While Shibarium has been running smoothly and achieving its milestones, some people in the community are getting concerned about how quickly Shiba Inu tokens are being burned (destroyed).
Shibarium’s mainnet sees about 200,000 daily transactions, with over 27 million $BONE gas fee tokens staked on the network. In the past 24 hours, $SHIB has increased by 2%, contributing an additional 82 million to its market capitalization.
Shiba Inu’s Layer-2 blockchain, Shibarium, is hitting new milestones a month after its relaunch. It has almost reached 3 million transactions, with close to 200,000 transactions happening each day. Even with high demand, Shibarium maintains a 5-second average block production time. There are currently 1,246,127 active crypto wallets and 12 validators on Shibarium.
The blockchain is seeing increased trading activity, with 27 million Bone ShibaSwap tokens (BONE) staked on it. The top validator, Unification, holds about $5.35 million worth of BONE tokens, according to the official blockchain explorer for Shibarium.
Daily transactions on #Shibarium goes amazing every day 🤯🔥🔥 Today over 200k and growing 🚀🚀#SHIBARMY pic.twitter.com/tJrAiv9WlI
— Shib Spain ⛓️ (@ShibSpain) September 14, 2023
Community Upset Over Slow SHIB Burn
Many crypto investors are questioning whether Shiba Inu’s burning efforts will remain the same or if there will be an automatic mechanism to burn SHIB tokens in the long term. On September 1st, 2023, Shiba Inu’s official burning tracker, Shibburn, faced criticism on Twitter as fans were disappointed with the 5.7 billion burns in August. Despite this being a 172.58% improvement from July, some expected trillions of tokens to be burned with the launch of Shibarium.
Developers and team members addressed the issue, explaining that transitioning to a new blockchain project takes time and community effort. Additionally, Shibarium’s documentation outlines how gradually increasing gas fees will speed up SHIB token burns.
In the past 24 hours, there have been a total of 44,049,556 $SHIB tokens burned and 8 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/7ZppmmknzM
— Shibburn (@shibburn) September 15, 2023
Even though trading activity and other on-chain metrics improved after the relaunch, the total value locked (TVL) in Shibarium decreased significantly. It’s now at $559,631, which is nearly three times less than it was at the end of August.
Shibarium, which is Shiba Inu’s own Layer-2 blockchain, is designed to handle the process of burning cryptocurrency to keep a self-sustaining decentralized system.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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