December 12, 2023 at 17:13 GMTModified date: December 12, 2023 at 17:13 GMT
December 12, 2023 at 17:13 GMT

Shibarium total transactions skyrocket to 90M

Shiba Inu’s Ethereum layer-2 (L2) blockchain has hit a new milestone, reaching over 90 million in total transactions.

Shibarium total transactions skyrocket to 90M

Shiba Inu’s Ethereum layer-2 (L2) blockchain has hit a new milestone, reaching over 90 million in total transactions, after launching earlier this year. As of press time, Shibarium’s total transactions stood at 92,814,523.

Transactions on the L2 took a peak at the start of December when it went from a daily average of around 17K in November to over 5m the next month.

An average of 7.5m daily transactions have been consistently maintained since 2 December on Shibarium. As of press time, the figure stood at 7.84m.

As per data provided by Shibariumscan, the number of wallet addresses have also risen to 1,305,095. Since inception, the L2 has processed more than two million blocks with an average block time of five seconds.

Not spam transactions

Shibarium had made headlines previously when nearly 8m transfers flooded the network in a single day at the start of December. One of its developers, Kaal Dhairya, debunked several rumours that ensued, which called these spam transactions. 

In a message posted on X, he said that the development was a result of SRC-20 minting activity. Dhairya highlighted a 1000% increase in accumulated transaction fees on-chain, which led to a burn of 8.2 billion SHIB tokens in a single transaction. He added that:

“Continuous rise of gas fees led to exponential growth in burn which helped us in-turn burn $SHIB……Network utilisation never went above 60% which means Shibarium can and will scale when needed and when true adoption starts during the bull.”

The hard fork effect

Recently, the network also went through its first hard fork to enhance burns and support a multiple token burn model. The update was given by Shiba Inu’s discord admin, Davinci, who also shared resources for a smooth transition after the fork.

The hard fork commenced at block height 1,962,000, transitioning it to the Sepolia network for better scalability and efficiency. 

Significant enhancements were made to Shibarium’s burning mechanism, which included a burn mechanism for $BONE as well, which is an Ethereum-based token in the Shiba Inc ecosystem.

A while back, the project’s lead, Shytoshi Kusama, had revealed how Shibarium has been handling a robust amount of 200 transactions per second. Corroborating the same, developers, like Dhairya, expressed how the Shibarium hard fork would push these numbers even higher.

This has been reflected in Shibarium’s recent milestone. The achievements come despite its rocky launch which was met with several technical glitches.

The mainnet of the L2 blockchain initially went live on 16 August but was soon paused due to scalability issues. It happened due to a “massive influx of transactions” following the launch. 

As a result, Shibarium users were unable to withdraw their assets for several days, which led to widespread uncertainty within the community, with many doubting the attack of software bugs. 

However, the team quickly assured its users that they would regain full access to their funds once the mainnet was operational again. Its channels were finally reopened for fund withdrawals after two weeks of temporary suspension on 29 August.