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Shiba Inu's Shibarium Network Hits 1 Million Wallets, TVL Remains Low

Algoine News
Summary:
The number of wallets on Shiba Inu's Shibarium network exceeds 1 million, while the total value locked (TVL) remains low. Developers are collaborating on bridges and planning to renounce the governance token contract. Price values for SHIB, BONE, and LEASH tokens have not seen the expected increase since the launch of Shibarium.
The number of wallets on Shiba Inu's new layer-2 blockchain, the Shibarium network, has exceeded one million since its relaunch, marking a significant milestone. This means that nearly 900,000 wallets were added in just two weeks after the network initially went live, despite some technical difficulties. The Shibarium blockchain explorer reveals that there have been almost 100,000 transactions so far, with a peak activity of 132,000 transactions recorded on August 25th. However, although network activity has surged, the total value locked (TVL) on the network remains low, currently standing at $1.06 million. Developers are collaborating with third-party bridges to aid investors in transferring other tokens to the new blockchain and have plans to renounce the contract for the governance token Bone (BONE) while also seeking to add more validators to the network in the near future. Users have been able to utilize various tokens on the Shibarium network for lending, borrowing, and staking since September 1st. Despite high hopes for price increases following the launch of Shibarium, the values of SHIB, BONE, and LEASH tokens have not seen the expected uplift. SHIB's price has fallen by approximately 20% since the troubled launch on August 16th, while BONE and LEASH have experienced declines of 15% and 14.2% respectively in the past 14 days.

Published At

9/4/2023 5:41:33 AM

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