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Shiba Inu (SHIB) Dev Ends Speculation on 34 Million Shibarium Transactions

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Tue, 5/12/2023 - 8:44
Shiba Inu (SHIB) Dev Ends Speculation on 34 Million Shibarium Transactions
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In a surprising turn of events, the Shiba Inu-based Ethereum Layer-2 scaling solution, Shibarium, has witnessed an extraordinary surge in transaction activity, leaving the SHIB community in suspense over the authenticity of the numbers. 

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The daily transaction record on Shibarium soared to an impressive 7.82 million, with the total transactions skyrocketing from four million to a staggering 34.6 million since the start of December.

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Addressing the mounting speculation, Kaal Dhairya, a prominent contributor and developer within the Shiba Inu ecosystem, took it upon himself to quell any doubts. In a recent post, Dhairya delved into the unprecedented transactional activity on Shibarium, providing insights that shed light on the platform's capabilities.

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Source: Shibariumscan

Dhairya assured the community that the surge in transactions was not the result of spam, emphasizing the legitimacy of the operations. Despite a 1,000% increase in gas fees, normal transactions cost mere fractions of a penny, while complex operations remained impressively affordable.

He highlighted that the rise in gas fees contributed to exponential growth in the burn, effectively reducing the circulating supply of SHIB.

"Shibarium can and will scale"

The lead developer also revealed that network utilization never surpassed 60%, indicating Shibarium's capacity to scale as adoption will increase during real bullish market trends. Remarkably, there were no outages or firefighting scenarios, though the team remained on high alert throughout the surge.

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Expressing his satisfaction, Dhairya shared, "Absolute pleasure to keep watching the transaction counter keep going up - still watching." 

He concluded by inviting the community to contemplate their endeavors on Shibarium, emphasizing its role as a vital component in building Shiba's decentralized operating system for the network state.

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