As an L2 prepared to compete with its rivals, Shibarium, an Ethereum-based Layer-2 network, has recorded its first significant transaction burst. Shibarium achieved a historic milestone of five million transactions, as previously announced, following an unparalleled increase in the daily amount of transactions. Three crucial elements of the protocol, given this new lease of life, have the potential to reshape the period it has just entered.
Three key factors that can impact Shibarium
Shibarium has crossed a significant transaction milestone, but maintaining the high volume of transactions is a whole different matter. Depending on its burn rate, transaction processing speeds, and the PR gimmicks of the Shiba Inu team, the company hopes to maintain its exceptional transaction count milestone.
The burn rate will demonstrate the extent to which transactions reported on Shibarium eventually support the Shiba Inu protocol’s deflationary goal. Maintaining a steady burn rate can provide a two-way feedback loop that might potentially motivate ardent Shibarium users to continuously utilise the protocol, knowing that their actions are contributing to SHIB.
The fact that Shibarium can handle more than 748,000 transactions in a single day without experiencing any outages is an important milestone that many people are overlooking. This demonstrates that Shibarium can now sustain high traffic volumes without degrading its average block time of five seconds because to its increased tensile strength.
Finally, one crucial element that might further motivate new users to investigate the protocol going ahead is the manner in which the members of the Shiba Inu core team promote awareness of it.
SHIB is bigger beneficiary
Shiba Inu (SHIB), the focal point of Shibarium, is the ultimate gainer from the rising number of Shibarium transactions. This is a result of the demand for SHIB and the optimism individuals have for its price.
According to CoinMarketCap statistics, the most recent milestone has caused a spike in the price of SHIB, with the token rising 1.67% to $0.000008351.
