Shibarium, a layer-2 network, appears to have overcome its troubled launch and is now experiencing significant growth since its relaunch on August 27, according to various metrics. The network has processed over 2.1 million transactions, indicating a high level of user adoption, especially considering Shibarium’s reputation as a cheaper alternative to Ethereum.
On September 10, Shibarium had its best day in terms of transactions processed, recording close to 203,000 transactions, the highest since its launch on August 16. The number of wallet addresses created on the network has also surpassed 1.12 million.
Remarkably, the network has not encountered any issues since its relaunch, with over 589,000 blocks produced. This is noteworthy considering the challenges it faced during its initial launch. Shibarium has lived up to its promise of being a faster and more cost-effective alternative, particularly for decentralized finance (DeFi) projects. Currently, the network boasts an average gas fee of 1.83 gwei and an average block time of 5 seconds. In comparison, Ethereum, the leading DeFi blockchain, has an average gas fee of 8 gwei and an average block time of over 12 seconds.
The Shibarium team’s efforts to scale the network have yielded positive results. The network utilization is less than 7%, indicating its capacity to handle significantly higher traffic than it currently processes.
Lead developer Shytoshi Kusama attributes Shibarium’s initial difficulties to a massive influx of transactions and users simultaneously overwhelming the network. To address this, the team sought assistance from Polygon, which quickly responded and provided additional resources to scale the network.
Despite Shibarium’s promising growth, Shiba Inu (SHIB), the token associated with the network, has not experienced a corresponding increase in value following the launch. SHIB’s price has actually declined by over 22% in the past month since Shibarium’s launch. However, it is important to consider that the token may be influenced by bear market pressure and potentially oversold.
Overall, Shibarium’s relaunch has been successful, evidenced by its growing number of transactions, wallet addresses, and seamless operations. As the network continues to scale and address any remaining challenges, it has the potential to become a prominent player in the crypto ecosystem.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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