Shiba Inu’s newly launched layer-2 blockchain, the Shibarium network, has achieved a significant milestone by surpassing 1 million wallets. This achievement comes just weeks after its relaunch and showcases the rapid growth and adoption of the network.
Since Shibarium’s relaunch on August 28th, approximately 900,000 wallets have been added, demonstrating the immense popularity and interest in the network. However, it is worth noting that the network faced some technical hiccups during its initial launch.
Data from the Shibarium blockchain explorer reveals that as of September 3rd, nearly 100,000 transactions have taken place, with a peak activity of 132,000 transactions recorded on August 25th. This surge in network activity highlights the active participation of users within the Shibarium ecosystem.
Despite the significant increase in network activity, the total value locked (TVL) on the Shibarium network remains relatively low. Currently standing at just $1.06 million, it indicates that users are deploying only small amounts of capital on the network. This suggests that further capital inflows are needed to unlock the full potential of the Shibarium network.
To enhance the user experience and attract more investors, Shibarium developers are collaborating with third-party bridges to facilitate the bridging of other tokens onto the blockchain. This initiative aims to provide additional options and support for investors on the network.
Furthermore, the team behind Shibarium has announced plans to renounce the contract for its governance token, Bone (BONE), and is actively seeking to add more validators to the network in the coming weeks. These measures demonstrate the project’s commitment to decentralization and community-driven governance.
Since September 1st, Shibarium users have been able to utilize various tokens, including Shiba Inu (SHIB), Bone (BONE), and Leash (LEASH), to participate in lending, borrowing, and staking activities, enabling them to earn rewards. This feature provides users with additional opportunities to generate income within the Shibarium ecosystem.
Despite the high expectations surrounding the launch of Shibarium, the price action of SHIB, BONE, and LEASH tokens has not experienced the anticipated uplift. While SHIB witnessed moderate gains leading up to the launch, it has since fallen by approximately 20% since the botched launch on August 16th.
Similarly, the prices of BONE and LEASH have also declined by 15% and 14.2% respectively within the same timeframe. These price movements indicate that market conditions and external factors continue to influence token values, despite the advancements made within the Shibarium network.
The achievement of surpassing 1 million wallets on the Shibarium network reflects the rapid growth and adoption of Shiba Inu’s layer-2 blockchain. Although network activity has surged, the total value locked remains relatively low. However, the collaboration with third-party bridges and plans to expand the network’s validators indicate a commitment to further development and decentralization. Despite the unmet price expectations for SHIB, BONE, and LEASH tokens, the utilization of these tokens for lending, borrowing, and staking presents an opportunity for users to earn rewards within the Shibarium ecosystem. As the network continues to evolve, it will be interesting to see how it attracts more users and capitalizes on its growing popularity in the crypto space.