Shibarium, a layer-2 blockchain solution built on the Ethereum network, has been making significant strides in enhancing the Shiba Inu ecosystem. Since its inception a year ago, the protocol has undergone key upgrades and reached important milestones, positioning itself as a crucial player in the crypto space.
One of Shibarium’s main objectives has been to lower transaction costs, improve speed, and enhance scalability for users. With over 418 million total transactions processed, the network has proven its ability to handle a high volume of activity. Despite a recent slowdown in daily transactions, Shibarium’s trajectory remains impressive, with the total number of blocks processed nearing 6.5 million and wallet addresses approaching 2 million.
One of the most notable achievements of Shibarium has been the successful execution of three hard forks – Delhi, Indore, and Shanghai. These upgrades were aimed at improving the overall user experience, enhancing transaction speed, and optimizing the network’s efficiency. Additionally, the introduction of two new tokens within the ecosystem – K9 Finance DAO (KNINE) and Bad Token (BAD) – has further expanded the platform’s flexibility.
In recent months, Shibarium has undergone three additional upgrades to further enhance its performance. An April update introduced a new user interface, making it faster, smoother, and more accessible for users. This update was designed to improve compatibility with popular self-custody wallets like MetaMask, Trust Wallet, and Coinbase Wallet. Following this, a hard fork was implemented to enable quicker block processing times and empower the developer community.
One of the latest developments on Shibarium is the introduction of a “Burn Portal,” designed to reduce the circulating supply of Shiba Inu (SHIB) tokens. By sending a portion of tokens to a null address, the platform aims to make SHIB scarcer and potentially more valuable. Unlike the original burning mechanism used by the Shiba Inu team, Shibarium leverages BONE tokens as the governance token within the ecosystem.
BONE tokens play a crucial role in the burning process, as users need to accumulate at least 100 BONE tokens to initiate a burn. Gas fees paid in BONE are used to purchase SHIB tokens, which are then sent to the null address for burning. This innovative approach not only reduces the token supply but also incentivizes the use of BONE within the network.
As Shibarium continues to evolve and grow, the platform remains committed to driving innovation and improving user experiences. With a strong focus on scalability and efficiency, Shibarium is well-positioned to make further advancements in the blockchain space. Stay tuned for more updates on the ecosystem and the latest developments in Shibarium news.
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