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Shiba Inu Layer 2 Poised for Massive Takeoff, Here's When

Wed, 08/30/2023 - 14:45
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Tomiwabold Olajide
Excitement remains for prospects of Shiba Inu Layer 2 blockchain
Shiba Inu Layer 2 Poised for Massive Takeoff, Here's When
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Shiba Inu Layer 2 blockchain Shibarium has relaunched, much to the delight of the SHIB and wider crypto communities. Barely days after officially going live, Shibarium has set new milestones, and excitement remains about the prospects of the blockchain.

Given this, Shibarium might be poised for a massive takeoff. SHIB team member Lucie gives a hint as to when this might be.

In a tweet, Lucie forecasts that the impact of Shibarium will start to show in the next eight to twelve months. In an enlightening X post, the Shiba Inu team member provides insights on Shib burns and how Shibarium will aid in removing shib tokens from circulation. This, she says, is all part of a long-term plan.

Shiba Inu burning remains a favorite topic in the SHIB community, which wishes to see burns soar into the trillions.

Emphasizing the role of community efforts in achieving this main goal, Lucie added that every time Shibarium is used, a small quantity of SHIB gets burned.

Shibarium was designed to burn Shib, and the gas fees were intentionally kept low to attract millions of people to use it and contribute to burning Shib tokens.

Lucie promises that the Shiba Inu community will get to know how much has been burned in the coming updates.

According to Shibarium documentation, when a user makes a transaction on the network, the base fee is locked in a contract in Shibarium, while the priority fee is paid to the validator. Seventy percent of the base fee will be burned, and 30% will be set aside to maintain the network.

Shibarium advances

Shibarium has hit significant milestones, totaling 530,657 transactions. The number of wallet addresses on the Layer 2 blockchain has also risen to an astounding 336,949.

Shibarium Hits Big Milestones With Over 19 Million BONE Delegated

Per Shibariumscan, the total number of blocks on the Shibarium mainnet has reached 370,304, marking yet another milestone for the protocol, with an average block time of 5.0 seconds.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.