Shibarium Sees 2,350% Surge in New Accounts in One Day, But What's the Catch?
- DDDOriginal
- 2024-10-02 12:00:20587browse
The number of new accounts joined to Shibarium, the layer-2 blockchain rollup designed for the ecosystem around popular meme-inspired cryptocurrency Shiba Inu (SHIB), shot up dramatically on the last day of September
Shiba Inu (SHIB) layer-2 blockchain, Shibarium, saw a dramatic surge in new accounts on the last day of September, with a 2,350% spike. This led to a 214% increase in transaction volumes.
However, transaction fees saw only a modest growth of 36.57%, indicating that the influx of users had limited engagement with the blockchain.
Shibarium is a layer-2 blockchain rollup designed for the ecosystem around the popular meme-inspired cryptocurrency Shiba Inu (SHIB). The project aims to decongest the SHIB network and provide faster and cheaper transactions.
New Accounts Surged by 2,350% on Shibarium
According to data from Shibariumscan, the number of new accounts joined to Shibarium shot up by 2,3500% in only one day.
The numbers went from 20 new accounts per day to 470 new accounts in the same time period.
This brought the total number of active accounts on the Shibarium network to 943. The reason behind such a parabolic increase in new accounts is still unclear.
Transaction Volumes Spiked Alongside User Growth
This activity impacted other blockchain measures as well. The most striking of them was the 214% increase in new transactions.
The numbers went from 3,190 to 6,826 new transactions during the time period under consideration.
Interestingly, the measurements that show how much money the network makes didn't change at all.
For instance, the "Transaction Fees" number, which shows how much BONE was spent on gas fees in total, only went up by 36.57%.
New Accounts Showed Limited Interaction with the Blockchain
While this may seem like a lot, it becomes even more apparent that the new accounts that flooded the Shiba Inu blockchain had very few interactions with the chain itself when compared to the number of new accounts.
According to Shibarium's logic, users pay fees with BONE, a percentage of that money is turned into SHIB, and then those SHIB tokens are destroyed.
As U.Today reported earlier this week, Shibarium's reasoning is to make the Shiba Inu token more rare and deflationary. However, if people come to the platform but don't engage, the blockchain serves no use other than to waste energy.
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