Shibarium Explosion: SHIB's L2 Adds Over 1M Wallets Since Relaunch, Averages Over 36K Addresses Per Day

Nearly a month after its relaunch, Shibarium, the popular layer-2 scalability solution of the Shiba Ecosystem, has been showcasing an impressive performance. It's not just about the hype that Shib Army chants but also the massive interest it has so far attracted, as seen in the numbers.

Shibarium is about to hit a huge milestone utility achievement with its total transactions now nearing the 3 million threshold. In fact, it had recorded a total of 2,944,672 as of 3:10 a.m. ET on Wednesday.

Moreover, since it reopened on Aug. 24, Shibarium has added 1,246,666 wallet addresses, underlining that it is growing by around 36,667 new wallet addresses per day.

Data from the Shibarium blockchain explorer also revealed that the layer-2 scalability solution has seen a remarkable surge in terms of newly verified contracts, recording a whopping 633% increase this week alone.

As a result, Shibarium has logged a massive increase in the number of verified contracts, setting a new all-time high of 415.

It is worth noting that this spike in verified contracts underlines the transparency and accountability of the smart contracts in Shibarium.

Aside from improving the flow of information, transparency also provides valuable insights about the source code and the behavior of the contracts.

Based on the latest data from Shibariumscan, the network's average block time stands at 191.385 seconds with 2.676 million completed transactions.

As of early morning on Wednesday, five contracts have been deployed and five have already been verified with the overall account number reaching 25,712. As for registered addresses, the number has come to 1.247 million.

Shibarium has processed 725,473 blocks with 9,919 contracts in total while native coin transfers have reached 130,195 and 7,532 tokens.

It has a cumulative transaction count of 2.86 million and 428 total verified contracts.

Shibarium was officially launched on Aug. 16, but since it encountered higher-than-expected demand, the team decided to halt its operation to improve and upgrade its scalability.

At the time, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Ecosystem, shared with the community that Shibarium experienced a "massive influx of transactions and users" that immediately followed right after it went live.

As of 3:24 a.m. ET on Wednesday, SHIB was trading up at $0.000007382, with a 24-hour trading volume down by 1.12% at $77.67 million, representing a 1.22% increase in the last 24 hours and a 2.6% gain over the past seven days.

According to the latest data from CoinMarketCap, SHIB's total circulating supply stands at 589.35 trillion SHIB with its value up by 1.22% and a market cap of $4.35 billion.