{"id":1249,"date":"2024-08-27T07:41:31","date_gmt":"2024-08-27T07:41:31","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1249"},"modified":"2024-08-27T07:41:31","modified_gmt":"2024-08-27T07:41:31","slug":"shiba-inus-shibarium-hits-another-milestone-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1249","title":{"rendered":"Shiba Inu\u2019s Shibarium Hits Another Milestone: Details"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shibarium has processed over 6.5 million blocks and is close to reaching 420 million transactions despite a recent decline in daily activity.
\nOver the past year, the network underwent key upgrades, including a new UI, a hard fork, and a burning mechanism to reduce SHIB supply.<\/p>\n

<\/a><\/span><\/h2>\n

Shibarium\u2019s Latest Achievement<\/h2>\n

The number of total blocks processed on Shiba Inu\u2019s layer-2 scaling solution <\/span>recently exceeded<\/span><\/a> 6.5 million, while total transactions are inching toward 420 million.\u00a0<\/span><\/p>\n

However, numerous other Shibarium metrics have underperformed lately. <\/span>New<\/span> daily transactions have <\/span>been hovering<\/span> in the 3,000-4,000 range <\/span>in the past few days<\/span>, a significant decline from the first quarter of the year when the figure was in the millions.<\/span> The number of active accounts, new contracts, and new verified contracts has also <\/span>headed south<\/span><\/a>.<\/span><\/p>\n

Shibarium <\/span>was explicitly designed<\/span> to foster the development of the Shiba Inu ecosystem by improving speed, enhancing scalability, and reducing transaction fees. As such, some industry participants believe its further progress could positively impact the price of SHIB.<\/span><\/p>\n

While the meme coin is well on the green on a weekly scale, it is down 1.5% in the past 24 hours. It currently trades at around $0.0000147 with a market capitalization of around $8.6 billion, making it the 16th-biggest cryptocurrency.
\n<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

Shibarium\u2019s Anniversary<\/span><\/h2>\n

The <\/span>aforementioned progress of the protocol<\/span> is more than significant considering <\/span>the fact that it <\/span>saw the light of day<\/span><\/a> exactly a<\/span> year ago.<\/span><\/p>\n

Shibarium implemented several vital upgrades during that period to improve user experience and introduce other benefits. In April, the team <\/span>launched<\/span><\/a> a new user interface (UI) update, describing it as \u201cfaster, smoother, and more accessible than ever.\u201d\u00a0<\/span>Its main goal was to allow better compatibility with popular self-custody wallets such as MetaMask, Trust Wallet, Coinbase Wallet<\/span>, and others<\/span>.<\/span><\/p>\n

Several days later, Shibarium <\/span>underwent<\/span><\/a> another upgrade through a hard fork. <\/span>It aimed at enhancing<\/span> user experience, <\/span>empowering the community of developers and innovators, and implementing<\/span> quicker block processing times.<\/span><\/p>\n

\u201cWe are also smoothing\u00a0<\/span>out<\/span>\u00a0transaction fee variations during high traffic times, making costs more predictable and fair for everyone.\u00a0<\/span>This<\/span> ensures our platform remains affordable and accessible,\u201d the team added <\/span>at the time<\/span>.<\/span><\/p>\n

Most recently, Shibarium adopted<\/a> a burning mechanism called \u201cBurn Portal.\u201d <\/span>While its ultimate goal is to reduce the circulating supply of SHIB by sending a portion of tokens to a designated address, it is <\/span>somewhat<\/span> different <\/span>than<\/span> the original program embraced by the meme coin project.<\/span><\/p>\n

In the Shibarium ecosystem, BONE functions as the governance token and is crucial for covering gas fees<\/span>, with validators<\/span> and delegators <\/span>depending<\/span> on it for transactions within the network.<\/span><\/p>\n

A portion of the gas fees paid in BONE is used to purchase SHIB tokens, which are subsequently sent to a null address for burning. <\/span>Users<\/span> must collect <\/span>a minimum of<\/span> 100 BONE <\/span>to participate in the initiative<\/span>.<\/span>\u00a0<\/span><\/p>\n

For more updates on the ecosystem,\u00a0<\/span>make sure to<\/span> check out our\u00a0<\/span>Shibarium news<\/span><\/a>.<\/span><\/p>\n

The post Shiba Inu\u2019s Shibarium Hits Another Milestone: Details<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shibarium has processed over 6.5 million blocks and is close to reaching 420 million transactions despite a recent decline in daily activity. Over the past year, the network underwent key upgrades, including a new UI, a hard fork, and a burning mechanism to reduce SHIB supply. Shibarium\u2019s Latest Achievement The number of total blocks […]<\/p>\n","protected":false},"author":0,"featured_media":1250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1249"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1249"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1250"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}