Shiba Inu’s recently launched layer-2 blockchain, the Shibarium network, has surpassed an impressive milestone – the 1 million mark in total number of wallets. This incredible achievement comes just weeks after the network’s relaunch on August 28. The fast-paced growth indicates that nearly 900,000 wallets have been added since the relaunch, showcasing the increasing popularity of Shibarium among users.
As of September 3, the Shibarium blockchain explorer has reported approximately 100,000 transactions, with a peak activity of 132,000 transactions recorded on August 25. These figures highlight the significant level of user engagement and interaction within the network. However, while transaction activity has soared, the total value locked (TVL) on the Shibarium network has yet to witness a similar surge.
Despite the skyrocketing network activity, the TVL on Shibarium remains relatively low, standing at just $1.06 million at the time of publication. This suggests that users are deploying only small amounts of capital on the network. It is important to note that this could be due to the network being in its early stages, with users cautiously testing the waters before committing larger amounts of capital.
The Shibarium team has expressed its commitment to further developing the network and enhancing the user experience. They are currently collaborating with several third-party bridges to enable easier token bridging for investors on the blockchain. In addition, the team plans to renounce the contract for its governance token, Bone (BONE), and aims to onboard more validators to strengthen the network’s security and decentralization.
While the launch of Shibarium brought high hopes for a surge in the prices of Shiba Inu ecosystem tokens, the anticipated uplift has not materialized. The price of Shiba Inu (SHIB) has actually declined by over 20% since the botched launch on August 16, according to CoinGecko data. Similarly, the values of other tokens in the ecosystem, such as Bone (BONE) and Leash (LEASH), have also witnessed downward trends, with losses of 15% and 14.2% respectively over the past 14 days.
The evident interest and participation in Shiba Inu’s Shibarium network demonstrate the community’s enthusiasm for this new blockchain solution. However, it remains to be seen whether the hype and growing user base will translate into substantial economic value for the network and its ecosystem tokens. As the developers continue to address technical challenges and expand the network’s capabilities, the community eagerly awaits further developments that may shape the future trajectory of Shibarium and the Shiba Inu ecosystem.
This article serves as a historical record of the meteoric rise of Shiba Inu’s Shibarium network. It aims to shed light on the various aspects of the network’s growth and token performance. By preserving this article as a non-fungible token (NFT), readers have the opportunity to support independent journalism in the crypto space while commemorating this significant moment in blockchain history.
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