Shiba Inu’s Shibarium Network Surpasses 1 Million Wallets, but TVL Lags Behind

Shiba Inu’s Shibarium Network Surpasses 1 Million Wallets, but TVL Lags Behind

Shiba Inu’s newly launched layer-2 blockchain, the Shibarium network, has reached a significant milestone by surpassing 1 million wallets. This remarkable achievement comes just weeks after its relaunch on August 28. The official Shibarium team announced this feat in a blog post on September 3. It is worth noting that the network faced technical issues during its initial release. However, despite these hiccups, nearly 900,000 wallets have been added to the network in a short span of time.

The data from the Shibarium blockchain explorer reveals that there have been nearly 100,000 transactions as of September 3, with the highest activity recorded on August 25 with 132,000 transactions. This surge in network activity demonstrates the growing interest and usage of the Shibarium network among its users.

Despite the significant increase in network activity and the growing number of wallets, the total value locked (TVL) on the Shibarium network remains relatively low. Currently standing at just $1.06 million, the TVL suggests that users are deploying only small amounts of capital on the network. This conservative approach to utilizing the network may be due to several factors, such as concerns over technical stability or a lack of confidence in the ecosystem’s tokens.

The Shibarium team is actively collaborating with multiple third-party bridges to facilitate the bridging of other tokens onto the network. By providing this additional support, they aim to make it easier for investors to transition their assets to the new blockchain. Furthermore, the team plans to renounce the contract for its governance token Bone (BONE) and is actively seeking to add more validators to the network in the near future. These initiatives indicate a commitment to improving the Shibarium network and enhancing its overall functionality and security.

Despite the high expectations surrounding the launch of Shibarium, the price performance of the Shiba Inu ecosystem tokens has not met these anticipations. While there were some moderate gains leading up to the network’s release, the price of SHIB has experienced a decline of over 20% since the flawed launch on August 16, according to CoinGecko data. Similarly, the other ecosystem tokens, BONE and LEASH, have also seen declines of 15% and 14.2%, respectively, within the past 14 days. These underwhelming price actions may disappoint Shiba Inu token holders who were hopeful for a significant increase in value.

As the Shibarium network continues to attract a growing number of wallets and increase its network activity, there is potential for the TVL to catch up and reflect the heightened interest. The collaboration with third-party bridges and the addition of more validators will likely enhance the network’s capabilities and appeal to a wider range of users. However, it remains to be seen whether these efforts will translate into a notable increase in the value of the Shiba Inu ecosystem tokens. Only time will tell if the Shibarium network can fulfill its potential and provide a sustainable and thriving ecosystem for its users.

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