**Summary:**
– Shibarium has processed over 418 million transactions and implemented key upgrades, including some hard forks to enhance network performance.
– The network introduced a burn portal to reduce SHIB supply, with BONE tokens playing an essential role in the process.
**Happy Birthday, Shibarium**
Shibarium is a layer-2 blockchain solution built on the Ethereum network, designed to foster the development of the Shiba Inu ecosystem. Its main purposes include lowering transaction costs, improving speed, and enhancing scalability. The protocol officially launched a year ago, achieving numerous significant milestones since then. It has processed more than 418 million transactions, crossing the 400 million mark in March 2024. However, progress has recently stalled, with daily transactions only exceeding 20,000 once in the past few months.
The total number of blocks processed on the network is nearing 6.5 million, and wallet addresses are just under 2 million. The team behind Shibarium highlighted other important goals achieved since its launch, including the execution of three hard forks: Delhi, Indore, and Shanghai. These updates aimed to enhance user experience, improve transaction speed, and optimize network efficiency. They also introduced tokens within the ecosystem, such as K9 Finance DAO (KNINE) and Bad Token (BAD), with another token named HOCHI recently going live, offering even more flexibility.
**The Latest Progress**
Shibarium has undergone three additional upgrades recently. In April, the team introduced a new user interface (UI) update, improving compatibility with popular self-custody wallets like MetaMask, Trust Wallet, and Coinbase Wallet. Shortly after, they launched an update through a hard fork to implement quicker block processing times and empower the community of developers and innovators. Most recently, Shibarium embraced a designated “Burn Portal” to reduce the circulating supply of Shiba Inu (SHIB) by sending a portion of tokens to a null address, making it scarcer. In the Shibarium ecosystem, BONE serves as the governance token and is essential for paying gas fees, with validators and delegators relying on it for transactions. A portion of the gas fees paid in BONE is used to purchase SHIB tokens, which are then sent to a null address for burning. Users need to accumulate at least 100 BONE tokens to initiate a burn.
For more updates, make sure to check out our Shibarium news.
**Twitter Text:**
Shibarium celebrates its one-year anniversary with significant milestones and upgrades, including processing over 418 million transactions and introducing a burn portal to reduce SHIB supply. #Shibarium #Blockchain #Crypto #SHIB
