Since the relaunch of the Shibarium, the network isn’t looking back, as it is reaching many milestones. So, the most recent is crossing over 1 million block confirmations. Before we talk about this recent record, let’s dive into some of the challenges during the launch.
Challenges Before the Launch
- One of the things the developers of this layer 2 protocol didn’t anticipate is the massive number of transactions. So, during the launch of the Shibarium network, there was so much demand, leading to a crash.
- During the initial launch of this network, there were massive problems involving Ethereum’s bridging and block production mechanisms. So, this was because of an unforeseen surge in demand, resulting in an overwhelming traffic volume within a single block. This made the Shibarium inoperative. So, there was a relaunch, and the network came back to life.
Shibarium Reaches Over 1 Million Confirmed Blocks
- The Shibarium reached another milestone after confirming over 1 million blocks in the network. So, at the time of writing, there are currently around 1,024,835 block confirmations on this network. This is quite massive for this layer 2 protocol as it represents a good percentage of growth for the network. So, besides this, other metrics on this network are surging to new levels.
- Some of them are the number of transactions and wallet addresses on this network. So, at the time of writing, there are currently more than 3.3 million transactions on this layer 2 blockchain. Furthermore, the number of wallet addresses is more than 1.25 million.
The Downsides of the Shibarium Ecosystem
- While reaching the massive number of 1 million blocks confirmed is a huge milestone, there’s something negative currently. So, this is showing signs of a lack of sustainability from the Shibarium.
- It is the number of transactions in recent days. Previously, we made a report of the reduction of transactions to a low of around 16k per day. So, this number is only decreasing as the current data at the time of writing is around 10.32k. Apparently, since the start of this month, there are many other days with more decline in transaction volumes. So, the lowest since the beginning of October was on the 4th, with only around 8.32k transactions.
- Then, the second lowest for the month was on the 3rd at 8.47k transactions. So, this is a bad signal, and the Shibarium developers and community will look forward to changing this to ensure sustainability. Another downside here is the network utilization. It is currently very down. So, there’s currently a 0.05% utilization of the Shibarium network, and that’s very poor.
Conclusion
Above, we discussed the recent milestone for the Shibarium network. So, the network now has over 1 million block confirmations, which is massive. Moreover, other metrics for this network are also on the increase. For instance, the number of transactions and wallet addresses are over 3.3 and 1.25 million.
–
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.
