Shibarium Exceeds 400M Transactions – Sets A New Milestone

Shiba Inu layer-2 blockchain Shibarium has set a new milestone in the history of meme coins and its ecosystem. Its number of transactions exploded following its impressive performance and growing adoption in the crypto space.

To the amazement of crypto enthusiasts, the network has completed over 400 million transactions on its platform. 

Shibarium Hit And Exceeds 400 Million Transaction Threshold

The Shiba Inu marketing lead, Lucie, shared the new development of the network on March 7. She congratulated all users of the L2 blockchain for their loyalty and for contributing to the remarkable feat.

Lucie stated:

Congratulations to everyone on #Shibarium! 400 M transactions!

Congratulation to everyone on #Shibarium !
400 M transactions! pic.twitter.com/zVYJmgX98A

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼‍♀️ (@LucieSHIB) March 7, 2024

According to Lucie’s post, Shibarium has completed up to 400,096,901 (400.09 million) transactions. The trend is still increasing after a few hours from Lucie’s post.

At the time of writing, Shibarium has completed a total of 400,414,390 (400.41 million) transactions.

Notably, Shibarium significantly increased total transactions in less than seven months after the mainnet launch. However, the mainnet initially faced some hitches, as it went offline for almost two weeks.

Following the incident, Shibarium recorded a drastic drop in daily transactions but overcame the obstacle to surpass the 400 million transaction mark. 

Initially, the blockchain’s average daily transactions ranged between 5 million and 7.5 million. However, it declined further to 1 million at the beginning of this year. Currently, the blockchain records 1.81 million daily transactions.

Although Shibarium faced some challenges after launch, it performed impressively well in its adoption rate and others. 

The blockchain recorded 1 million addresses on the mainnet within 18 days of its launch. This was impressive given that other prominent L2 networks such as Arbitrum, Optimism, and zkSync got the same feat in 303, 191, and 71 days.

Potential Driving Factors For Shibarium’s Great Feats

Besides its growth in total transactions, Shibarium’s outstanding performances cut across other indices. The network has over 3.54 million blocks, and the average block time is around 5 seconds.

It now has 65,130 total accounts, 1.36 million wallets, and 15,553 total contracts.

Also, the network has deployed about 9,316 different tokens. Moreover, Shibarium’s total value locked (TVL) has surpassed $1 million.

According to data from DeFiLlama, the TVL climbed to $2.25 million as of March 5, as SHIB crossed $0.00004 but later dropped to $1.75 million due to the recent price correction within the broader crypto market.

Even though the TVL dropped, there’s still hope for the network. The robust Shiba Inu community remains a major driving force behind Shibarium’s achievements. The SHIB Army supports Shibarium and the overall Shiba Inu ecosystem.

They use the blockchain and even convince others to do so, thereby increasing the overall transaction threshold. Also, Shibarium offers users a meager cost for their transactions on the network. Each transaction is as low as 0.0000219 BONE, equivalent to $0.000021. 

The transaction fees on Shibarium are competitively much lower than those on notable networks like Bitcoin, Ethereum, Cardano, etc. These advantages will likely help to push the layer two network to surpass the current status and record more growth.