Shibarium, the Layer-2 blockchain for Shiba Inu, is achieving significant milestones with nearly 3 million transactions on its mainnet. With a daily transaction rate of close to 200,000, Shibarium boasts a smooth operation and a 5-second average block production time, even in the face of high demand.
The blockchain currently has over 1.2 million active crypto wallets and 12 validators. Trading activity on Shibarium is on the rise, as evidenced by the 27 million Bone ShibaSwap (BONE) tokens staked on the platform. The top validator, Unification, holds $5.35 million worth of $BONE tokens.
However, concerns have emerged regarding Shiba Inu’s burn rate, with the community questioning whether the burning efforts will continue as before or if an auto-burning mechanism will be implemented. The disappointment stems from the relatively small number of SHIB tokens burned in August, despite an improvement compared to July.
In response, developers and team members have emphasized the challenges of onboarding users onto a new blockchain project and highlighted Shibarium’s documentation, which explains how the gradual gas fee hike will accelerate SHIB burns.
Overall, Shibarium’s ability to facilitate the burning procedure for Shiba Inu tokens is crucial for maintaining a self-sufficient decentralized ecosystem.
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