The Shibarium network has continued on its remarkable growth trajectory, doubling its number of users in less than three months.
Since launching in August 2023, the Shibarium network, a layer-2 blockchain built for the Shiba Inu ecosystem, has gained significant traction. Transactions have soared to hundreds of millions, while the number of projects building on the network has also been on the rise.
Earlier this week, the Shibarium network recorded over 63,000 cumulative accounts. This metric means that the network has now doubled its user accounts since the start of December, when the figure stood at around 30,000.
According to Shibariumscan, the account growth metrics track the number of externally owned accounts (EOAs) connected to the network. EOAs refer to accounts created with a unique private key. As a result, it is a close option for measuring the number of users on a network.
Putting the above information into perspective shows that Shibarium has gained tens of thousands of users within its short period in the blockchain industry. The network’s promise of low fees for token transfers and decentralized applications (dApps) seems to be attracting new users to the Shiba Inu ecosystem.
Developers Also Double Down on Shibarium
Beyond the increasing user metrics, the Shibarium network is also recording a substantial increase in the number of smart contracts being deployed by developers. Smart contracts form the bedrock for most decentralized applications, executing predefined terms when users meet them.
Since December 1, Shibarium has added 749 new smart contracts. The network adds at least two new contracts daily within the time period, with a record 59 added on January 21.
Meanwhile, the increasing adoption of Shibarium is expected to boost the price of Shiba Inu (SHIB) as developers burn a portion of tokens spent by users on gas fees. The team has already burned over 43.55 billion tokens, and remains on course to destroy even more in a bid to boost prices.