4.77 Million in Daily Transactions: Shibarium Finally Breaks Out

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When Shibarium launched, it sparked major optimism among Shiba Inu ecosystem members and the broader Ethereum layer-2 ecosystem. However, since its launch, the network has recorded different growth traction amid varying adoption milestones. At the moment, Shibarium scam data shows the protocol has recorded 4.77 million daily transactions.

Shibarium adoption soars gradually

It is worth noting that Shibarium's daily transactions fluctuate very widely. While it recorded a low of 3,000 earlier this month, the current 4.77 million blowout is a major twist in its adoption. Despite dwarfing the more than 300,000 daily transactions recorded earlier this week, the major reason behind this current blowout remains unknown.

Shibarium is a hub for decentralized applications (dApps) and non-fungible tokens (NFTs). It is worth noting that the ecosystem has a vibrant horde of developers launching new dApps daily. The collective actions of these innovators might be behind this major boost in daily transactions.

After recording 324,590 on Oct. 19, Shibarium's daily transactions fell back to 128,050 two days later. After this, it grew gradually, recording 1.77 million on Oct. 22 for the first time in about a year. This metric has since been soaring in the millions, finally hitting the new 52-week high of 4.77 million today.

Is this uptick here to stay?

This transaction count has repositioned Shibarium as one of the most used layer-2 networks within the Ethereum ecosystem. According to data from L2Beat, the best-performing L2 per 30-day transaction count is Base, at 164 million. If Shibarium sustains this high daily transaction count milestone, it might topple Base in the long run.

However, the underlying concern remains whether or not this major uptick is here to stay. Innovators within the SHIB ecosystem are hard at work; Shytoshi Kusama and the core developers are working on SHI stablecoin, among other innovations.

The expectation is that these will boost and further sustain this adoption traction in the long term.