The Shibarium team is getting ready to do three manual burns of Shiba Inu tokens this week. This move comes as they’re about to launch SRC-20 inscriptions on the layer-2 network.
This information was shared in the sixth edition of the SHIB Magazine, which came out yesterday. In a special section, the Shibarium development team highlighted the scalability strength of Shibarium, the introduction of SRC-20 inscriptions on Shibarium, and the announcement of three upcoming manual burns.
Shibarium’s Impressive Growth and Scalability
Delving into the specifics, the team highlighted Shibarium’s remarkable progress, now recording an average of 7.5 million transactions daily, just three months after its launch. This marks a significant improvement from its early days, where it averaged slightly above 15,000 daily transactions.
The substantial growth is evident in this month’s performance, with over 5 million transactions on December 1 alone. The trend continued, maintaining an average of 7.5 million daily transactions to date, reaching a current total of 7.83 million transactions.
The surge in daily transactions led to a staggering increase in Shibarium’s total transactions, surpassing 80 million and currently standing at an impressive 96.4 million as of now. This surge indicates the growing adoption of Shibarium.
Furthermore, the team emphasized Shibarium’s exceptional scalability, highlighting its ability to handle transaction spikes without any breakdown. Despite the substantial load, Shibarium’s network utilization remains at an efficient 50%.
Shibarium’s Gas Fee Surge and Shiba Inu Burns
Shibarium experienced a notable increase in gas fees alongside the uptick in transactions. Despite the rise, the gas fees on the network remained relatively low. Interestingly, this surge played a crucial role in accelerating the accumulation of BONE tokens for the initial Shiba Inu burn.
Shibarium allocates 70% of its gas fees in BONE for burning Shiba Inu. As gas fees rose, Shibarium quickly reached the $25,000 threshold for the first SHIB burn, initiated on Dec. 4, involving 8.2 billion SHIB valued at over $73,000.
Since then, accumulated transaction fees have continued to grow, recently reaching 1,400,000 BONE, equivalent to $1,023,680. The team has plans for three more manual burns this week, scheduled for Dec. 14, 15, and 16. The cumulative total of these burns is anticipated to surpass the previous 8.2 billion token burn.
Shibarium’s Embrace of SRC-20 Inscriptions
The Shibarium team emphasized the introduction of SRC-20 inscriptions on their platform. This fascination with inscriptions gained momentum in January when software engineer Casey Rodarmor introduced ordinal inscriptions on the Bitcoin network, enabling the creation and possession of Bitcoin-based NFTs by market participants.
The launch of ordinals brought forth the BRC-20 standard on the Bitcoin network, a token standard leveraging inscriptions, leading to a proliferation of tokens in the space. Other networks, including Polygon, have also witnessed the adoption of their native inscriptions.
Shibarium joins this trend, embracing SRC-20 inscriptions as part of its layer-2 scaling solution. SRC-20 provides users the opportunity to craft their own inscriptions on Shibarium. The emergence of these inscriptions is expected to contribute to increased gas fees and a more significant burn within the Shibarium ecosystem.
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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