According to U.Today, Shibarium, Shiba Inu’s layer-2 scaling solution, is nearing a significant milestone despite a recent drop in key metrics. Data from Shibariumscan reveals that the total number of blocks on Shibarium has reached 6,377,906, putting it on the path to achieving the 6.5 million mark. Additionally, the network has recorded 418,079,698 total transactions and 1,812,355 wallet addresses.
Recent developments for Shibarium include the introduction of a burn portal designed to remove excess SHIB tokens from circulation. This feature will become fully operational once a sufficient number of BONE tokens have been accumulated. New users are required to have at least 100 BONE tokens to initiate a burn, which involves swapping BONE tokens with SHIB tokens through the Ethereum network, ultimately removing the SHIB tokens from circulation.
Another notable update is the launch of on-ramp features with Visa and Mastercard for BONE tokens, aimed at expanding BONE's utility within the Shiba Inu ecosystem. Despite these advancements, Shibarium has experienced a reduction in the number of new blocks produced on the network, dropping from 17,210 to 5,742. Concurrently, the number of new transactions fell by 83.6%, decreasing from 7,161 to 1,172. This decline indicates a reduced interest in Shibarium; however, CoinMarketCap data shows that SHIB’s trading volume presents a different narrative.
