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Whopping 97% Transaction Count Plunge Faced by Shibarium, What's Happening?

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Sat, 18/05/2024 - 20:00
Whopping 97% Transaction Count Plunge Faced by Shibarium, What's Happening?
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While the Shiba Inu developer team continues to work and add important upgrades to the Layer-2 blockchain, Shibarium keeps seeing a drastic plunge in transaction activity — it has been going for almost a month already.

This has coincided with a plunge in the SHIB burn rate as this metric found itself in the red today.

Shibarium faces enormous activity plunge

According to data publicly shared by the Shibariumscan explorer, the Layer-2 blockchain of the popular meme cryptocurrency Shiba Inu, Shibarium, continues to lack transaction activity. For almost a month, the plunge has been astounding — almost 100%.

Compared to a high of 562,990 daily transactions detected on Shibarium on April 17, today’s number equals merely 16,800.

Still, the overall number of transactions continues to grow, albeit slowly. By now, this metric demonstrates 417,469,578 transfers made in total since the blockchain’s launch in August last year.

Earlier this week, the enigmatic leader of Shiba Inu known as Shytoshi Kusama announced the launch of a new version of the ShibaSwap DEX and its bridging to Shibarium from the Ethereum chain. This move enables its users to be exposed to a wide range of products and services on both blockchains. This partly explains the low level of transaction activity on Shibarium at the moment.

Related

Grok AI has a say about Shibarium and ShibaSwap

On Friday, the official marketing lead of the SHIB team, Lucie, tested the Grok AI bot about what it knows about the ShibaSwap DEX launching on Shibarium. Elon Musk’s AI provided a humorous breakdown of the DEX for Lucie.

Grok jokingly likened the expansion of the DEX from Ethereum to Shibarium to “moving from a crowded city to a peaceful suburb with better infrastructure and lower fees.” The outcome of this, per the AI, is “Faster transactions and lower costs for all you SHIB enthusiasts out there.”

The program also revealed what it believes to be “the most exciting feature” of ShibaSwap. That is the ability to make up new liquidity pools on Shibarium. Another new feature brought by the DEX to Shibarium is discovery charts and trending tokens.

Grok eventually concluded that “the new and improved ShibaSwap on Shibarium offers faster transactions, lower fees, new liquidity pools, and enhanced token discovery.”

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