Shibarium Set to Initiate 3 More Massive Shiba Inu Burns Amid SRC-20 Inscriptions

The Shibarium team plans to carry out three manual Shiba Inu burns this week amid the imminent deployment of SRC-20 inscriptions on the layer-2 network.

The team disclosed this in the sixth and latest issue of the SHIB Magazine, released yesterday. In a dedicated section, the Shibarium development team called attention to Shibarium’s scalability prowess, the emergence of SRC-20 inscriptions on Shibarium, and three upcoming manual burns.

Shibarium Transaction Spikes and Scalability 

Diving into the details, the team noted that Shibarium now records an impressive average of 7.5 million transactions per day just three months after launch. Recall that Shibarium lagged in this metric shortly after its mainnet launch, averaging a little above 15,000 daily transactions.

This metric improved drastically this month, as the network witnessed over 5 million transactions on Dec. 1. The following days saw another uptick in daily transaction count, averaging 7.5 million until now. As of press time, Shibarium currently boasts 7.83 million transactions.

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Notably, due to the daily transaction spike, Shibarium’s total transactions skyrocketed by a mind-blowing margin. The team noted that the network had witnessed a surge in total transactions above 80 million. Interestingly, this figure has increased, currently at 96.4 million as of press time.

This rise in transactions shows the growing adoption of Shibarium. In addition, the team says the network’s ability to handle transaction spikes without a breakdown exemplifies its impressive scalability prowess. Amid the massive load, Shibarium’s network utilization is still at 50%.

Three Upcoming Shiba Inu Burns

It bears mentioning that Shibarium witnessed a surge in gas fees amid the spike in transactions. Despite this surge in gas, fees on the network remained pretty low and negligent. However, the surge helped accumulate more BONE tokens faster for the first Shiba Inu burn.

Recall that Shibarium dedicates 70% of its gas fees in BONE to burn Shiba Inu. Amid the rising gas fees, Shibarium quickly hit the $25,000 threshold for the first SHIB burn. The development team initiated the first Shiba Inu burn on Dec. 4, involving 8.2 billion SHIB worth $73K+.

Accumulated transaction fees have only risen since then, recently hitting 1,400,000 BONE worth $1,023,680. The team plans to initiate three more manual burns this week, specifically on Dec. 14, 15, and 16. The cumulative figure of these burns is expected to surpass the previous 8.2 billion token burn.

The Effects of SRC-20 Inscriptions on Shibarium

The Shibarium team also highlighted the emergence of SRC-20 inscriptions on the Shibarium. The recent obsession with inscriptions began in January when software engineer Casey Rodarmor created the ordinal inscriptions on the Bitcoin network, allowing market participants to mint and hold Bitcoin-based NFTs. 

The launch of ordinals introduced the BRC-20 standard on the Bitcoin network, a token standard leveraging inscriptions. Tokens based on the BRC-20 standard have flooded the space. In addition, other networks, such as Polygon, have also witnessed their own native inscriptions.

Shibarium has not been left out in this craze, with the emergence of SRC-20 inscriptions looking to take over the layer-2 scaling solution. SRC-20 gives users the opportunity to create their own inscriptions on Shibarium. The emergence of these inscriptions would also contribute to higher gas fees and greater burn.