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In the cryptocurrency world, where blockchain technology is constantly being scrutinized for its challenges and FUD, all eyes are on those who are innovating solutions and breakthroughs.
In this article, we’ll dive into Shibarium’s recent triumphs, highlighting the rise of SRC-20-related transactions and the nitty-gritty behind the use of inscriptions and ordinals.
Breaking Chains and Taking Selfies with Limits
Just three months post-launch, Shibarium is making waves in the blockchain world! The platform has been smashing records with over 7.5 million daily transactions consistently in the past few days. The momentum skyrocketed last weekend, adding an astounding 30 million transactions, pushing the total count beyond 80 million since its inception – a feat you can marvel at on Shibariumscan.io.
Shibarium has welcomed over 30,000 new accounts within the past five days, pushing the total count to an impressive 52,000 and steadily climbing.
The Undercover Superhero of Scalability
What makes Shibarium stand out? It can juggle a massive number of transactions without breaking a digital sweat. While gas fees elsewhere soared to the moon by 1000%, Shibarium kept things affordable.
Amidst this transactional tidal wave, the transaction fees remain astonishingly low and the network remains fast. We’re talking less than a penny for standard operations and a mere dime for the more intricate ones ($0.3 to mint an SNS to be exact). This is more than just numbers; it’s a testament to the incredible scaling abilities of the entire Shibarium ecosystem.
Validators, the unsung heroes of this digital saga, reaped the rewards, earning substantial fees while ensuring users enjoyed smooth transactions.
What Are SRC-20, Inscriptions, and Ordinals?
The current inscriptions craze can be traced back to January 2023 when Casey Rodarmor introduced ordinals, a system for creating Bitcoin NFTs by inscribing data across individual satoshis, the smallest BTC denomination. The vast majority of inscriptions to date have been BRC-20s, an experimental semi-fungible token standard that arrived in May 2023 in a bid to approximate Ethereum ERC-20s on Bitcoin. Think DeFi tokens or meme coins, but created in batches atop inscriptions. SRC-20 allows inscriptions and ordinals on Shibarium.
Inscriptions are digital artifacts that belong to the blockchain. To create an inscription, one can embed various types of content, such as images, SVG, text, or HTML, into an inscription transaction. The transaction witness, which usually comprises signatures and other verification data, is where the content is stored. The inscription protocol calls the mechanism used to store data an “envelope”, essentially a script written in such a way that it won’t be run.
Polygon seems to be where most inscriptions are, thanks to @PolsMarket whose inscription “pols” has seen the most minters with 100k addresses.
Turning Spam into Sparkle: The Shib Burn Bonanza
To crank up more excitement, the Shiba Inu community is prepping for multiple SHIB burns – a spectacle where SHIB tokens go up in flames, signaling not just a reduction in circulating supply but a resounding commitment to the project’s long-term value. One already happened ($70,000) last week and three more manual burns are set to take place on the 14th, 15th, and 16th of December.
No Outages, No Napping on the Job
What’s Shibarium’s secret sauce? It can handle a colossal transaction tsunami without a glitch – no outages, no delays, just seamless action. The stress test isn’t a theoretical daydream; it’s a bold declaration that Shibarium is the real deal, poised to handle the ever-growing demands of its user base.
As we anticipate more SHIB burns in the days to come, the community has a golden ticket to flaunt the might of adoption and reshape the financial future. This isn’t just a tech milestone; it’s a symbol of community strength, resilience, and an unshakable belief in the transformative power of blockchain technology, including transaction fees surpassing 1,400,000 $BONE. This substantial figure serves as concrete evidence of the lucrative rewards generated from massive transactions within the Shibarium network.
A Glimpse of the Future
As part of its continuous evolution and commitment to innovation, Shibarium announces a significant move in its upgrading process: the retirement of Puppynet on December 15th. Anticipating even greater strides, a new upgrade to the Shibarium network is on the horizon, scheduled for release in January.
Shibarium’s journey from a promising L2 solution to a rockstar force is a testament to its unwavering commitment to innovation. The epic handling of stress tests, the budget-friendly transactions, and the impending burning of more SHIB all signal a new era for Shibarium – one that is set to redefine the future of blockchain adoption.
