It’s been a year since the launch of Shibarium took the meme coin niche and the entire crypto community by storm. Shibarium launched on the Shiba Inu mainnet on August 16, 2023, after months of meticulous planning and development.

Shibarium introduced new and practical use cases for SHIB and BONE, two of the most popular tokens in the Shiba Inu ecosystem, in a strategic effort to transcends its meme-coin status and create a more serious, usability-focused presence in the crypto space.

Since then, Shibarium has registered several milestones. The value of SHIB has also become intertwined with the performance and activity on the Shibarium layer-2 network.

Shibarium celebrates one year anniversary

Shibarium was created to improve the Shiba Inu cryptocurrency ecosystem by providing improved scalability, lower gas fees, and a more seamless user experience. Gas fees on Shibarium are paid with BONE. What is unique about this system is that a portion of these BONE fees are converted into SHIB and then burned. This burning process theoretically reduces the supply of SHIB tokens in circulation, which could lead to an increase in the value of SHIB over time.

Interestingly enough, Shibarium was widely accepted after launch. In less than a month, Shibarium had processed about 3 million transactions and easily surpassed 1.3 million blocks mined. These early successes laid the foundation for continued growth. Shibarium maintained its momentum by consistently processing millions of transactions and seeing a steady increase in the number of wallets created.

At the time of writing, Shibarium has processed over 417 million transactions and has created over 1.8 million wallets. Despite this massive amount of activity, gas fees have remained relatively low, which is in line with Shibarium’s vision. The number of smart contracts created on Shibarium has also been growing steadily since launch, with 17,487 registered contracts at the time of writing.

What is the future of Shibarium?

While the activity at Shibarium is delayed from its initial peak, the layer-2 scale solution remains full of promise and potential for future growth. Shibarium is still a vital part of the Shiba Inu ecosystem, and there are current developments that can quickly revive user engagement and network activity.

According to Lucie, Shiba Inu’s Marketing Lead, $12 million has already been secured for Shibarium’s future growth. There are also plans to introduce NFTs, games, and a metaverse to the platform, all of which stimulate user activity and interaction. As such, we may see Shibarium return to peak activity soon, which could contribute to a price increase for SHIB and BONE.

Congratulations #Shibarium ! 🎉

What a year for Shibarium!
Since launching in August 2023, we have achieved great milestones:

•417 million transactions and 1.8 million wallets created!

•$12 million secured for future growth.

•Gas prices remain incredibly low, even with high… photo.twitter.com/RLxM6iruL5

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 17, 2024

At the time of writing, SHIB is trading at $0.00001336. BONE is trading at $0.3945.

Main image from Pexels, chart from TradingView