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Shibarium reaches 1 million blocks; What’s next for SHIB and BONE?

Shibarium reaches 1 million blocks, What’s next for SHIB and BONE?

The Shibarium Network reached a new milestone of 1 million blocks confirmed in this layer-2 blockchain on October 6. Created by the ShibaSwap’s (BONE) developer, to scale the Ethereum network, Shibarium is supported by the Shiba Inu (SHIB) community in a growing decentralized finance ecosystem.

After its launch, Shibarium faced a few issues related to Ethereum’s bridge and block production. According to its core developer, the issues happened after an unexpectedly high demand for the network, with massive traffic in a single block, that made the network go “into fail-safe mode”.

Notably, the layer-2 was put back to work a few weeks later, now completing a meaningful milestone of 1 million blocks published and confirmed by the Shibarium Network, at an average of one block every 5 seconds.

Latest blocks on Shibarium Network. Source: ShibariumScan

On September 21, a total of 3 million transactions were made on Shibarium, confirmed in 745,837 blocks. Back then, there were over 36,000 new wallet addresses being added to the network.

What is next for SHIB and BONE?

In this context, there are now 3,335,636 transactions already confirmed in the Shibarium network, with a total of 1,252,387 wallet addresses. This means that around 3 transactions were made per published block and per wallet address.

Shibarium Network transactions and wallets. Source: ShibariumScan

Interestingly, the 1 million block milestone also validates that the Shibarium blockchain is working fine, and past problems were mostly overcome. Besides that, the increase in transactions and wallet addresses also represents an increase in demand and use for this ecosystem.

Therefore, tokens like SHIB and BONE could benefit from Shibarium properly working and growing. BONE is the most directly affected token, considering it is the one used for gas fee payments in each transaction. The more investors are using its ecosystem, the higher the demand for the token in the open market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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