Shiba Inu's Shibarium Network Surpasses One Million Wallets in Rapid Growth, Despite Value Lock Challenges
Summary:
Shiba Inu's newly launched Shibarium network has surpassed one million wallets, indicating rapid growth since its relaunch. Despite technical hiccups, the network has recorded nearly 100,000 transactions. However, the total value locked in the network remains low. The team is collaborating with third-party bridges and plans to renounce the contract for its governance token Bone. Shiba Inu ecosystem tokens have not seen expected price increases, with SHIB falling by 20% since launch. The values of BONE and LEASH have also declined.
Shiba Inu's newly launched layer-2 blockchain, the Shibarium network, has reached a significant milestone of over one million wallets, showcasing its rapid growth since the relaunch. This means that approximately 900,000 wallets have been added since the relaunch on August 28, within just two weeks of the network going live. Despite some technical challenges, there have been nearly 100,000 transactions recorded on the Shibarium network, with a peak activity of 132,000 transactions occurring on August 25. However, while network activity has seen a surge, the total value locked (TVL) on the Shibarium network remains relatively low at $1.06 million, suggesting that users are only deploying small amounts of capital. The Shibarium team is actively working with third-party bridges to facilitate the transition of other tokens onto the new blockchain. They also plan to renounce the contract for their governance token Bone (BONE) and expand the network's validators in the near future. Since September 1, Shibarium users have been able to utilize various tokens, including Shiba Inu (SHIB), Bone (BONE), and Leash (LEASH), for lending, borrowing, and staking to earn rewards. Despite expectations for a price increase in the Shiba Inu ecosystem tokens following the launch of Shibarium, the price of SHIB, BONE, and LEASH has not seen the anticipated uplift. In fact, SHIB's price has fallen by approximately 20% since the botched launch on August 16. Similarly, the values of BONE and LEASH have experienced declines of 15% and 14.2% respectively over the past 14 days.
Published At
9/4/2023 5:41:33 AM
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