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Shiba Inu: Shibarium Reaches First Major Milestone

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Mon, 28/08/2023 - 20:09
Shiba Inu: Shibarium Reaches First Major Milestone
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Shibarium, the layer-2 scaling solution for the Shiba Inu cryptocurrency, has reached a significant milestone, surpassing 100,000 wallet addresses and executing more than 400,000 transactions.

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This comes after Shiba Inu lead developer Shytoshi Kusama stated that Shibarium was "ready for prime time."

The rapid growth comes after the layer-2 solution pivoted to fork from the Polygon blockchain, a decision Kusama labeled as "correct" while thanking the collaborative effort from the Polygon team and others.

Shibarium aims to improve scalability and transaction efficiency for the Shiba Inu blockchain, allowing for faster and cheaper transactions.

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According to current data, the platform has an average block time of 5.0 seconds and has processed 408,449 transactions across 340,174 total blocks.

The types of tokens deployed on Shibarium vary widely, ranging from meme-themed tokens like RealShibaPunks and DogeKing to financial instruments like Wrapped BONES and Wrapped Ether

However, it hasn't been smooth sailing for Shibarium. Its mainnet launch earlier this month encountered a series of technical issues including the mainnet RPC going offline and Ethereum allegedly being locked on its cross-chain bridge. These setbacks led to a dip in the price of Shiba Inu and were part of a series of "FUD attacks" aimed at shaking investor confidence in the token.

Looking ahead, Kusama revealed that Shibaswap, the decentralized exchange, will be moving to Shibarium in the near future.

He also noted that official WBone will be launched shortly and that contract verification should be up early this week.

Despite the recent successes, Kusama cautioned that "the chain is still very early and we have a long way to go," signaling that while the platform has achieved significant milestones, it is still a work in progress with challenges yet to overcome.

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