It’s been a year since Shibarium took the meme coin niche and the crypto community by storm. Shibarium launched on the Shiba Inu mainnet on August 16, 2023 after months of detailed planning and development.
Shibarium has introduced fresh and practical employ cases for SHIB and BONE, the two most popular tokens in the Shiba Inu ecosystem, as part of a strategic effort to transcend its meme coin status and establish a more solemn, utility-oriented presence in the cryptocurrency space.
Since then, Shibarium has hit various milestones. The SHIB value has also become tied to the performance and activity on the Shibarium layer-2 network.
Shibarium Celebrates 1st Anniversary
Shibarium was created to improve the Shiba Inu cryptocurrency ecosystem by providing better scalability, lower gas fees, and a more seamless user experience. Gas fees in Shibarium are paid using BONE. The unique thing about this system is that a portion of these BONE fees are converted to SHIB and then burned. This burning process theoretically reduces the supply of SHIB tokens in circulation, which could lead to an boost in the value of SHIB over time.
Interestingly, Shibarium was widely accepted after launch. In less than a month, Shibarium processed over 3 million transactions and easily surpassed 1.3 million blocks mined. These early successes set the stage for further growth. Shibarium has maintained its momentum, consistently processing millions of transactions and seeing a steady boost in the number of wallets being created.
At the time of writing, Shibarium has processed over 417 million transactions and over 1.8 million wallets have been created. Despite this high level of activity, gas fees have remained relatively low, which is in line with Shibarium’s vision. The number of astute contracts created on Shibarium has also been steadily growing since its launch, with 17,487 contracts recorded at the time of writing.
What’s next for Shibarium?
During the activity on Shibarium slowed down from the initial peak, layer 2 scaling solution is still full of promise and potential for future growth. The Shibarium is still a critical part of the Shiba Inu ecosystem and there are ongoing development work which may soon re-ignite user engagement and online activity.
According to Lucie, Shiba Inu’s marketing manager, $12 million has already been secured for Shibarium’s future development. There are also plans to bring NFTs, games, and the metaverse to the platform, which could boost user activity and interactions. As such, we may soon see Shibarium return to peak activity, which could drive up the prices of SHIB and BONE.
Elated birthday #Shibarium ! 🎉
What a year for Shibarium!
Since launching in August 2023, we have achieved incredible milestones:•417 million transactions and 1.8 million wallets created!
•$12 million secured for future development.
•Gas bills remain incredibly low, even with high… photo: twitter.com/RLxM6iruL5
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 17, 2024
At the time of writing, SHIB stock is valued at $0.00001336. BONE is valued at $0.3945.
Featured image from Pexels, chart from TradingView
