Shiba Inu Team Explains What Shibarium Has Done for SHIB

A Shiba Inu ecosystem team member highlights the significant impact of the ecosystem’s Layer-2 (L2) blockchain Shibarium on Shiba Inu.

Since Shibarium’s mainnet launch in August 2023, several Shiba Inu community members have questioned its impact on SHIB.

Even though the team initially developed Shibarium to drive the overall ecosystem growth, reduce transaction costs, and enhance scalability, some users still think these features are yet to translate to tangible gains for SHIB.

Notably, a community member raised the question again in response to a recent X post from marketing expert, Lucie. Notably, Lucie’s original post highlighted some Shibarium milestones, including onboarding multiple decentralized applications (dApps) and leading to new partnerships.

Team Highlights Shibarium Impact on SHIB

Replying to this inquiry, Lucie made a new X post discussing Shibarium’s impact on SHIB.

Burns

First, she mentioned how the popular Layer-2 blockchain has reduced the number of SHIB tokens in circulation through burns. According to Lucie, Shibarium has helped to burn over $1.5 million worth of SHIB tokens. She claimed this move directly reduced SHIB’s circulating supply, potentially bolstering scarcity.

The ecosystem team promised that Shibarium would enhance SHIB’s burn campaign by using a portion of the fees to incinerate the token.

For context, the developers of Shibarium structured Shibarium fees into priority and base fees. The priority fees are allocated to validators on the L2 network. However, 70% of the base fees, originally in BONE, are converted to SHIB and sent to the dead wallet.

Prior to the launch of the burn portal, the team manually incinerated SHIB using part of Shibarium fees, removing 56 billion SHIB from the supply at the time. However, since the portal launched in August, it has burned over 300 million tokens.

Other Shibarium Impacts on SHIB

In addition, Lucie emphasized that Shibarium enables low-cost transactions for SHIB, making the token more accessible for everyday use.

Furthermore, she said the L2 blockchain helps in building the foundation for future utilities, ranging from staking to decentralized governance.

Conclusively, the marketing lead claimed that Shibarium has elevated SHIB’s reputation within the crypto market, referencing Forbes’ recognition of Shiba Inu as a testament to Shibarium’s impact on the token.

In the meantime, Shibarium has continued to register strong user activity, as reflected in the daily transaction volume, which has remained above 4 million over the past few weeks.

So far, Shibarium has processed 673.35 million transactions, with the daily count currently standing at 4.72 million. The transaction volume surge will further help remove more SHIB tokens from circulation.

Currently, 410.74 trillion SHIB have been permanently removed from the circulating supply, with 6.08 million tokens burned in the past day, according to data from Shibburn.

Shibarium also boasts 2.01 million wallet addresses, 8.47 million total blocks, and an average block time of 5.0 seconds.