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Shibarium Renaissance Begins, Here Are 3 Key Trends to Watch

source-logo  u.today 01 December 2023 08:46, UTC

Shibarium, the Ethereum-based Layer-2 network, has registered its first major transaction burst as an L2 ready to compete with its peers. As reported earlier, Shibarium crossed the historic five million transaction milestone after recording an unprecedented jump in total daily transactions. With this new lease on life, the protocol has three key factors that can redefine this new era it just transitioned into.

Three key factors that can impact Shibarium

While it is one thing for Shibarium to breach the crucial transaction milestone, it is another thing entirely to sustain the massive transaction count. The attempt to keep up with its stellar transaction count milestone rests on its burn rate, transaction processing times and the Shiba Inu team's PR stunts.

The burn rate will help showcase how well transactions being registered on Shibarium contribute ultimately to the deflationary agenda of the Shiba Inu protocol. A consistent burn rate will create a bidirectional loop that might encourage hardcore Shibarium users to continually use the protocol with the understanding that they are helping SHIB by doing so.

One crucial milestone that many are not dwelling on is the ability of Shibarium to process its over 748,000 transactions in a single day without breaking. This proves that Shibarium now has the right tensile strength to withstand heavy traffic and still maintain its five-second average block time.

Lastly, the way the Shiba Inu core team members push publicity for the protocol is also an essential factor that can further encourage new users to explore the protocol moving forward.

SHIB is bigger beneficiary

As the central focus for Shibarium, Shiba Inu (SHIB) stands as the ultimate beneficiary of the growing Shibarium transaction count. This is because demand is placed on SHIB, with people bullish for its price.

The latest milestone has stirred an uptick in the price of SHIB as the token has jumped 1.67% to $0.000008351, per data from CoinMarketCap.