Top Shiba Inu (SHIB) developer Kaal Dhairya has debunked some wrong misconceptions about the parabolic run in Shibarium transactions.
According to data from Shibariumscan, the total transactions registered on the Layer-2 network has soared to 35,580,919, about 3 million more since Kaal’s post on X. The comment from Kaal proved necessary to debunk claims that the Shibarium transactions might be phony and a shift away from actual reality.
Some notes from 32M+ transactions on Shibarium
1. Not spam transactions- Although would love to learn more about SRC-20 and how can Shibarium team support them from the devs.
2. Even with gas fees rising 1000% the normal operations were still tenth of a penny and complex…— Kaal (@kaaldhairya) December 4, 2023
Shibarium Outpacing its Personal Best
Since its launch in August, Shibarium has grown strategically to outpace its personal best. With transactions running a few thousand some weeks back, they now average 7 million daily.
Commenting on the milestone, Kaal said the transactions are not spam as many may presume. He said despite the gas fee jumping by 1,000%, the normal transaction costs are still a “tenth of a penny” and the more complicated ones cost “less than a dime.” With this feat, the developer expressed excitement at the uncompromised speed.
Some notes from 32M+ transactions on Shibarium
1. Not spam transactions- Although would love to learn more about SRC-20 and how can Shibarium team support them from the devs.
2. Even with gas fees rising 1000% the normal operations were still tenth of a penny and complex…— Kaal (@kaaldhairya) December 4, 2023
One key observation pointed out by Kaal is that spike in gas fees led to a rapid rise in BONE accumulated, leading to Shibarium’s first SHIB burn. One key observation concerning the Shibarium transaction blowup is that the network has not buckled under the weight of the heavy traffic.
Kaal confirmed that network utilization stayed below 60%, proof of how scalable the protocol is right now. However, he acknowledged the team entered a “firefighting” mode just in case of outages which never occurred.
Future Plans for Shibarium
Fulfilling as the current Shibarium milestones are, more impressive plans are in the works for the protocol.
While Kaal confirmed there’s an ongoing plan to build the SHIB decentralized operating system for the network state, a major upgrade has been teased for the transition of its testnet Puppynet from Goerli to Sepolia.
This testnet upgrade is necessary since Ethereum plans to phase out Goerli later this month, bringing an end to the pioneering testnet use.
To complement the cataclysmic growth trends on Shibarium, the team unveiled a dual-mode burn mechanism that will see burning integrated manually and automatically by January 2024.
With clearly defined plans, Kaal posed a question to developers seeking to know what they are “building with SHIB on Shibarium.”
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