. During the same month, a portion of the project, the SHIB metaverse, underwent an alpha review and was showcased at SXSW 2023. Shibarium aims to provide scalable solutions while bolstering the security of decentralized finance (DeFi).
Moving Assets to Shibarium
The marketing strategist at Shiba Inu, Lucie (@LucieSHIB) took to Twitter/X to share some queries that has been asked around by the community members.
When will Shibarium initiate the SHIB burn?”
Wrong question ☓The real question is, “When will you all migrate from exchanges and start using Shibarium?” (hello DEFI, remember bankrupted exchanges like FTX)
The burns are set per transaction, not based on tweets about burns.…
— 𝐋𝐔𝐂𝐈𝐄 | ✨Shibarium✨ (@LucieSHIB) September 18, 2023
To strengthen her argument, Lucie turned the spotlight on the FTX exchange, which was a prominent figure in the crypto industry that has since declared bankruptcy. This move was aimed at highlighting the drawbacks that are associated with users relying on centralized crypto exchanges for token management.
Lucie emphasized that the Layer-2 platform enforces token burns for every transaction, irrespective of the discussions surrounding burns in online forums. She stressed that the exclusive method for burning SHIB tokens is through the utilization of Shibarium.
Furthermore, it’s worth noting that the transaction fee on Shibarium is currently almost negligible. However, it is susceptible to increase as network traffic grows.
Read More: Shiba Inu Price Prediction
Implications and Conclusion:
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