Shibarium, the layer-2 network, has successfully overcome its initial setbacks and is now experiencing impressive growth since its relaunch on August 27. In just a few weeks, the network has processed over 2.1 million transactions, indicating a substantial increase in user adoption, particularly as Shibarium offers a more cost-effective alternative to Ethereum.

On September 10, the network achieved its highest volume of transactions since its launch on August 16, processing nearly 203,000 transactions in a single day. The surge in user adoption is further evident in the creation of over 1.12 million wallet addresses on the network.

Remarkably, Shibarium has encountered no disruptions since its relaunch, with an impressive production of over 589,000 blocks. This achievement is particularly noteworthy given the pause in block production that occurred following the network’s initial difficulties.

Shibarium lives up to its reputation as an affordable and faster alternative, especially for decentralized finance (DeFi) projects. Currently, the network boasts an average gas fee of 1.83 gwei and an average block time of just 5 seconds. In comparison, Ethereum, the leading DeFi blockchain, records an average gas fee of 8 gwei and an average block time of over 12 seconds.

The Shibarium team’s efforts to scale the network have also yielded positive results, with network utilization currently below 7%. This means that the network can handle significantly higher traffic than it currently processes, promising further growth in the future.

Lead developer Shytoshi Kusama explained that Shibarium faced temporary downtime due to a sudden influx of transactions and users. However, the team swiftly addressed the issue by collaborating with Polygon, who provided additional resources for scaling the network.

Despite Shibarium’s promising prospects, Shiba Inu (SHIB) tokens have not experienced the anticipated price surge following the network’s launch. As one of the governance tokens on Shibarium, SHIB was expected to see a significant boost in value. The whitepaper, known as the ShibPaper, identified SHIB as the core of the ecosystem, allowing holders to participate in essential decision-making processes. However, SHIB’s price has declined by over 22% in the past month, potentially attributed to broader bear market conditions.

While SHIB’s recent performance may be influenced by market dynamics, it is important to note the long-term potential for growth and utility within the Shibarium ecosystem. With its rapid user adoption, improved scalability, and cost-efficient solutions, Shibarium remains a project to watch closely in the evolving landscape of blockchain technology.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.