u.today
Shibarium, Shiba Inu's layer-1 solution, is celebrating its first anniversary.
Shibarium became the key buzzword for the Shiba Inu community last year, with the holders of the meme coin desperately waiting for new updates about its much-anticipated launch.
The network had a rather bumpy start last August, with transactions stalling and the SHIB price experiencing a significant crash. Developers claimed that the technical hiccups were caused by a huge number of transactions that the network could not initially handle.
Shibarium eventually became fully functional on Aug. 28 after developers fixed the issues that had plagued the network.
In a celebratory social media post, the Shiba Inu team highlighted some of the key achievements of the Shibarium network. For instance, it has already processed a whopping 417 million transactions. As reported by U.Today, Shibarium recorded a 1,548% increase in daily transactions on Wednesday. Prior to that, the network had been mostly languishing with relatively few transactions since April. For comparison, the network was experiencing very strong demand in late 2023 with millions of transactions per day.
The Shibarium network has also undergone three hard forks (Delhi, Indore, and Shanghai), with each of them naturally bringing more functionalities.
As reported by U.Today, Shibarium developers also recently introduced a burn portal that is supposed to permanently remove a portion of SHIB's total supply from circulation. This could be seen as a potential bullish catalyst for the second-largest meme coin.