- Shibarium, a layer-2 network, plans to execute three substantial Shiba Inu burns this week, coinciding with the introduction of SRC-20 inscriptions.
- Shibarium has seen a drastic increase in transactions, showcasing its scalability and efficiency with an average of 7.5 million transactions per day.
Shibarium’s Strategic Development Moves
The Shibarium team, known for its innovative approaches in blockchain technology, has announced plans for three manual Shiba Inu burns this week. This decision aligns with the imminent launch of SRC-20 inscriptions on the network, signaling a significant step in Shibarium’s development.
Transaction Surge and Scalability Excellence
Shibarium has demonstrated remarkable growth and scalability within just three months of its mainnet launch. Initially averaging around 15,000 transactions daily, the network has now surged to an impressive average of 7.5 million transactions per day. As of the latest update, Shibarium boasts a total of 96.4 million transactions, reflecting the growing adoption and reliability of the network. Despite this substantial load, the network’s utilization remains efficient at 50%.
The Upcoming Shiba Inu Burns
A noteworthy aspect of Shibarium’s operation is the allocation of 70% of its gas fees in BONE tokens to fund Shiba Inu burns. With the recent spike in gas fees, the network quickly accumulated sufficient BONE tokens to initiate its first SHIB burn on December 4, involving 8.2 billion SHIB tokens. The development team is now poised to conduct three more manual burns on December 14, 15, and 16, potentially surpassing the previous burn’s scale.
Impact of SRC-20 Inscriptions
The introduction of SRC-20 inscriptions is a response to the growing interest in blockchain-based NFTs and token standards, following the popularization of ordinal inscriptions on the Bitcoin network and the emergence of BRC-20 standard tokens. Shibarium‘s integration of SRC-20 inscriptions will enable users to create their inscriptions on the network, potentially leading to increased gas fees and further contributing to SHIB burns.
Conclusion: Shibarium’s Forward Momentum
The latest developments in Shibarium, including the planned SHIB burns and the introduction of SRC-20 inscriptions, underscore the network’s commitment to scaling and innovation in the blockchain space. By balancing transaction efficiency with strategic token burns, Shibarium is positioning itself as a key player in the evolving landscape of layer-2 solutions and digital asset management.