The progress of the network during that period

Summary

• Shibarium has processed over 418 million transactions and implemented key upgrades, including some hard forks to improve network performance.
• The network introduced a burn portal to reduce the supply of SHIB, and BONE tokens play an essential role in the process.

Happy Birthday, Shibarium

Shibarium is a layer 2 blockchain solution built on the Ethereum network, Specifically designed to foster the development of the Shiba Inu ecosystem. Is major The goals include reducing transaction costs, improving speed, and increasing scalability.

The protocol officially It saw the light of day exactly one year ago, sweeping numerous important milestones Since thenHas processed more than 418 million total proceedings, crossing the 400 million mark in March 2024. It is worth mentioning that progress It has stagnated recently: at the beginning of this year, the number of daily transactions was in the millions, while in recent months it exceeded 20,000 only once.

The total number of blocks processed on the network is approaching 6.5 million, while wallet addresses are just shy of 2 million.

The team behind Shibarium brought it to X for describe Other important milestones that the network has achieved since its launch include the successful execution of three hard forks: Delhi, Indore, and Shanghai. The upgrades were aimed at improving the overall user experience, enhancing transaction speed, and optimizing network efficiency.

The team also remembered about The two tokens introduced within the ecosystem – K9 Finance DAO (KNINE) and Bad Token (BAD) – claim another (called HOCHI) was recently launched, “offering even more flexibility than ever before.”

The latest progress

Shibarium has undergone three additional updates in the past few months. In April, the team inserted a new update to the user interface (UI), which is described as “faster, smoother, and more accessible than ever.” Its main goal was to improve compatibility with popular self-custody wallets such as MetaMask, Trust Wallet, Coinbase Wallet.and others.

Shortly after, the team Released an upgrade via a hard fork to implement faster block processing times and boost the Community of developers and innovators.

More recently, Shibarium hugged a designated “Burn Portal.” Its ultimate goal is to reduce the circulating supply of Shiba Inu (SHIB) by sending a portion of the tokens to a null address, making it more scarce (and potentially more valuable, assuming demand stays the same or increases).

However, the mechanism is quite different from the original adopted by The Shiba Inu team. In the Shibarium ecosystem, BONE serves as a governance token and is essential for paying gas fees, while validators and delegators rely on it for transactions on the network.

A portion of the gas fees paid in BONE is used to buy SHIB tokens, which Then they are sent to a null address for burning. Users must accumulate at least 100 BONE tokens to initiate a burn.

For more updates on the ecosystem, Make sure to Check out our shibario news.