Shibarium Celebrates First Anniversary: Here’s How The Layer-2 Solution Has Fared Since Launch

It’s already been a year since the launch of Shibarium took the meme coin niche and the entire crypto community by storm. Shibarium was launched on the Shiba Inu mainnet on August 16, 2023, after months of meticulous planning and development.

Shibarium introduced new and practical use cases for SHIB and BONE, two of the most popular tokens of the Shiba Inu ecosystem, in a strategic effort to transcend its meme coin status and establish a more serious, utility-driven presence in the crypto space. 

Since then, Shibarium has registered various milestones. The value of SHIB has also become intertwined with the performance and activity on the Shibarium layer-2 network.

Shibarium Celebrates One-Year Anniversary

Shibarium was created to enhance the Shiba Inu cryptocurrency ecosystem by providing improved scalability, lower gas fees, and a more seamless user experience. Gas fees on Shibarium are paid using BONE. What’s unique about this system is that a portion of these BONE fees is converted to SHIB and then burned. This burning process theoretically reduces the supply of SHIB tokens in circulation, which could lead to an increase in the value of SHIB over time.

Interestingly, Shibarium was widely accepted after its launch. In less than a month, Shibarium had processed over 3 million transactions and it easily surpassed 1.3 million blocks mined. These early successes set the stage for continued growth. Shibarium maintained its momentum by consistently processing millions of transactions and seeing a steady increase in the number of wallets created.

At the time of writing, Shibarium has processed over 417 million transactions, and more than 1.8 million wallets have been created. Despite this sheer amount of activity, gas fees have remained relatively low, which resonates with the vision of Shibarium. The number of smart contracts created on Shibarium has also grown steadily since its launch, with 17,487 contracts recorded at the time of writing. 

What’s Next For Shibarium?

While the activity on Shibarium has slowed down from its initial peak, the layer-2 scaling solution remains full of promise and potential for future growth. Shibarium is still a critical component of the Shiba Inu ecosystem, and there are ongoing developments that could soon reignite user engagement and network activity. 

According to Lucie, the Shiba Inu marketing lead, $12 million has already been secured for Shibarium’s future growth. There are also plans to introduce NFTs, games, and a metaverse to the platform, all of which could boost user activity and interaction. As such, we could see Shibarium returning to peak activity very soon, which could contribute to a price boost for SHIB and BONE.

At the time of writing, SHIB is trading at $0.00001336. BONE is trading at $0.3945.

Featured image from Pexels, chart from TradingView