Shiba Inu’s L2 blockchain Shibarium continues to make waves in the cryptocurrency world as it reaches yet another significant milestone. The total number of transactions on Shibarium has now exceeded 400 million, marking a major achievement for the platform. Lucie, the marketing lead for Shiba Inu, confirmed this milestone in a post on the X platform and congratulated all Shibarium users for their contribution to this impressive feat.
According to Lucie, data shared in the early hours of the day revealed that Shibarium had processed a total of 400,096,901 transactions. Remarkably, this figure had already risen to 400,253,293 by the time of press. Despite experiencing a significant drop in daily transactions, with numbers falling from 5-7.5 million in December to around 1 million earlier this year, Shibarium has managed to surpass the 400 million transaction mark. As of now, the platform is recording a daily transaction volume of 1.81 million.
The achievement of reaching 400 million transactions comes less than seven months after the launch of Shibarium on the mainnet. The platform initially faced some challenges, going offline for two weeks. Despite this setback, Shibarium has been successful in terms of adoption. It reached 1 million addresses on the mainnet just 18 days after its launch, surpassing the speed of other Layer 2 networks such as zkSync, Optimism, and Arbitrum, which took significantly longer to achieve a similar milestone.
One of the key factors driving the high transaction volume on Shibarium is its low fees. Users are only required to pay as little as 0.0000219 BONE ($0.000021) per transaction, which is significantly lower than fees charged by other popular blockchains like Bitcoin and Ethereum. Additionally, the dedicated community members of Shiba Inu have played a crucial role in boosting Shibarium’s transaction numbers. These enthusiasts have actively promoted the adoption of Shiba Inu projects, including Shibarium, either by persuading others to use the platform or becoming users themselves.
Aside from the milestone of 400 million transactions, Shibarium also boasts impressive statistics such as 3.54 million total blocks with an average block time of 5.0 seconds, 1.36 million wallets, 65,130 total accounts, 15,553 total contracts, and 9,316 deployed tokens. Furthermore, the total value locked (TVL) on Shibarium currently stands at over $1 million, although it had reached $2.25 million on March 5 when SHIB experienced a spike above $0.00004. Despite the recent market correction, Shibarium’s TVL remains at $1.75 million.