The total number of wallets on the Shibarium network, Shiba Inu’s new layer-2 blockchain, has skyrocketed since its relaunch, breaking the 1 million mark.
The milestone – announced in a September 3 blog postal The news, released by the official Shibarium team — means at least 900,000 wallets have been added since Shibarium’s reboot on Aug. 28, just two weeks after the Shibarium network first went live — despite some technical issues.
According to Shibarium blockchain data ExplorerAs of 5:04AM UTC on September 3, nearly 100,000 transactions had occurred, with a peak of 132,000 transactions on August 25.
Despite the surge in network activity, there has not been a corresponding surge in Total Value Locked (TVL) on the Shibarium Network. As of the publication of this article, Shibarium’s TVL is only $1.06 million, indicating that users have deployed only a very small amount of money on the network.
Shibarium developers noted in a blog post that they are currently working with a number of third-party bridges to help investors bridge other tokens onto the new blockchain.
Additionally, the team announced plans to drop the contract for its governance token, Bone (BONE), adding that they hope to add more validators to the network in the coming weeks.
As of September 1st, Shibarium users have been able to lend, borrow, and stake tokens for rewards using Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and many other tokens available on the Shibarium network.
While many Shiba Inu holders hoped that the prices of the various Shiba Inu ecosystem tokens would increase significantly following the launch of Shibarium, the overall price movement of SHIB, BONE and LEASH tokens did not show the expected increase.
related: Shibarium wallet tops 100,000 after SHIB devs restart bridge
Despite a slight uptick ahead of Shibarium’s launch, SHIB’s price has fallen more than 20% since its failed launch on August 16. according to Data from CoinGecko.
The respective values of the rest of the Shiba Inu ecosystem tokens did not fare any better. The price of BONE has fallen by 15% in the past 14 days, while LEASH has lost 14.2% in the same time period.
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