- Shibarium is closing in on its 3 million transaction target with over 2.8 million recorded.
- Team member Lucie emphasizes the role of community in SHIB burns, linking Shibarium’s utility to the burning process.
Shibarium’s Unstoppable Journey to 3 Million
Shiba Inu’s Layer-2 blockchain network, Shibarium, is making waves in the crypto community as it steadily approaches a significant utility milestone: three million transactions. With its current count exceeding 2.8 million, the Layer-2 platform is less than 200,000 transactions away from achieving this ambitious target. Analyzing the current trends of Shibarium’s daily transactions, it’s plausible that this milestone will be attained in the coming days.
Ever since its relaunch in August, Shibarium has consistently hit and surpassed remarkable milestones. As of now, the recorded statistics stand at:
- Total Transactions: 2,866,236
- Wallet Addresses: 1,246,500
- Total Blocks: 695,663
However, despite these impressive figures, the network saw a temporary dip, with daily transactions dropping from around 200,000 to just 40,500 the other day.
Decoding Shibarium’s Low Utilization Rate
Although Shibarium’s transaction count paints a positive picture, its current network utilization remains low, standing at a mere 3.86%. This suggests there’s still a vast potential for the platform that remains untapped. Following its initial launch, operational and functional adjustments escalated its capabilities by an astounding 1,500%. These modifications bolstered Shibarium’s infrastructure, enabling it to handle more traffic without compromising its integrity.
The Shibarium-SHIB Connection
Shiba Inu official Lucie recently took to Twitter to shed light on Shibarium‘s role in SHIB token burns. Lucie’s clarifications come in the wake of questions surrounding when Shibarium would commence SHIB burns. Her response, however, underscored a pivotal point: the importance of Shibarium’s adoption.
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
Lucie explained that SHIB burns are transaction-based. Hence, for more SHIB tokens to be burned, Shibarium needs to be in more frequent use. The simple equation she offers is: greater Shibarium utility equates to more SHIB burns. She further elaborated that burns are largely driven by the community’s involvement rather than just being a responsibility of SHIB’s developers.