Shiba Inu layer 2 Shibarium saw a decline in transactions at the start of May, dropping nearly 58.8% in the first few days of May.
According to Shibariumscan, Shibarium transactions fell from 3,010 on April 30 to 1,240 on May 2, a 58.8% decrease.
Shibarium recently moved its servers and re-indexed the entire chain in order to improve network capacity, data processing speed, and overall stability. During the upgrade, the Shibarium block explorer was rebuilt from the ground up, and synchronization steadily progressed from 45% to 100%.
Shibarium transactions remain below their usual levels, being quite low. As the Shibarium explorer data normalizes in the coming weeks, Shibarium’s true level of network activity is anticipated to become far more visible, with transaction volume and other key metrics returning to their actual levels.
Last year, Shiba Inu developers launched a testnet for the Shib Alpha Layer, a modular rollup abstraction layer for ultra-fast transactions, achieving sub-100ms finality and high TPS to power a global network state on the Shibarium network. Fully Homomorphic Encryption (FHE) is anticipated to be integrated into the Shib Alpha Layer rollup stack in an upcoming upgrade to Shibarium.
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Towards the weekend, Shiba Inu lead ambassador Shytoshi Kusama indicated progress in his ongoing endeavor: “Next week, God willing, the wait list for the project will go live. Still working through a few bugs,” he said in a tweet. Earlier this year, Kusama revealed work on a new independent AI application focused on relationships.
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In the past week, Shiba Inu was added to Rakuten wallet, boosting its utility in Japan.
At the time of writing, SHIB price was down 1.61% in the last 24 hours to $0.000006213. Derivatives data indicate weak conviction with SHIB open interest down 3.93% in the last 24 hours to $58.50 million while volumes remain unchanged, down 0.64% in this timeframe to $75.11 million.
