The highly anticipated Shibarium Mainnet, the Layer Two (L2) blockchain of Shiba Inu (SHIB), is on the verge of being launched. As the project reaches the third stage of its roadmap, excitement is building among the crypto community. NOWNodes, a key development arm involved in the project, has provided an update, indicating that the integration of Shibarium RPC nodes is imminent. This progress has already led to an increase in the usage of SHIB, with active addresses, open interest, and network growth all on the rise.
Shibarium Mainnet Progress
The ongoing development of the Shibarium Mainnet is moving forward steadily, with the project currently in its third phase according to NOWNodes. The team is actively working to meet the required conditions for the integration of Shibarium RPC nodes, a critical aspect of the Mainnet launch. RPC nodes will play a crucial role in enabling users to access blockchain data and conduct transactions on the network.
https://t.co/t4e5ljpvCQ x @ShibariumNet
Final Updates before Mainnet launch 🛠️
It’s closer than you think 👀📣 As we stated a couple of weeks ago, our team entered Stage 3 of our Shibarium Roadmap. For now we’ve been focusing on onboarding project to build on Shibarium and… pic.twitter.com/PMvDmSEJcO
— NOWNodes ⛓️ (@NOWNodes) July 20, 2023
Growing Network Adoption
Following the announcement of the Shibarium Mainnet progress, SHIB’s network growth has experienced a significant spike, reaching 5,365 at the time of writing. Network growth measures the number of new addresses interacting with the SHIB network. The increase in network growth suggests a rise in user adoption, with more new addresses actively participating in transactions. This indicates growing interest in SHIB as the Mainnet launch draws near.
Active Addresses Surge
Active addresses serve as a key indicator of daily user activity on a blockchain network. SHIB’s 24-hour active addresses have surged to 10,500, highlighting a substantial increase in successful transactions conducted via the Shiba Inu network. The rise in active addresses further demonstrates the growing traction of SHIB and its appeal among users.
Impact on Open Interest
Additionally, SHIB’s Open Interest (OI) has also seen a significant uptick. OI is an important metric used to gauge activities in the derivatives market, reflecting the total number of Futures contracts held by market participants. A rise in OI suggests higher liquidity and market strength, potentially positively affecting SHIB’s price.
With the Shibarium Mainnet launch edging closer and the project reaching crucial milestones, SHIB is experiencing increased usage and growing interest. The rising network growth, surge in active addresses, and uptick in Open Interest signal positive developments for the Shiba Inu ecosystem. As the crypto community eagerly awaits the official Mainnet launch, all eyes are on SHIB to see how this significant development will impact its future performance in the crypto market.
