Can Shibarium's Hard Fork Make It the Go-To Layer-2 Blockchain? Insights

Can Shibarium’s Hard Fork Make It the Go-To Layer-2 Blockchain? Insights

Shibarium’s hard fork on May 2 aims to enhance speed and reduce costs, boosting network efficiency.
Post-upgrade transaction fees could drop to approximately $0.00001, making Shibarium more accessible.
The upgrade is designed to prepare Shibarium for future scalability and attract the next billion users.

Shibarium, the Layer-2 blockchain developed by Shiba Inu, is gearing up for a significant hard fork on May 2. Marketing lead Lucie announced the upgrade on social platform X. This upgrade aims to enhance the network’s speed and cost-effectiveness, which could attract more users.

Shiba Inu, traditionally seen as a meme coin, launched Shibarium in August 2023. This move was part of an effort to add greater utility to its tokens like SHIB and Bone ShibaSwap [BONE]. Hence, the network has processed approximately $417 million in transactions, as per Shibarium Explorer data. Moreover, the average daily transactions stand at 3.76K.

Significantly, the hard fork focuses on speeding up transactions and reducing costs. This ensures both current and future users benefit from lower fees, making the platform more accessible. As Lucie noted, transaction speeds will see immediate improvements just 24 hours post-upgrade. Additionally, transaction fees are expected to be as low as 0.0000219 BONE, roughly $0.00001.

Beyond the immediate benefits, this hard fork prepares Shibarium for future scalability. This strategic move is designed to support the network’s plans to onboard the next billion users, emphasizing efficiency. With faster transactions and lower costs, Shiba Inu continues to enhance its reputation in the crypto space.

Moreover, as of the financial updates at the time of writing, the value of SHIB stands at $0.00002462. This indicates a 4.35% dip in the past day but a 6.45% increase over the last week. Despite these fluctuations, the upcoming hard fork could influence the token’s market dynamics positively.

Overall, the planned hard fork represents a critical step towards a more efficient and accessible future for Shibarium. As the network grows, it maintains its commitment to providing value to its users, aptly nicknamed the “Shib Army.” The May 2 update could significantly shape the platform’s trajectory in the competitive blockchain space.