Shiba Inu’s Shibarium Hits 600k Wallets and 700k Transactions

Shiba Inu’s Layer 2 network, Shibarium, has reached new milestones, boasting 634,438 wallet addresses and 698,607 transactions, according to updated data from Shibariumscan. This comes after Shiba Inu’s lead developer, Shytoshi Kusama, confirmed the full operational status of Shibarium’s mainnet and cross-chain bridges on August 28, 2023.

Updated Metrics

Average block time: 5.1 seconds

Total transactions: 698,607

Total blocks: 400,115

Wallet addresses: 634,438

Overcoming Initial Hurdles

Shibarium, initially a Polygon fork, faced technical challenges due to a surge in user activity. Collaborations with teams like Alchemy led to a 1500% scaling of operations, overcoming the initial hurdles.

Mainnet and Cross-Chain Functionality

Shytoshi Kusama stated that the mainnet and cross-chain bridges are “functioning smoothly.” Asset withdrawals, including ETH, Shib, Leash, and WEth, now occur within 45 minutes to 3 hours, although Bone token withdrawals may take up to 7 days.

User Adoption and Market Trends

The Layer 2 network aims to alleviate Ethereum’s congestion and high fees. The updated data indicates a rapidly growing user base, aligning with the rising trend of Layer 2 solutions in the crypto space.

Implications for Shiba Inu

The milestones could attract more developers to Shibarium, enhancing its utility and value proposition, and moving Shiba Inu beyond its meme coin status.

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