u.today
Shibarium stunned many observers with its massive transaction count blowout last week. At its peak, the Ethereum-based layer-2 scaling solution saw its transaction count jump as high as 4.77 million, a new yearly high for the protocol. In an unusual twist, this massive count is fading off, per data showcased on Shibariumscan.
Why is Shibarium transaction count falling?
According to the Shibarium scan data, the transaction count dropped from a high of 4.76 million on Oct. 26 to its current level of 699,690, an 85% plunge in 24 hours.
The community is behind the majority of transactions registered on Shibarium. Many community members have recently started bridging their Shiboshi NFT to the Shibarium network and testing its functionality.
Before now, the connecting bridge to the L2 network has served specifically in burning SHIB. Last week, the protocol’s transaction count got a massive boost, as many intensified their Shiboshi NFT bridging to the Ethereum protocol.
Perhaps the slowdown in the transaction count surge implies that this bridging is completed by most community members who own the SHIB-backed NFT. Concentrated activities are mostly the reasons behind a trend boom; with that taken out of the equation, the trend reversal does not come as a surprise.
What's next for Base rival?
A lot is happening in the Shiba Inu ecosystem, and Shibarium is the front-runner. When the transaction boom came, many predicted it might finally topple some core rivals, like the Base Network.
However, with this reversal, all hopes for this happening are out the window. Nonetheless, there are still a lot of new product launches to watch out for on Shibarium. With constant reassurance and mystical posts from Shytoshi Kusama, the protocol’s developer team has much in the pipeline.
When unleashed, these new products and services might eventually help reposition Shibarium for all-round sustainable growth.