Shiba Inu team now explains how Shibarium helps SHIB, stating it has improved scalability, speed up transactions, and enhanced the overall ecosystem.
A member of the Shiba Inu ecosystem team recently discussed the profound effects of Shibarium, the Layer-2 (L2) blockchain, on the SHIB token.
Since its mainnet launch in August 2023, there has been ongoing debate among community members regarding the tangible benefits Shibarium brings to SHIB.
Addressing Community Concerns
Despite Shibarium’s intended goals of fostering ecosystem growth, reducing transaction costs, and improving scalability, some users feel these advantages have yet to manifest in measurable gains for the SHIB token.
A recent inquiry highlighted these concerns, particularly following a post from marketing expert Lucie, who noted various milestones achieved by Shibarium, including the integration of multiple decentralized applications (dApps) and the formation of new partnerships.
The Impact of Shibarium on Token Burns
In response to community questions, Lucie elaborated on Shibarium’s positive effects.
A key point she raised was the reduction in the circulating supply of SHIB tokens through the burning mechanism.
Since the launch of Shibarium, over $1.5 million worth of SHIB tokens have been burned, contributing to increased scarcity.
The Shiba Inu team has committed to enhancing the burn campaign by allocating a portion of Shibarium’s transaction fees to incinerate SHIB tokens.
The fee structure consists of priority and base fees, where 70% of the base fees—originally denominated in BONE—are converted to SHIB and sent to a dead wallet, effectively removing them from circulation.
Before the launch of the burn portal, the team manually incinerated 56 billion SHIB tokens using part of the fees.
Since the portal’s introduction in August, it has successfully burned over 300 million tokens.
Enhancing Accessibility and Future Utilities
Lucie also emphasized that Shibarium facilitates low-cost transactions for SHIB, making it more accessible for everyday users.
This affordability not only enhances user experience but also lays the groundwork for future utilities, such as staking and decentralized governance.
The marketing lead further claimed that Shibarium has improved SHIB’s standing in the crypto market, with Forbes recognizing Shiba Inu as a significant player, reflecting the positive impact of Shibarium on the token’s reputation.
Continued User Engagement
User activity on Shibarium remains robust, as evidenced by consistent daily transaction volumes exceeding 4 million in recent weeks.
To date, Shibarium has processed an impressive 673.35 million transactions, with the current daily count at 4.72 million.
This surge in transaction activity is expected to contribute to further reductions in SHIB’s circulating supply.
As of now, a total of 410.74 trillion SHIB tokens have been permanently removed, with 6.08 million tokens burned in just the past day, according to data from Shibburn.
Shibarium also boasts an impressive 2.01 million wallet addresses, 8.47 million total blocks, and an average block time of just 5 seconds.
Conclusion
The Shiba Inu team’s insights into Shibarium’s impacts underscore its potential to transform the SHIB ecosystem.
As the community continues to engage with the platform, the long-term benefits of Shibarium are becoming increasingly evident, paving the way for a more sustainable and prosperous future for SHIB.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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