u.today
Shibarium, Shiba Inu’s (SHIB) layer-2 scaling solution, is on track to break a crucial milestone, as seen in its recent trend. This achievement is notable as it comes only days after Shibarium dropped by over 80% in key metrics.
Shibarum set for new milestone
After about a year since it went live, data from Shibariumscan shows that Shibarium's total blocks are now at 6,377,906. This new record sets Shibarium on the path toward the 6.5 million mark, a crucial milestone for the layer-2 solution. Meanwhile, total transactions on the network have soared to 418,079,698, with wallet addresses totaling 1,812,355.
The past week has seen key developments for Shibarium. As reported by U.Today, Shibarium now has a burn portal for removing excess SHIB tokens from circulation. Note that this function will be fully operational once sufficient BONE tokens have been accumulated. However, new users need at least 100 BONE tokens to initiate a burn.
The process involves swapping BONE tokens with SHIB tokens through the Ethereum network. Ultimately, these SHIB tokens are removed from circulation.
Another recent development on Shibarium is the launch of on-ramp features with Visa and Mastercard for BONE tokens. With this feature, the Shiba Inu ecosystem aims to expand BONE's utility to a variety of users.
Reduction in block number on Shibarium
While Shibarium focuses on a new milestone, the number of blocks is decreasing. According to a previous report, the number of new blocks produced on the network dropped from 17,210 to 5,742. At the same time, the number of new transactions on the platform fell by 83.6%, dropping to 1,172 from 7,161.
This decline suggests reduced interest in Shibarium. However, CoinMarketCap data shows that SHIB’s trading volume tells a different story.