Shibarium has made significant progress by reaching 1 million blocks, which is a sign of growth and successfully overcoming obstacles.
The Shibarium Network, a blockchain created to solve Ethereum’s scalability problems, has achieved a notable milestone that has grabbed the attention of investors. ShibariumScan reported that it has reached 1 million blocks, marking a significant advancement for the SHIB ecosystems. This milestone also underscores the increasing need for efficient and scalable solutions.
Shibarium Overcomes Hurdles, Reaches Significant Milestone
Shibarium’s journey to 1 million confirmed blocks wasn’t easy. After its launch, it faced problems with Ethereum’s bridge and block production due to unexpectedly high demand. This led to network congestion and put it in a “fail-safe mode.”
But the Shibarium team was determined and worked hard for several weeks. They managed to restore the Layer-2 network, and it has now reached the impressive milestone of confirming 1 million blocks, with an average block time of just 5 seconds.
Shibarium’s mission is closely linked to addressing Ethereum’s scalability issues. Ethereum, as the second-largest cryptocurrency, has struggled with network congestion and high transaction fees, limiting its ability to handle the growing demand for decentralized applications (DApps) and decentralized finance (DeFi) platforms.
As a Layer-2 solution, Shibarium aims to offer a more efficient and scalable option by working on top of the existing Ethereum blockchain. This approach focuses on faster transactions and lower fees, making it attractive to those looking to overcome Ethereum’s limitations.
The challenges Shibarium faced are not uncommon in the world of blockchain development. Many projects encounter obstacles during their growth. However, the SHIB community has praised Shibarium for overcoming these challenges and becoming stronger.
Additionally, Shibarium has seen a total of 3.34 million transactions, with the number of wallet addresses exceeding 1.25 million.
Could This Affect the Price of BONE?
The recent milestone achieved by the Shibarium blockchain is proof that it’s running smoothly, with most of its past problems resolved. Also, the increase in transactions and the number of wallet addresses show that more people are using this ecosystem.
Because of this, tokens like SHIB and BONE could benefit from Shibarium’s successful operation and growth. BONE, in particular, plays a crucial role as it’s used to cover gas fees for transactions. As more people get involved with the ecosystem, there’s likely to be more demand for this token in the open market.
However, the price of BONE was down 0.66% to $0.7973 at the time of writing, with its one-day trading volume decreasing by 21.41% to $3.11 million. On the other hand, the Shiba Inu price went up by 0.82% to $0.000007238, and its market cap increased by the same percentage to $4.27 billion.
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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