As revealed thanks to data from Shibariumscan, the number of new accounts added to Shibarium, the layer-2 blockchain rollup designed for the ecosystem around popular meme-inspired cryptocurrency Shiba Inu (SHIB), has seen a staggering increase over the last day of September. In just 24 hours, the number of new accounts literally jumped 2,350%, from 20 new accounts per day to 470.
The reason for such a parabolic increase remains unknown, but as a result, the total number of active accounts on the Shibarium network has reached 943.
Arman ShirinyanOf course, this surge in activity had a ripple effect on other blockchain metrics. Probably the most important one, the number of new transactions, skyrocketed by 214% in the period under review, from 3,190 to 6,826.
Interestingly, however, the metrics that report on the network's fees and revenues remained almost unchanged. For example, the total amount of BONE spent on gas fees, which is characterized by the "Transaction Fees" statistic, increased by only 36.57%.
But where’s economic effect?
This all may seem like a lot, but when compared to the number of new accounts that flooded the Shiba Inu blockchain, it becomes clear that these newcomers did not have many interactions with the chain itself.
The logic behind the transaction process on Shibarium is that the user spends BONE on fees, and then a portion of those fees are converted into SHIB and then those SHIB tokens are burned.
Yuri MolchanBasically, the logic behind Shibarium is to make the Shiba Inu token more scarce and deflationary, and if users arrive but do not interact, the whole point of the blockchain becomes just useless energy consumption.
Denys Serhiichuk
Tomiwabold Olajide
Dan Burgin
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U.Today Editorial Team