Shibarium, the Shiba Inu Ethereum-based Layer-2 scaling solution, is showing signs of growing adoption. After the daily transaction count dropped as low as 4.51 million on Dec. 24 and 4.63 million on Dec. 29, the transaction metrics are now back to peak levels of 4.78 million. If this daily transaction count is maintained, the protocol might hit a major milestone in days.
Shibarium and historic trends of 2024
Over the past year, Shibarium recorded some milestones that put it at the forefront of the emerging Ethereum L2 protocols. As reported by U.Today, the protocol crossed the 670,000,000 transaction milestone in mid-December. This massive record comes in less than 18 months since its official launch.
At the time of writing, the Shibarium total transactions come in at 740,151,335 per data from the Shibariumscam platform. The protocol could hit the 750 million milestone in about three days at the current daily transaction count rate.
This count is a sign of the adoption of the L2 relative to its peers. While Base Network and Arbitrum remain the top Ethereum L2 per the most important metrics, Shibarium is registering itself as a protocol to watch.
Not just transaction count
Shibarium is thriving in more ways than just the transaction count. The protocol crossed the 8 million block production milestone and is on track to breach the 9 million count in weeks.
In addition, the wallet addresses hosted on the network are 2,064,588, a sign of the L2’s growing user base.
Overall, the embrace of Shibarium offers a unique liftoff to Shiba Inu (SHIB) as a token. With a direct correlation between advances in Shibarium and SHIB price, the recovery in the past few days has also translated to growth for the token.
At the time of writing, the price of SHIB has jumped 6.95% to $0.00002239 in the first sustained uptick of the new year.
