Crypto News

Shibarium, the Ethereum-based layer 2 blockchain solution from the Shiba Inu team, has achieved yet another major milestone, showcasing growing strength within the platform.

Shiba Inu Shibarium’s Latest Important Milestone

The Shiba Inu layer 2 platform has recently crossed a significant milestone in terms of total transactions processed as total transactions have increased dramatically over the past few weeks.

According to Shibariumscan – the network tracker, Shibarium has crossed over 90 million transactions performed in the platform since its introduction. Data from the network tracker shows that the number is currently sitting at approximately 90,677,816 as of the time of writing.

It is noteworthy that since December 2, the Shiba Inu blockchain has continuously maintained a whopping average of 7.5 million daily transactions. Currently, the total number of daily transactions revealed by the network’s tracker is totaled at 7.84 million transactions.

The network’s activity appears to be growing significantly, reaching major milestones over the past few weeks. Earlier this month, the total number of transactions in Shibarium was sitting at 66 million, indicating over 35% increase since this month.

Data from Shibariumscan also revealed an uptick in the network’s total blocks and wallet addresses. Shibarium’s total number of blocks is approximately 2,077,814, while the total number of wallet addresses is 1,305,042.

This kind of surge in transactions means that millions of BONE tokens were spent on transaction fees. As a result of this, it prepares the stage for the much-anticipated Shiba Inu token burn.

However, despite the recent surge in transactions, the Shiba Inu burn rate is still down in the past 24 hours. According to Shibburn, the SHIB token burn rate is down by 91% over the past 24 hours.

It is worth noting that Shiba Inu recently saw its highest burn rate ever since the initiative was introduced. Last week, the project saw an astounding 7,686,774% increase in burn rate, destroying about 8.35 billion SHIB tokens.

Shibarium Migrates To Sepolia Network

Last week, Shiba Inu announced that Shibarium will be adopting the Sepolia network. The team pointed out that Shibarium Puppynet will be moved from the Goerli Network to the Sepolia Network.

The goal of this adjustment is to be in line with more effective and scalable infrastructures, according to the team. Additionally, the transition will pave the way for more advanced solutions.

Furthermore, the move is not merely a transition, but an upgrade that will enable a more efficient and user-friendly environment. This is because of the growing demands of the blockchain community, particularly in fields such as NFTs and DeFi.

Sepolia provides a testing environment that is more stable and controlled, precisely replicating the Ethereum mainnet’s features and functionalities. Due to this, developers are guaranteed access to a dependable and consistent platform for testing their dApps and smart contracts. The team asserted that this strategic shift will become live on December 15, 2023.