According to U.Today, Shibarium, an Ethereum Layer-2 scaling solution backed by Shiba Inu, is demonstrating a mixed growth outlook but is expected to reach a significant milestone soon. According to data from Shibariumscan, the L2 protocol is nearing the production of 5,000,000 total blocks.
Since its inception, Shibarium has shown consistent growth in all key metrics, except for its daily transaction count, which has been inconsistent. Despite being part of a vibrant Web3 ecosystem, its average daily transaction count has dropped from at least 1 million in Q4, 2023, to just 5,150 today. However, 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 reach the 5 million milestone. It is likely that this record will be achieved before the end of this second quarter.
Another key data insight on Shibarium is the total transactions and wallet address features. The total transactions stand at 417,549,926, while the wallet address count is at 1,803,996. This data indicates that Shibarium is thriving within its own ecosystem of dApps.
Since its inception in August 2023, Shibarium has grown primarily organically. However, this is set to change as the protocol has welcomed ShibaSwap, its dominant decentralized exchange (DEX). As an exchange with many unique visitors, it is expected that ShibaSwap will help drive the transaction rebound and attract new users to the Shibarium ecosystem in the long run.
With the Ethereum L2 ecosystem experiencing intense competition, Shibarium is preparing to compete following its latest hard fork event on the mainnet. With faster speed, predictable gas cost, and transaction throughput, reaching the anticipated milestone seems inevitable.