- Shibarium is close to reaching 4 million transactions.
- Certain metrics on the network, like the number of daily transactions, are poor.
The Shibarium is a layer 2 blockchain that supports the whole Shiba Inu ecosystem. So, there’s a new development on this network as it is about to reach the 4 million transaction mark. Let’s read here to find out more about these negative developments.
Shibarium Network About to Reach Over 4 Million Transactions
- The Shibarium network is doing quite well when you look at the number of transactions and wallets on the network. So, for a network that came into existence a few months ago, the numbers it has are quite impressive. According to data from Shibariumscan, this layer 2 protocol is about to enter the 4 million mark in number of transactions. So, the more detailed data shows the transactions here are about 3.8 million.
- This is not the only thing performing very well on this network. So, the number of wallet addresses on this network is also having a field day, with more than 1.2 million wallets on the platform. Another thing with a massive increase in this network is the number of blocks. So, data from Shibariumscan shows that the number of blocks is now more than 1.5 million. Looking at this metric, one will think things are going well for this network. However, the reverse is the case. So, let’s find out.
There’s Something Wrong With the Shibarium
- Even though the Shibarium is about to cross over 4 million transactions on the network, there’s something wrong with it. While the general overview of this network seems to look good, not everything is good about this network. One of the things is the reduction in daily transactions. So, during the early stages of the Shibarium launch, there was a massive number of transactions happening on this network. At one point, the number of daily transactions was between 30k to 45k.
- This is now a thing of the past due to the massive reduction in the number of daily transactions. So, at the time of writing, the number of daily transactions on this network is just a little over 9k. This is very poor, considering how large it was in the past. This is not the only thing plaguing this network. Another thing is the amount of blank transactions on this network. So, when you look closely at the data, one can see a large number of transactions having no value. In other words, it was basically a transaction worth $0. So, if things like this should continue on this network, there won’t be any real growth in it.
The Shibarium seems to be having a massive increase. So, the amount of transactions is increasing on this network. But looking closely, one can see many dents in the Shibarium. First is that the number of daily transactions is decreasing drastically. Also, there are too many blank transactions on this network, with many of them worth less than $0.
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