How The Shiba Inu L2 Fares Up So Far

Since its anticipated launch on August 16, the Shiba Inu Layer 2 solution, Shibarium, has been under the spotlight, facing a mix of challenges and milestones. The platform, shortly after its launch, encountered an unexpected halt in block production owing to an immense surge in traffic.

The lead developer, Shytoshi Kusama, elucidated on this setback, mentioning a “massive influx of transactions and users” that immediately ensued upon the network going live, pushing it offline. Highlighting the extent of the traffic deluge, Kusama referred to data from the Web3 development platform Alchemy.

The data revealed that while Shibarium had a monthly allocation of 400 million compute units, a whopping 160+ million units were used up in just under half an hour. Nevertheless, the technical glitches were addressed, and Shibarium was successfully revived by August 23. But how does Shibarium fare up almost one month after the launch?

Shibarium By The Numbers

Based on the most recent data from Shibariumscan, the network’s average block time stands at 195.48 seconds with 2.64 million completed transactions. On the contract side, 11 have been deployed today, with 5 of those verified. The overall account number has reached 25.706, with a total of 1.247 million addresses registered.

In terms of blocks, there have been 710.485 processed, with 9.896 contracts in total. Native coin transfers have reached 127.086K, and there are 7.509K tokens with a cumulative transaction count of 2.84 million. Furthermore, 416 contracts have been verified in total.

Activity on Shibarium has been subject to wide fluctuations over the past month, with generally declining usage. Active accounts per day reached their zenith on August 26 with a count of 7,729. However, in the past week, this figure has declined to below 1,000, recording its lowest figure at 520 on Monday.

The surge in new account creation was at its pinnacle on August 24 with 5,552 accounts. Afterwards, the growth of new accounts slowed massively. This number then dropped significantly to 33 on Sunday, with 65 new accounts created yesterday.

Transaction numbers soared to their highest on September 11 with 202,906 but took a plunge in recent days, ranging between 40,000 and 42,000 in the past two days. The average block size in bytes reached its peak on September 14 with 75,611 bytes, which dropped to below 16,500 bytes in recent days.

Moreover, the peak of new contract creations was on August 24 with 2,766 contracts. This momentum seems to have slowed down, with the number last exceeding 100 on September 6, registering 174. Yesterday, only 51 new contracts were generated.

Most Popular Shiba Inu Based Tokens

Delving into the most popular tokens on Shibarium, Wrapped BONES (WBONES) leads with 2,360 holders, followed by Ryoshi’s Coin (RYOSHI) with 1,407 holders. Brick by Brick (BRICK) comes in third place with 625 holders, followed by Shibarium Wrapped BONE (WBONE) with 369. Shiboshi (SHIBOSHI) rounds up the top five with 318 holders.

Adding to the discourse, renowned Shiba Inu influencer @LucieSHIB recently posed a compelling question to the community, urging them to transition from exchanges and embrace Shibarium. In her tweet, she emphasized the community’s role in driving SHIB adoption, pointing out that the community needs to become more active on Shibarium. Addressing the topic of SHIB burns, she stated:

It’s adorable to see people hyping burns and never use Shibarium , but the fact remains that $SHIB burns are a community effort, not a call to the devs saying, “Do something.” To initiate burns, you need to actively use Shibarium. The more you utilize it, the more you contribute to the burns. This is fact.

At press time, Shiba Inu traded at $0.00000739.

Featured image from Metaverse Post, chart from TradingView.com