Home | Crypto News | Shiba Inu’s Layer-2 Blockchain, Shibarium, Witnesses Rapid Expansion, Driving BONE Staking Upward

Shiba Inu’s Layer-2 Blockchain, Shibarium, Witnesses Rapid Expansion, Driving BONE Staking Upward

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Shiba Inu’s (SHIB) innovative layer-2 scaling platform, Shibarium, is on an upward trajectory, which has triggered a surge in staking for the altcoin responsible for managing its transaction costs.

Recent statistics from the SHIB blockchain monitoring tool, Shibariumscan, indicate that the cumulative transactions on Shibarium have crossed the 2.5 million mark, with daily transactions hovering just over 200,000.

The system has also garnered the attention of over 1.2 million distinct wallet addresses. Furthermore, Shibarium’s own metrics reveal that the quantity of Bone Shibaswap (BONE) tokens has touched a staggering 27.1 million.

Earlier in the month, Shibarium celebrated surpassing the milestone of 1 million transactions and wallet addresses. This achievement led developer Kaal Dhairya to emphasize the Shibarium team’s commitment to establishing the platform as a top-tier layer-2 solution. He remarked:

“Our mission is to uphold – and consistently deliver on – our reputation as one of the swiftest and most cost-effective layer-2 networks available. It was amusing to come across comments lamenting the extremely affordable gas prices within our network.”

Shibarium, which debuted in mid-August, encountered a temporary setback when it had to be briefly taken offline. This was a result of technical challenges triggered by a sudden spike in user engagement. This issue led to the freezing of millions of dollars in cryptocurrency assets on its Ethereum (ETH) bridge.

Nevertheless, Shibarium returned stronger, equipped with an enhanced monitoring system. Lead developer Shytoshi Kusama highlighted that this upgrade is designed to mitigate technical complications arising from unexpected spikes in network activity.

At the moment, SHIB’s trading price stands at $0.000007, reflecting a slight uptick for the day. Similarly, BONE’s price is $0.832, marking a modest rise in the past day.

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