• ShibariumLayer-2 mainnet relaunched, now publicly tracked with over 50,000 crypto wallets.
• Gas fee token $BONE rose significantly as rival $PEPE dropped by 20%.
• Shibarium devs increased scaling by 1500%, adding two new validators and reducing block production time from 5 minutes to 5 seconds.
Shibarium Layer-2 Mainnet Restarts
The restarted Shibarium Layer-2 mainnet is publicly available again and has registered over 50,000 crypto wallets according to the official blockchain explorer ShibariumScan.io. On August 24th, 2023 there were 100,905 transactions on the Layer-2 mainnet and an average block production speed of five seconds. The Shibarium team made several changes such as increasing scaling by 1500% with two new validators in order to improve network performance.
Impact on Price of Shiba Inu Token
Despite the successful relaunch of the layer 2 mainnet, it did not have any positive impact on Shiba Inu’s price which currently trades at $0.00000808 with a 2.2% decline in the last 24 hours according to CoinGecko. Additionally, there was a slight drop in large transactions and net network growth which suggests bearish technical implications on the on-chain signals.
Positive Impact on Bone Token
The official gas fee and governance token for Shibarium , Bone ShibaSwap (BONE), had a positive reaction to these developments as it grew by 6.6% to trade at $1.44 totaling weekly gains up to 15.7%. BONE is currently ranked #102 by global crypto market cap .
Benefits for SHIB Army
The improved performance of the Layer-2 mainnet offers new scaling opportunities for members of the SHIB Army community . This includes faster confirmation times along with higher scalability of transactions which should be beneficial for users as they can now make more efficient use of their tokens for various purposes such as buying/selling goods and services or participating in decentralized finance applications (DeFi).