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In a dramatic spike, Shibarium's new accounts surged by 2,350% on the last day of September, sending transaction volumes up 214%. However, transaction fees saw only modest growth, reflecting limited engagement by the influx of users to Shiba Inu's layer-2 blockchain.
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, according to data from Shibariumscan.
Shibarium Sees 2,350% Surge in New Accounts in One Day
The number of new accounts increased by 2,3500% in only one day, going from 20 per day to 470.
The total number of active accounts on the Shibarium network has reached 943, and the reason behind such a parabolic increase is still a mystery.
Transaction Volumes Spike Alongside User Growth
Naturally, other blockchain measures were impacted by this rise in activity. The most striking of them was the 214% increase, from 3,190 to 6,826—the number of new transactions—during the time period under consideration.
But what's interesting is that the measurements that show how much money the network makes haven't changed at all. To illustrate the point, the "Transaction Fees" number, which measures the overall amount of BONE spent on gas fees, only showed a 36.57% increase.
New Accounts Show Limited Interaction with the Blockchain
Even though this seems 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. According to U.Today,
Shibarium's Deflationary Mechanism Faces Engagement Challenges
To put it simply, Shibarium's reasoning is to make the Shiba Inu token more rare and deflationary; if people come to the platform but don't engage, the blockchain serves no use other than to waste energy.
