- The Shibarium is a new layer 2 blockchain for the Shiba Inu project.
- After its relaunch, it grew from 100k addresses to over 400k.
Shiba Inu is a meme coin that wants to develop a use case for itself. Apparently, this is part of its plan to transition to cryptocurrencies with well-defined use cases. It is trying to do this with the launch of the Shibarium, a layer 2 protocol.
Overview of the Shibarium Before the Launch
- Previously, we covered the launch of the Shibarium network and what to expect. But the launch of the Shiba Inu blockchain wasn’t the best out there; hence, they planned to make a relaunch. The developers handling Shiba Inu’s layer 2 protocol said there were some massive issues with the previous launch. Hence, they needed to make some necessary changes before making another public appearance.
- They are through with the change. So, the relaunch of Shibarium came with many positives, as the network had some massive growth within a short time. Shiba Inu’s Lead Developer, Shytoshi Kusama, shared some updates on Twitter on what users are to expect from the new network.
Activity Increases on the Shibarium After Relaunch
- Immediately after the relaunch of this layer 2 protocol, there was a resurgence of activity. Every metric used in measuring the health of blockchains was all green. Apparently, this signified that the current relaunch of the project was an incredible success. Data coming from the network’s explorer shows that the number of addresses on Shibarium surged from 100,000 to over 400,000 in a day. This is quite massive as it shows the network grew by more than 4 times. So, one can say the Shibarium relaunch was a success, and they won’t be wrong.
- Besides the growth in address, the overall network improvement isn’t limited to address. Apparently, other metrics are seeing massive growth. We can see that in the case of the number of transactions on the emerging network. After the relaunch, Shiba Inu enthusiasts hit the network and started making a series of transactions. So, the number of transactions on the network increased to a whopping 593,000.
- Block execution is another interesting metric from this layer 2 protocol. Apparently, Shibarium has an average block time of 5.0 seconds, as revealed by the explorer.
Shiba Inu Enthusiasts Impressed
- Everyone in the Shiba Inu community is quite happy with the launch of this layer 2 protocol. It propels them to meet their goal of becoming a full altcoin, operating in the crypto industry. Apparently, Shiba Inu wants to leave the classification of meme coins.
- The launch of this blockchain also provides an avenue for Unification nodes. Apparently, it will create a new opportunity for individuals participating in the Shiba Inu network.
Conclusion
The Shibarium relaunch shows the layer 2 protocol might be back after criticism from ten previous launches. Apparently, the developers messed up their first launch but have made corrections to their mistakes. Every metric shows the protocol is up and running.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
