In a striking development, Shibarium has achieved two major milestones within just eight days of its public relaunch as the Shiba Inu ecosystem’s Layer-2 scaling solution. According to Shibariumscan, the network’s official explorer, the transaction count reached 1,171,005. Meanwhile, the total number of wallet addresses climbed to 1,118,014. It is noteworthy that Shibarium has outpaced other major networks including Cardano, which added just over 49,000 new wallets throughout March of 2023.
The Shibarium ecosystem has also witnessed a robust increase in the staking of its native utility token, BONE. The staked tokens escalated from 22 million to 24.8 million in just four days, amounting to a valuation of $25.3 million. However, the total value locked (TVL) on the network remains modest at $879,053, suggesting cautious capital deployment by users.
On the development front, Shibarium’s team has initiated collaborations with third-party bridges to enable seamless token transfers to their blockchain. They have also disclosed plans to augment the network’s validator pool and to relinquish the contract for their governance token, Bone. As of September 1, the network has expanded its utility by allowing various tokens, including Shiba Inu (SHIB), Bone (BONE), and Leash (LEASH), to be used for lending, borrowing, and staking activities.
After overcoming initial setbacks, including a slump in transaction volume in early August, Shibarium has demonstrated resilience. Puppyscan data indicates that the testnet has already processed transactions exceeding 38 million, with an average transaction count of 38.77 million and a total block count of 2.374M.
In addition to these milestones, Shibarium has been collecting an average of over 11 ETH in transaction fees daily. This indicates not only a high level of network activity but also a growing revenue stream for the platform, which could be pivotal for its long-term sustainability.
Despite these advancements, the Shiba Inu ecosystem’s tokens have not experienced a corresponding surge in value. Data from CoinGecko revealed that since Shibariium’s flawed launch on August 16, the price of SHIB has declined by over 20%. BONE and LEASH have also seen a 15% and 14.2% drop, respectively, in the last two weeks.
