Shibarium Completes 1 Mln Blocks, BONE Price To Rally?

The Shibarium Network, a Layer-2 blockchain designed to address Ethereum’s scalability issues, has recently reached a remarkable milestone that has caught investors’ eyes. According to ShibariumScan, it has reached 1 million blocks, and this achievement reflects a significant step forward for both SHIB ecosystems. In addition, it also highlights the growing demand for efficient and scalable solutions.

Shibarium Overcomes Challenges to Reach Milestone

The journey to 1 million confirmed blocks was not without its challenges. Shortly after its launch, Shibarium encountered issues related to Ethereum’s bridge and block production. Notably, these issues stemmed from an unexpected surge in demand, leading to massive traffic within a single block and pushing the network into a “fail-safe mode.”

However, the resilience and dedication of the Shibarium team prevailed. After a few weeks of rigorous efforts, the Layer-2 network was successfully restored, and it has now achieved the remarkable feat of confirming 1 million blocks at an impressive average block time of just 5 seconds.

Shibarium’s story is closely tied to its mission of addressing the pressing scalability issues facing Ethereum. As the second-largest cryptocurrency by market capitalization, Ethereum has struggled with network congestion and high gas fees, limiting its ability to handle the growing demand for decentralized applications (DApps) and decentralized finance (DeFi) platforms.

As a Layer-2 solution, Shibarium aims to offer a more efficient and scalable alternative by operating on top of the existing Ethereum blockchain. This approach focuses on providing faster transaction processing and reduced fees, making it an attractive solution for those seeking to alleviate Ethereum’s limitations.

Meanwhile, the challenges Shibarium faces are not unique in the world of blockchain development. Many projects encounter hurdles and setbacks during their growth phases. However, the SHIB community has lauded Shibarium’s ability to overcome these challenges and emerge stronger.

In addition, the total transactions on Shibarium was 3.34 million, while the number of wallet addresses grew to over 1.25 million.

Also Read: Crypto Prices Today, BTC Nears $28,000, Pepe Coin, XMR Rally

Will It Impact Bone Price?

The ecosystem’s latest achievement serves as validation that the Shibarium blockchain is functioning smoothly, with previous issues largely resolved. Additionally, the uptick in transactions and wallet addresses reflects a heightened demand and utilization within this ecosystem.

Consequently, tokens such as SHIB and BONE stand to gain from Shibarium’s effective operation and expansion. Meanwhile, BONE, in particular, directly influences transactions as it acts as the currency for covering gas fees. As more investors engage with the ecosystem, the demand for this token in the open market is likely to increase.

However, the Bone price was down 0.66% to $0.7973 as of writing, with its one-day volume declining 21.41% to $3.11 million. On the other hand, the Shiba Inu price grew 0.82% to $0.000007238, while its market cap rose at the same percentage to $4.27 billion.

Also Read: FTX Co-founder Admits to Faking Insurance Fund Balance