Shibarium, the Shiba Inu-backed Ethereum Layer-2 scaling solution, is showcasing a mixed growth outlook, however, with the tendency to hit a major milestone soon. Per data from its dedicated explorer Shibariumscan, the L2 protocol is eyeing hitting the 5,000,000 total block production milestone.
Shibarium's erratic statistics
Since its inception, Shibarium has maintained a steady growth pace in all key metrics, except for its erratic daily transaction count. Despite powering one of the most vibrant Web3 ecosystems, its average daily transaction count has slumped from at least 1 million in Q4, 2023, to just 5,150 today.
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Despite this epic slump, block production remains steady. At the time of writing, a total of 4,900,607 blocks have been produced on Shibarium, leaving just 99,393 blocks to hit the 5 million milestone. At its current pace, chances are that it might hit this record before the end of this second quarter.
Another crucial data insight on Shibarium is the total transactions and wallet address features. While total transactions come in at 417,549,926, the wallet address count is pegged at 1,803,996. This data shows that Shibarium is thriving within its own ecosystem of dApps.
Boosting Shibarium with ShibaSwap
Since its inception in August 2023, Shibarium has charted its growth course in a majorly organic manner. This is about to change as the protocol has welcomed ShibaSwap, its dominant decentralized exchange (DEX).
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As an exchange with many unique visitors, the expectation is that in the long run, ShibaSwap can help drive the transaction rebound as well as attract new users into the Shibarium ecosystem.
With the Ethereum L2 ecosystem recording intense competition, Shibarium is looking at competing following its latest hard fork event on the mainnet. With faster speed, predictable gas cost and transaction throughput, hitting the anticipated milestone appears inevitable.