Crypto News & Watchlists

Shiba Inu Layer-2 Blockchain Shibarium Continues Explosive Growth, Leading To Spike in BONE Staking

Shiba Inu’s (SHIB) new layer-2 scaling solution is continuing its rapid growth, leading to a spike in staking for the altcoin used to operate its gas fees.

New data from SHIB blockchain tracker Shibariumscan finds that the total number of transactions over Shibarium has surpassed 2.5 million while the number of daily transactions sits just above 200,000.

The protocol has had over 1.2 million unique wallet addresses use its services as well. Furthermore, according to data from Shibarium itself, the amount of Bone Shibaswap (BONE) has reached over 27.1 million.

Earlier this month, Shibarium hit over 1 million transactions and wallet addresses, prompting developer Kaal Dhairya to say that the team behind Shibarium is dedicated to making it one of the best layer-2 protocols on the market.

“We have achieved – and aim to maintain – our status as one of the fastest and cheapest layer-2 networks out there. (I also read somewhere that some people are unhappy that the gas prices are very low in the network, which made me chuckle.)”

Shibarium, which launched in mid-August, was forced to temporarily go offline weeks later due to technical issues surrounding the massive influx of user activity, which caused millions of dollars worth of crypto assets to get stuck over its Ethereum (ETH) bridge.

However, the project came back online with a new monitoring system which lead developer Shytoshi Kusama said would stifle technical issues caused by surges in network traffic.

SHIB is trading for $0.000007 at time of writing, a fractional increase on the day while BONE is moving for $0.832, also a marginal increase during the last 24 hours.

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The post Shiba Inu Layer-2 Blockchain Shibarium Continues Explosive Growth, Leading To Spike in BONE Staking appeared first on The Daily Hodl.

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