Shibarium, the layer-2 blockchain solution in the Shiba Inu ecosystem, has recently completed a hard fork that brings several improvements to its users. This upgrade, implemented at block height 4504576, focuses on delivering faster transactions and stable gas fees.
With the completion of the hard fork, Shibarium users can now enjoy significantly faster transaction processing times, which enhances their overall experience and scalability. One major highlight of this upgrade is the introduction of predictable gas fees, allowing users to anticipate transaction costs more accurately.
The hard fork specifically targeted two key components: Bor and Heimdall. The Bor upgrade, which took effect on May 2 at 02:30 AM (EST), enhances state sync confirmation calculations. On the other hand, the Heimdall upgrade, scheduled for May 3 at 12:30 AM (EST), aims to provide deterministic finality to transactions on the Shibarium network.
Despite the successful completion of the hard fork, Shibarium has experienced a decline in daily transaction counts due to recent market downturns. In the past 24 hours, Shibarium processed only 3,490 transactions, marking a significant decrease compared to previous counts.
One of the main advantages of Shibarium is its ability to empower projects within the Shiba Inu ecosystem. By offering scalability and cost-effectiveness, Shibarium opens up new possibilities for innovation and expansion. Lower gas fees and faster transaction times contribute to the growth and adoption of projects within this decentralized ecosystem.
Lucie, a content marketing specialist for Shiba Inu, has previously highlighted the benefits of Shibarium, particularly in enhancing the utility of the Bone ShibaSwap (BONE) digital asset. Lower gas fees and increased transaction speeds not only improve the user experience but also contribute to the overall value proposition of Bone. As Shibarium continues to evolve, its impact on the broader cryptocurrency market is expected to grow significantly.
Shibarium was initially introduced as a beta bridge in July 2023 but has quickly evolved into a robust layer-2 scaling solution. Leveraging plasma and proof-of-stake (PoS) technology, Shibarium enables seamless token transfers between its platform and Ethereum (ETH). This integration streamlines transaction processes and enhances security measures for users.
Since its inception, Shibarium has experienced rapid growth and adoption, surpassing 2.5 million transactions overall and averaging 200,000 daily transactions. The protocol also boasts over 1.2 million unique wallet addresses, indicating widespread usage and engagement within the community. Shibarium’s growing popularity highlights its importance as a cornerstone of the Shiba Inu ecosystem.
The development team behind Shiba Inu remains focused on pioneering developments in the Web3 and DeFi landscape. Recently, Shytoshi Kusama announced a successful raise of $12 million in funding for layer-3 blockchain and Shibarium developments. These investments demonstrate growing confidence and support for Shiba Inu’s long-term vision and technological advancements.
Following the announcement of the Heimdall hard fork, the price of SHIB experienced a notable increase, reaching an intraday high of $0.00002345. Despite fluctuations in trading volume and interest among traders, SHIB price has shown signs of recovery, surging 6% in the past 24 hours. Currently trading at $0.00002303, SHIB continues to demonstrate resilience amidst market dynamics, with whales accumulating the meme coin during periods of dip.