Shibarium Surpasses 1M Transactions in 8 Days as Wallets Cross 1.1M

Shibarium, the Shiba Inu ecosystem layer-2 solution, has finally surpassed one million transactions, with wallets crossing 1.1 million a mere eight days after relaunch.

The Shiba Inu (SHIB) ecosystem has continued to hit new milestones, as adoption for its layer-2 scaling solution Shibarium sees an impressive uptick. Most recently, Shibarium surpassed the 1 million transaction threshold amid the surging user influx.

Per data from Shibariumscan, the network’s dedicated explorer, Shibarium now boasts 1,098,480 transactions as of press time. This feat comes a mere eight days after the development team relaunched the network for public use.

Recall that the team, led by pseudonymous developer Shytoshi Kusama, put Shibarium in private mode amid a setback upon launch. Kusama confirmed that the issue did not come from Shibarium but from an unexpectedly high influx of users.

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The developer announced on August 28 that the team had relaunched the solution for public use. Despite the initial setback, the network still witnessed another round of user influx. This increasing adoption has remained sustained until now, resulting in the 1 million transaction milestone.

An Astronomical Surge in Wallets

Accompanying this milestone is a rapid surge in the number of wallet addresses on Shibarium. Notably, The Crypto Basic disclosed on September 2 that the network had crossed the one million wallet threshold. 

The number of hosted wallets has spiked to 1,117,650 at the reporting time. This figure stood at 1,005,384 on September 2. The latest data indicates that Shibarium welcomed over 112K wallets in three days. 

For context, Cardano, one of the top mainstream networks, only saw 49K+ new wallets in all of March. In addition, the XRP Ledger (XRPL), another leading network, witnessed 114K+ wallets from January to March this year. 

Cardano only has a little above 4 million wallets in its six years of existence. The XRPL has 4.7 million wallets in 11 years. Interestingly enough, Shibarium has crossed 1.1 million wallets in just eight days.

Other Shibarium Stats

In addition to the impressive growth rate in transactions and wallets, Shibarium also boasts an average block time of five seconds. The network has so far processed 473,390 blocks as of press time, making it one of the fastest solutions in the industry.

Regarding staking, users have continued to commit their funds to validators to help secure the network. Staked BONE tokens have increased to 24.8 million, valued at $25.3 million. This figure was 22 million on September 1, indicating an increase of 2.8 million BONE in four days.