- Blockscout introduced a new feature on Shibariumscan enhancing transparency between Ethereum and Shibarium networks.
- Shibarium’s adoption continues to grow, marked by over 408 million weekly transactions and a new all-time high in TVL.
The blockchain community is once again focused on the Shibarium network, this time because of a notable increase in usage and the vital role that Shibariumscan plays in encouraging transparency.
This ecosystem, which is praised for its quick development and cutting-edge features, has improved the network’s transparency with an inventive update via Blockscout on Shibariumscan.
Exciting updates have landed on Shibariumscan! 🎉
The new L1 <-> L2 views for @ShibariumNet significantly enhance the usability of the explorer and provide deeper insights for all developers and users of #Shibarium. 🐶
Check it out now at https://t.co/aqrLbx9Wd8 pic.twitter.com/Bm8OBdyCeD
— Blockscout (@blockscoutcom) March 14, 2024
Enhancing Transparency with Shibariumscan
Offering a clear and open perspective of the network’s operations, Shibariumscan has grown to be a crucial part of the Shibarium ecosystem. This is because maintaining trust and responsibility among the network’s members depends on it. Blockscout’s most recent improvement solidifies Shibariumscan’s standing as a crucial component in guaranteeing network transparency.
Known for being a pioneer in blockchain analysis and exploration, Blockscout has an even greater impact on the Shibarium ecosystem than only Shibariumscan; it powers Puppyscan, the testnet explorer for Shibarium.
A major improvement was made by Blockscout with the introduction of the L1 <-> L2 window, which allows for seamless fund transfers by linking the Ethereum layer-1 and Shibarium layer-2 networks. This new functionality gives users a visible picture of asset moves between layers, which improves user experience while also streamlining transactions.
The “Deposits (L1 -> L2)” section of this update is very interesting because it tracks transactions in which users bridge their Ethereum tokens to Shibarium, showing the process with unique transaction hashes for each network. Shibariumscan has identified 27,847 such deposits since its inception, suggesting a high level of use of the bridging functionality.
On the other hand, with 6,816 withdrawals recorded to date, the “Withdrawals (L2 -> L1)” section sheds light on the procedure for transferring assets from Shiba Inu Shibarium back to Ethereum. According to this statistics, a sizable amount of assets are still part of the Shibarium network, indicating strong confidence in the layer-2 solution.
Shiba Inu Developer Support
One of the main developers in the Shibarium ecosystem, Kaal Dhairya, has given Blockscout a lot of credit for its unwavering creativity and significant contribution to raising awareness of Shibarium.
I don't talk enough about Blockscout, but one of our strongest partners who have consistently pushed out amazing new features to their stack and enhanced visibility into #Shibarium and have a solid product! Highly recommend all new and existing blockchains to use them. https://t.co/TloDgCwcgy
— Kaal (@kaaldhairya) March 14, 2024
In addition to promoting the wider use of Blockscout’s services across a variety of blockchain projects, Dhairya’s praise emphasizes the importance of cooperative development in pushing the limits of blockchain technology.
The adoption statistics of the Shibarium network are quite impressive; in just one week, Shibariumscan reported over 408 million transactions, surpassing the 400 million transaction milestone. There has been a significant surge in the number of wallets on the network, amounting to 1.375 million.
Additionally, the total value locked (TVL) in Shibarium has risen to previously unheard-of heights, indicating robust network activity and growing investor trust.
Previously, Shibarium introduced a pivotal privacy upgrade through the TREAT token, implementing enhanced privacy measures for SHIB holders, ensuring more secure and private transactions, as previously reported by ETHNews.
At the time of writing, the SHIB price has drop in the last 24 hours and 7 days, by 13.16% and 19.50%, bringing it to the $0.00002862.