Shiba Inu’s L2 blockchain Shibarium causes a stir in the crypto world as it achieves yet another milestone.
In an exciting development, Shibarium’s total transactions have finally surpassed the 400 million threshold. Lucie, Shiba Inu’s marketing lead, also confirmed the development in a post on the X platform.
She used the opportunity to congratulate all Shibarium users for helping the L2 network achieve the jaw-dropping milestone.
Congratulation to everyone on #Shibarium !
400 M transactions! pic.twitter.com/zVYJmgX98A— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼♀️ (@LucieSHIB) March 7, 2024
Shibarium Surpasses 400M Transactions
According to data shared by Lucie in the early hours of today, Shibarium had processed a total transaction of 400,096,901 (400.09 million). Interestingly, the figure has skyrocketed to 400,253,293 (400.25 million) in the hours leading up to press time.
Despite recording a massive plunge in daily transactions, Shibarium has surpassed the 400 million transaction threshold. In December, Shibarium averaged between 5 and 7.5 million daily transactions.
However, the number of daily transactions plummeted earlier this year to around 1 million. At press time, Shibarium boasts a daily transaction of 1.81 million.
The remarkable surge in total transactions comes less than seven months after Shibarium launched on the mainnet. It should be recalled that the mainnet version of Shibarium had a rough start that saw it go offline for two weeks.
Despite the setback, Shibarium was still able to achieve notable feats, especially in terms of adoption. As reported earlier, Shibarium hit 1M addresses on the mainnet in just 18 days after its launch, faster than other L2 networks like zkSync, Optimism, and Arbitrum, which took 71, 191, and 303 days, respectively, to achieve a similar milestone.
Possible Factors Driving Shibarium Transaction Volume
One major factor boosting Shibarium’s transaction volume is its low fees. Users are expected to pay as low as 0.0000219 BONE ($0.000021) per transaction, which is much lower than what most prominent blockchains, including Bitcoin and Ethereum, charge per transaction.
Another factor that played an integral role in boosting Shibarium’s transactions is Shiba Inu’s dedicated community members. These enthusiasts have contributed to the widespread adoption of Shiba Inu projects, including Shibarium. They either convince people to use Shibarium or become users themselves.
Other Impressive Shibarium Stats
Meanwhile, other Shibarium stats include a record of 3.54 million total blocks with an average block time of 5.0 seconds, 1.36 million wallets, 65,130 total accounts, 15,553 total contracts, and 9,316 tokens deployed.
Furthermore, the total value locked (TVL) on Shibarium is currently above $1 million. Data from DeFiLlama shows that the network’s TVL had surged to $2.25 million on March 5, when SHIB spiked above $0.00004.
Following the recent correction across the broader market, Shibarium’s TVL currently stands at $1.75 million.
