Shibarium Reaches All-Time High in Daily Transactions: Details

Major Shiba Inu enthusiast Lucie Sasnikova, who goes by the Twitter alias @LucieSHIB, has published a post to share that the number of testers on Shibarium has been growing at a fast pace.

Number of daily transactions spikes to record high

The screenshot demonstrates that the amount of daily transactions on the Layer 2 network of Shiba Inu has surged to an all-time high of over 41,600. Lucie Sasnikova wondered if Shibarium would be able to beat the Layer 2 network for Ethereum launched by the Coinbase exchange recently, Base.

The average block time constitutes five seconds, the total number of transactions up to now has almost reached 110,000 and the number of participating wallets on Shibarium equals 51,781.

The testnet of Shibarium, dubbed Puppynet, was launched on Saturday, March 11.

The amazing numbers of #Shibarium attract more and more testers.

Can we beat CB L2?

Let's go 😜
Who will list next $BONE 👀 ⌛️ pic.twitter.com/PH2FBdHW6U

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) March 28, 2023

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SHIB Burn Rate Jumps 2,080%, Burning Weekly Amount of Close to Billion in 24 Hours

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Shibarium's contribution to SHIB burns

Five days ago, Shibarium's documentation was released after a long wait. Among other things, these docs revealed the details of how the Layer 2 network will contribute to burns of Shiba Inu meme tokens.

According to the docs, the transaction fee on Shibarium is 10,000 times cheaper than that of Ethereum. Besides, 70% of the base fee will be converted into Shiba Inu and then sent to dead wallets, i.e., burned, i.e., removed from the circulating supply of SHIB.

Before Puppynet was launched, Shytoshi Kusama, the lead of Shiba Inu, hinted that the Layer 2 network may be able to help burn trillions of Shiba Inu tokens.

BONE tokens are being used as gas on Shibarium. Last week, U.Today reported that major exchange Crypto.com had acquired roughly 2.1 million BONE tokens between March 1 and March 20.