Shibarium Surpasses 200M Transactions; SRC-20 Tokens Now Support SHIB Burns

Shibarium, the layer-2 scalability solution of the Shiba ecosystem that keeps breaking records and making history since it was launched in August, has achieved yet another significant milestone by recording over 200 million processed transactions, cementing its position as a leader in layer-2 scalability solutions.

Shibarium has accomplished a remarkable milestone in just seven days after its launch by attaining over a million unique wallet addresses.

This achievement has positioned Shibarium as the fastest-growing layer 2 protocol, surpassing its competitors, including Base, zkSync, Optimism and Arbitrum.

It is noteworthy that the latter took 11, 71, 191 and 303 days, respectively, to achieve the same number of unique wallet addresses.

Shibarium's rapid growth in such a short period is a testament to its innovative approach and its ability to meet the needs of its users.

But, it does not seem to stop there.

Just four months after its initial launch, Shibarium has processed over 200 million transactions, highlighting the L2 blockchain's ability to handle large volumes of transactions efficiently.

As of 11:29 a.m. ET on Wednesday, data from Shibarium.io showed that the L2 blockchain has processed a total of 202,277,468 transactions with the number of wallet addresses surging to 1,320,626 and daily transactions averaging 7.73 million.

So far, Shibarium has processed 2,336,034 blocks with 5.0 seconds average block time.

Shibarium's success is a testament to the promise of layer-2 scalability solutions and their potential to revolutionize the blockchain industry white this latest milestone demonstrates its ability to meet the demands of the market and provide a reliable and efficient solution for the growing blockchain industry.

"We are currently entering a new phase for Shibarium. In the initial months, we experienced gradual growth, paving the way for new projects to join Shibarium. Multiple exchanges are in talks about integration, and although it takes time, we are highly confident that 2024 will be a significant year for Shibarium," Shiba ecosystem and Shibarium Tech marketing specialist who uses the handle @LucieSHIB told International Business Times when asked for her comment on Shibarium's latest milestone.

Furthermore, it is noteworthy that the SRC-20, currently available on Shibarium, has extended support to Shib burns, underlining that Shibarium now has the burn capability complete with a null address that members can use to destroy SHIB.

This development is interesting in that it results in the reduction of the supply of SHIB tokens, an activity which many anticipate to have a positive impact on the number of SHIB tokens in circulation.

Shibarium's latest feat is impressive considering that it surpassed the 100 million processed transaction mark on Dec. 14.