Ethereum

Shiba

Cryptocurrency

Foundation

Shiba Inu

<div class="finbold">
 <p class="paragraph">The Shibarium Network reached a new milestone of 1 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> <a rel="noopener noreferrer nofollow" title="block" href="https://thebittimes.com/tag/block.html">block</a>s confirmed in this layer-2 <a rel="noopener noreferrer nofollow" title="block" href="https://thebittimes.com/tag/block.html">block</a>chain on October 6. Created by the ShibaSwap’s (BONE) developer, to scale the Ethereum network, Shibarium is supported by the Shiba Inu (SHIB) community in a growing decentralized finance ecosystem.</p>
 <div></div>
 <p class="paragraph">After its launch, Shibarium faced a few issues related to Ethereum’s bridge and <a rel="noopener noreferrer nofollow" title="block" href="https://thebittimes.com/tag/block.html">block</a> production. According to its core developer, the issues happened after an unexpectedly high demand for the network, with massive traffic in a single <a rel="noopener noreferrer nofollow" title="block" href="https://thebittimes.com/tag/block.html">block</a>, that made the network go “into fail-safe mode”.</p>
 <p class="paragraph">Notably, the layer-2 was put back to work a few weeks later, now completing a meaningful milestone of 1 million blocks published and confirmed by the Shibarium Network, at an average of one block every 5 seconds.</p>
 <figure class="wp-block-image size-full is-resized"><img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2023/10/06/4dd5bd10b0e2911b1640d15d16144930.webp" alt class="wp-image-131616" width="722" height="504" srcset="https://cdn.thebittimes.com/images/2023/10/06/4dd5bd10b0e2911b1640d15d16144930.webp 722w, https://cdn.thebittimes.com/images/2023/10/06/4dd5bd10b0e2911b1640d15d16144930.webp 300w" sizes="(max-width: 722px) 100vw, 722px">
  <figcaption class="wp-element-caption">
   Latest blocks on Shibarium Network. Source: <em>ShibariumScan</em>
  </figcaption>
 </figure>
 <p class="paragraph">On September 21, a total of 3 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> transactions were made on Shibarium, confirmed in 745,837 <a rel="noopener noreferrer nofollow" title="block" href="https://thebittimes.com/tag/block.html">block</a>s. Back then, there were over 36,000 new wallet addresses being added to the network.</p>
 <h2 class="wp-block-heading" id="h-what-is-next-for-shib-and-bone">What is next for SHIB and BONE?</h2>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/05/68b89c8d3df52a57d74ad5d943fc143e.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ethereum-fees-drop-to-lowest-in-a-year-price-rebound-in-sight">Ethereum fees drop to lowest in a year; Price rebound in sight?</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/06/f5987ac72928bd3cebc5fb92aa64a0e7.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="institutional-investors-bet-big-on-ethereum-despite-bear-market">Institutional investors bet big on Ethereum despite bear market</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/05/3e3a6ee99630ea5dd52ab254f457da52.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ai-forecasts-ethereum-price-for-the-end-of-2023">AI forecasts Ethereum price for the end of 2023</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/06/51bd0ccc8bcf97bd2b49f712da5f56d2.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="machine-learning-algorithm-sets-shib-price-for-october-31">Machine learning algorithm sets SHIB price for October 31</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/06/eeb709f1fe865db0addbef8349a1ab6d.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="this-3-billion-layer-2-treasury-is-6x-richer-than-ethereum-foundation">This $3 billion layer-2 treasury is 6x richer than Ethereum Foundation</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">In this context, there are now 3,335,636 transactions already confirmed in the Shibarium network, with a total of 1,252,387 wallet addresses. This means that around 3 transactions were made per published block and per wallet address.</p>
 <figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="870" height="192" src="https://cdn.thebittimes.com/images/2023/10/06/dd21723a6b5394c3cdf2c198d8b4feb5.webp" alt class="wp-image-131617" srcset="https://cdn.thebittimes.com/images/2023/10/06/dd21723a6b5394c3cdf2c198d8b4feb5.webp 870w, https://cdn.thebittimes.com/images/2023/10/06/dd21723a6b5394c3cdf2c198d8b4feb5.webp 300w, https://cdn.thebittimes.com/images/2023/10/06/dd21723a6b5394c3cdf2c198d8b4feb5.webp 768w" sizes="(max-width: 870px) 100vw, 870px">
  <figcaption class="wp-element-caption">
   Shibarium Network transactions and wallets. Source: <em>ShibariumScan</em>
  </figcaption>
 </figure>
 <p class="paragraph">Interestingly, the 1 million block milestone also validates that the Shibarium blockchain is working fine, and past problems were mostly overcome. Besides that, the increase in transactions and wallet addresses also represents an increase in demand and use for this ecosystem.</p>
 <p class="paragraph">Therefore, tokens like SHIB and BONE could benefit from Shibarium properly working and growing. BONE is the most directly affected token, considering it is the one used for gas fee payments in each transaction. The more investors are using its ecosystem, the higher the demand for the token in the open market.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/shibarium-reaches-1-million-blocks-what-s-next-for-shib-and-bone-tbt65377.html">https://thebittimes.com/shibarium-reaches-1-million-blocks-what-s-next-for-shib-and-bone-tbt65377.html</a></p>

Shibarium reaches 1 million blocks; What’s next for SHIB and BONE?

Table of Contents

TheBitTimes

Other articles published on Oct 6, 2023

Komainu receives FCA approval in the UK

FORBES CYPRUS 20 WOMEN IN TECH AWARDS 2023: THE CALL FOR APPLICATIONS IS OPEN

$100M fund for Asian blockchain businesses is opened by Hong Kong crypto venture capital

Friend.tech sees soaring revenue; whales dive deep into Flow & InQubeta

Does the Risk of Fall in Bitcoin Continue? Did Ethereum Meet Expectations? Analyst Commented!

Start Accumulating This Top-Gaining Crypto: It’s on the Verge of a Falling Wedge Breakout – Expert

Join our free newsletter for daily crypto updates!