Shibarium, a layer-2 blockchain solution designed to support the development of the Shiba Inu ecosystem, has seen significant growth since its inception a year ago. With over 418 million transactions processed and key upgrades such as hard forks to improve network performance, Shibarium has been focused on enhancing transaction costs, speeding up processes, and increasing scalability. However, despite reaching major milestones, the recent progress of the network has shown signs of slowing down, with a decrease in daily transactions.
The team behind Shibarium highlighted the accomplishment of three hard forks – Delhi, Indore, and Shanghai, aimed at enhancing user experience, transaction speed, and network efficiency. In addition to these upgrades, the introduction of tokens like K9 Finance DAO (KNINE) and Bad Token (BAD) has added more flexibility to the ecosystem. Recently, another token named HOCHI has gone live, providing users with even more options.
As the network continues to evolve, Shibarium has implemented several upgrades in the past few months. In April, a new user interface (UI) update was introduced to improve compatibility with popular self-custody wallets. Following this, a hard fork was implemented to enhance block processing times and empower developers within the community. The most recent upgrade, the “Burn Portal,” aims to reduce the circulating supply of Shiba Inu (SHIB) by sending tokens to a null address, making them scarcer and potentially more valuable.
Within the Shibarium ecosystem, BONE serves as the governance token, essential for paying gas fees and facilitating transactions on the network. Validators and delegators rely on BONE for their activities, with a portion of gas fees paid in BONE used to purchase SHIB tokens for burning. Users must accumulate at least 100 BONE tokens to initiate a burn, contributing to the reduction of SHIB supply.
Shibarium has made significant strides in its evolution, from processing millions of transactions to implementing key upgrades and introducing new tokens. The network continues to push boundaries with ongoing upgrades and innovations, such as the Burn Portal aimed at reducing the circulating supply of SHIB. As Shibarium grows and adapts to the changing landscape of blockchain technology, it will be interesting to see how it continues to evolve and contribute to the Shiba Inu ecosystem.
For the latest updates on Shibarium and its ecosystem, be sure to stay tuned to our Shibarium news for more information.
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