Shibarium Mainnet has reached the third phase of its roadmap Shiba Inu’s active addresses, open interest and network growth increased
After months of anticipation, Shibarium, the upcoming Layer Two (L2) blockchain from Shiba Inu [SHIB], will soon be launched on the Mainnet. This information was released by NOWNodes, one of the development departments involved in the project.
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According to NOWNodes, the Mainnet was already in the third phase of the Shibarium Road map. The tweet also revealed that once some conditions are met, it would announce the integration of the Shibarium RPC nodes.
RPC Nodes is an acronym for Remote Procedure Call Nodes. They are used to allow users to read data on blockchains and send transactions on various networks.
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📣 As we said a few weeks ago, our team has entered Phase 3 of our Shibarium Roadmap. For now, we’ve focused on the onboarding project to build on Shibarium and… pic.twitter.com/PMvDmSEJcO
— NOWNodes ⛓️ (@NOWNodes) July 20, 2023
After the disclosure, on-chain data showed that SHIB’s network growth was booming. At the time of writing, network growth had risen to 5,365. Here, network growth measures the number of new addresses interacting with a network.
When the statistic rises, it means that many new addresses have been traded on the network. But when it falls, it means new cohorts refrained from swapping between wallets.
Ergo, the surge in the SHIB network revealed that adoption is up. This was also reflected on the active address front.
Increasing traction and interest
Active addresses serve as a good indicator of everyday users transacting on a given blockchain. At the time of writing, SHIB’s 24-hour active addresses had risen to 10,500. This indicates an increase in participation in successful trades through the Shiba Inu network.
Despite the traction SHIB had, social volume remained in an uninspired state. At press time, Santiment revealed that social volume had dropped to 38.
Social volume shows the total number of texts or search terms associated with an item. When the metric is low, it means there is less relevant content associated with the item.
However, when the social volume is high, it means there are many unique mentions of the token. SHIB’s case was the first since the metric fell.
Also SHIBs Open interest (OI) also walked. As an indicator used to track activities in the derivatives market, the OI is the total number of forward contracts held by market participants.
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The indicator is used to gauge the market sentiment and power behind the price. A decrease in Open Interest means that the liquidity entering the market has decreased.
On the contrary, when the indicator rises as SHIB did, it suggests higher liquidity. So if the OI continues its rise, the price of SHIB could be positively impacted.
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