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Shibarium’s beta phase saw a total of 21 million wallets on the L2, driving the interest of users months before the launch. Shiba Inu launched the Shibarium mainnet , an Ethereum layer-2 scaling solution, on Aug. 16 after months of testing that saw millions of users participate and 21 million wallets created. Shibarium is built on a new consensus mechanism called proof-of-participation (PoP), which works by selecting validators in proportion to their quantity of holdings in the associated cryptocurrency. This is done to avoid the computational cost of proof-of-work schemes. The new L2 blockchain solution is designed to interact with the primary Ethereum layer-1 blockchain , providing a more scalable and cost-effective transaction platform. Shiba Inu (SHIB) rose to popularity during the bull market of 2020–2021, even briefly overtaking the OG meme cryptocurrency, Dogecoin (DOGE). However, it couldn’t hold onto its gains for long and lost more than 80% of its valuation during the bear ...

Leading layer-2 networks on Ethereum have seen a surge in daily active users and fees recently. Ethereum layer-2 networks have gone through an explosive growth phase over the past couple of months a trend that is set to continue in 2023. According to recent data, the leading layer-2 network s have seen an increase in daily active users which has translated into a growth in fees for the respective ecosystems. According to analytics provider Token Terminal, Polygon leads the pack with 313,457 daily active users as of Jan. 17. Additionally, the metric spiked to over 600,000 daily active users earlier in January. It marks a 30% increase in activity since the beginning of October 2022 which has resulted in nearly $55,000 worth of daily fees for Polygon. Optimism has seen even faster growth with a 190% gain in daily active users over the past three months. This resulted in daily network fees of $119,475, a gain of almost 140% since the beginning of the year. Arbitrum One currently has 41...