The number of wallets on the Shibarium network, Shiba Inu's new second-tier blockchain, has seen rapid growth, surpassing the 1 million milestone. This achievement was announced in a blog post by the official Shibarium team on September 3. Notably, this ind icates that around 900,000 wallets were added following the Shibarium reboot on August 28, just two weeks before the Shibarium network was initially launched, despite encountering some technical issues during this period.
The Shibarium blockchain explorer reveals that by 5:04 AM UTC on September 3, nearly 100,000 transactions had taken place, with a peak of 132,000 transactions recorded on August 25. However, this surge in network activity has not been accompanied by a proportionate increase in Total Value Locked (TVL) on the Shibarium Network. As of now, Shibarium's TVL stands at just $1.06 million, suggesting that users have deployed only a relatively small amount of funds on the network.
Shibarium developers have acknowledged their collaboration with several third-party bridges to facilitate the migration of other tokens onto the new blockchain. Additionally, they have disclosed their plans to deploy the contract for their governance token, Bone (BONE), and intend to introduce m ore validators to the network in the coming weeks.
Starting from September 1st, Shibarium users gained the ability to lend, borrow, and stake tokens for rewards using Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and various other tokens accessible on the Shibarium network.
Although many Shiba Inu holders had hoped for significant price increases in the various Shiba Inu ecosystem tokens following the Shibarium launch, the overall price movements of SHIB, BONE, and LEASH tokens did not align with these expectations. SHIB's price, for instance, has declined by over 20% since its failed launch on August 16, based on CoinGecko data. Similarly, the values of other Shiba Inu ecosystem tokens like BONE and LEASH have experienced declines of 15% and 14.2% respectively over the past 14 days.
