Shibarium, a layer 2 scaling solution powered by Shiba Inu Ethereum, is showing signs of growing adoption. After the number of daily transactions fell to 4.51 million on December 24 and 4.63 million on December 29, transaction figures have now returned to their peak level of 4.78 million. If this daily transaction count is maintained, the protocol could reach a major milestone in a matter of days.
Shibari and historical trends in 2024
Over the past year, Shibarium has recorded several milestones that have placed it at the forefront of emerging Ethereum L2 protocols. As U.Today reports, in mid-December the protocol surpassed 670,000,000 transactions. This huge record was achieved in less than 18 months since its official launch.
At the time of writing, the total number of Shibarium transactions was 740,151,335 based on the Shibariumscam platform. The protocol could reach the 750 million mark in about three days at the current rate of counting daily transactions.
This number is a sign of L2 adoption compared to its peers. While Base Network and Arbitrum remain the best Ethereum L2 in the most important metrics, Shibarium registers as a protocol worth keeping an eye on.
Not just the number of transactions
Shibarium thrives not only on the number of transactions. The protocol has passed the 8 million block mark and is on track to surpass the 9 million block mark in a matter of weeks.
Additionally, the wallet addresses hosted on the network stand at 2,064,588, which is a sign of a growing L2 user base.
Overall, Shibarium Embrace offers a unique start for the Shiba Inu (SHIB) as a character. Thanks to the direct correlation between the rise in Shibarium prices and SHIB, the recovery over the past few days has also driven the token higher.
At the time of writing, SHIB’s price had jumped 6.95% to $0.00002239, marking its first sustained rise of the new year.
