Shiba Inu Blockchain Nears 3M Transactions in One Month

The Shibarium network has seen significant uptake within its first month, with the user transaction count now approaching three million.

Shibarium, the layer-2 network launched by blockchain project Shiba Inu, is approaching a new milestone. According to data on Shibariumscan, the network is edging closer to having settled three million transactions. 

The current statistics of 2.86 million transactions mean that Shibarium only needs to handle less than 5% of its cumulative transaction count to reach the new landmark. The network has achieved its latest numbers in roughly a month since going live, suggesting the 3 million mark is more likely than probable.

On a slightly underwhelming note, the number of new users onboarding Shiba Inu’s layer-2 has dropped. In the past 24 hours, only 24 new accounts were created on Shibarium, a far cry from the 5,552 users recorded on August 24. However, improved network conditions could boost Shibarium’s prospects in the coming weeks.

Shibarium Network Gains More Stability

A further overview of on-chain data reveals that Shibarium users are enjoying a significantly higher stability and success rate on transfers following a below-par launch. Successful transaction count now hovers around 1, meaning nearly every transaction on the network goes through. In the week following Shibarium’s release, this figure dropped as low as 0.45, indicating a low success rate.

Meanwhile, another bright spot for Shiba Inu’s new layer-2 is an increase in the value of BONE assets staked by investors. There are now 21.4 million staked BONE tokens (appr. $22.7 million) across the 12 active validators on the network. 

Similar to most PoS networks, Shibarium requires validators to stake BONE for a right to validate transactions and earn block rewards. Users may also delegate tokens to their favorite validators to foster decentralization, all while earning additional BONE rewards.

The launch and early success Shibarium has recorded adds to growing optimism across the SHIB team that the memecoin is well-positioned going into the next bull run. The number of millionaire SHIB holders is also on the rise, raising hopes within the SHIB community.