Recent data from blockchain explorer Shibarium scan reveals an 84% drop in key metrics for Shiba Inu’s Layer 2 solution, Shibarium.
Recent data from blockchain explorer Shibarium scan reveals an 84% drop in key metrics for Shiba Inu’s layer 2 solution, Shibarium.
Shibariumscan reveals that Shibarium has witnessed a staggering 84% reduction in transaction fees in a matter of days. On June 22, transaction fees were 79 BONE, but by June 27, they had dropped to just 12 BONE, marking an 84% reduction.
This decline has caught the attention of the crypto community as BONE is the official gas fee token essential for transaction processing and staking in the Shibarium ecosystem.
Tomiwabold OlajideIn parallel, the average gas price on Shibarium, which reflects the computational effort required to execute transactions, also experienced a dramatic drop. From 40.83 gwei on June 24, it fell to 8.39 gwei on June 27, a reduction of 79%. Gas prices are a critical component of the blockchain infrastructure, influencing the profitability of operations on the network.
A blessing for the Shibarium network
This substantial reduction in both transaction fees and gas prices is a plus for the usability and accessibility of the network. It significantly lowers the barrier to executing transactions, making Shibarium an attractive option for a wider range of users.
Decentralized applications (dApps) and other blockchain-based services, in particular, will benefit from these reduced costs, which are vital to maintaining their operational efficiency.
Tomiwabold OlajideThe implications of lower transaction fees and gas prices extend beyond immediate cost savings. They position Shibarium as a competitive player in the blockchain space, offering users the ability to transact at a fraction of the cost compared to other networks. This cost advantage is a critical factor for individual users and businesses that rely on blockchain for their daily operations.
Shibarium has processed 417,820,386 transactions so far since its inception, with 5,483,958 blocks and 1,808,331 wallet addresses, according to data from Shibariumscan.
