Shibarium, Shiba Inu's layer-2 network, has recorded a 1,538% increase in daily transactions, according to the most recent data.
On Tuesday, Shibarium recorded 28,680 transactions. This represents a massive jump compared to the 1,740 transactions the network logged on Thursday.
The Shibarium network, which was launched last August, has now processed more than 416 million transactions.
Shibarium's transaction growth has been rather stagnant since April. After the recent uptick, it remains to be seen whether the network will be able to break its multi-month streak of languishing.
Alex DovbnyaLast December, for comparison, Shibarium was experiencing abnormal activity, roughly more than seven million transactions per day. The network went from less than 10 million transactions in early December to a whopping 237 million transactions by January.
As reported by U.Today, Shibarium recently introduced a burn portal for the Shiba Inu community that could potentially make it possible to burn a portion of the meme coin's total supply and boost its price. This became possible with the adoption of EIP 1559, which introduced the concept of the "base fee."
The base fee gets locked in a burn contract after each transaction on the Shibarium network. For now, 100 BONE tokens are required for initiating a single burn. While 70% of the base fee gets destroyed, its remaining portion goes to the treasury.
Total BONE transfers have now surpassed 1.8 million on the Shibarium network. However, the number of new BONE transfers has remained steadily below 1,000 since May.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team