Shibarium’s Swift Rise
The Shibarium network, the newly launched layer-2 blockchain by Shiba Inu, has witnessed a sharp growth trajectory. Since its relaunch on Aug. 28, it added an impressive 900,000 wallets, all within two weeks after its initial debut. The Shibarium team celebrated this milestone in a Sept. 3 blog post.
Transaction Data Revealed
The Shibarium blockchain explorer highlights nearly 100,000 transactions as of 5:04am UTC on Sept. 3. The highest activity recorded was a whopping 132,000 transactions on Aug. 25.
A Glance at the Value Locked
Despite this spurt in network activity, the total value locked (TVL) on Shibarium remains relatively low. As of now, Shibarium’s TVL is a modest $1.06 million. This suggests a cautious approach by users, deploying minimal capital.
Developer’s Insight & Upcoming Collaborations
In their blog post, the Shibarium developers hinted at collaborations with third-party bridges. These bridges will facilitate investors to transition their tokens to the new blockchain. Furthermore, the team has plans for the governance token Bone (BONE) and is on the lookout to onboard more validators.
Shibarium’s Diverse Offerings
From Sept. 1 onwards, users of Shibarium have the privilege to leverage Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and other tokens. They can lend, borrow, and stake these tokens, earning rewards in the process.
Anticipation vs Reality for Shiba Inu Tokens
While the Shiba Inu community was optimistic about a surge in token prices post the Shibarium launch, reality paints a different picture. SHIB, BONE, and LEASH tokens didn’t experience the anticipated appreciation. In fact, post the problematic launch on Aug. 16, SHIB’s price plummeted over 20%. BONE and LEASH also experienced declines of 15% and 14.2% respectively over the past fortnight, as per CoinGecko data.