Shiba Inu has managed to evolve from only being a meme-based project with its meme coin to now a full-fledged fundamentally sound crypto project with its products.
The development was done after the previous bull market, where $SHIB, the coin of the project, became popular among traders.
The team behind Shiba Inu wanted to give the community something to trust, which is why they have created products for $SHIB so that it can have fundamentals that support it in the future.
One of those products is the Shibarium Blockchain which is a layer-two blockchain that was created to help Ethereum process transactions before the layer-two hype started.
What is Shibarium?
Shibarium is a blockchain that was developed in late 2021 by the team behind the Shiba Inu Crypto Project.
The goal of this blockchain was to be one of the main helpers of Ethereum as previously, Ethereum did not have many layer-two blockchains supporting it.
In the early days of the layer-two sector, the most prominent blockchain was only Polygon, which is why the Shiba Inu team wanted to join in and help the blockchain become more scalable.
However, since the layer-two sector has gotten more crowded, Shibarium looks to be following Polygon’s lead to create its ecosystem on its blockchain while helping Ethereum.
Shibarium itself is a layer-two blockchain that uses the Proof of Stake (PoS)consensus mechanism, which has been improved to be more scalable than most PoS blockchains in the crypto space.
It utilizes its multi-token ecosystem, where the nodes use $BONES instead of $SHIB as its governance token, making $SHIB’s liquidity safe for high-frequency traders.
Advantages of Shibarium
Shibarium is currently more scalable than most blockchains in the market, based on its transaction data from the blockchain explorer.
The evidence can be seen from how fast the blockchain processes transactions as well as the gas fee itself.
It only takes around five seconds for Shibarium to create a block, which means that the transaction confirmation only needs around five seconds.
This is faster than most blockchains in the crypto space, as some need more than one minute to confirm and execute a transaction.
The fee attached to processing these transactions is also cheaper than most layer-two blockchains, as Shibarium only needs less than $0.01 per transaction as fees.
This is why Shibarium is considered to be one of the most scalable layer-two blockchains in the crypto space, which is why it might dominate other layer-two blockchains in the future.
Current Conditions
However, users have not acknowledged this potential as many use less scalable layer-two blockchains to process Ethereum transactions.
This might be because Shiba Inu already has a bad reputation in the crypto space as it is still categorized as a meme coin, which is why people overlooked its blockchain’s potential.
Another thing why people overlooked it is because of the availability of tokens that are still limited on the blockchain, hence why not many are using it.
Currently, most of the transactions happening in the blockchain are $SHIB transactions, which might be why currently Shiba Inu is focusing on the development of Shibarium for its ecosystem, rather than attracting more Ethereum users.
The adoption rate of this blockchain is doing well, as more users flood the Shibarium Blockchain, currently reaching more than 1.7 Million users based on active wallets on the blockchain.
The transaction count of the blockchain has also reached more than 400 Million, with its daily transaction count averaging around 300,000 transactions.
Conclusion
Looking at the data, it can be seen that the blockchain is doing fine, which is why $SHIB’s dominance is still prominent in the future.
$SHIB might also do better in the future as the predicted bull market is approaching, especially if the team behind it decides to partner and adopt more tokens into its ecosystem and its blockchain.
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