Shibarium, a level 2 scaling solution for Shiba Inu (SHIB), is on track to reach a major milestone, as evidenced by its recent trend. This achievement is notable as it comes just days after Shibarium fell more than 80% across key metrics.
Shibarum Prepares for a New Frontier
About a year after launch, Shibariumscan data shows that the total number of Shibarium blocks is 6,377,906. This new record puts Shibarium on track to hit the 6.5 million mark, a major milestone for a Layer 2 solution. Meanwhile, the total number of transactions on the network has skyrocketed to 418,079,698, and the total number of wallet addresses has reached 1,812,355.
Last week saw some big developments for Shibarium. As reported by U.Today, Shibarium now has a burn portal to remove excess SHIB tokens from circulation. Note that this feature will be fully operational once enough BONE tokens have been accumulated. However, new users need to have at least 100 BONE tokens to initiate the burn.
The process involves exchanging BONE tokens for SHIB tokens via the Ethereum network. These SHIB tokens are eventually removed from circulation.
Another recent development on Shibarium is the launch of on-ramp functionality with Visa and Mastercard for BONE tokens. With this feature, the Shiba Inu ecosystem aims to expand the utility of BONE to various users.
Shibarium Block Reduction
While Shibarium is focusing on the new milestone, the number of blocks is decreasing. According to the previous report, the number of new blocks produced on the network has decreased from 17,210 to 5,742. At the same time, the number of new transactions on the platform has fallen by 83.6%, dropping to 1,172 from 7,161.
This decline suggests that interest in Shibarium is waning. However, CoinMarketCap data shows that SHIB trading volume suggests otherwise.