Despite several setbacks, the Shibarium network reached an impressive milestone.
Shibarium, Shiba Inu's Layer-2 blockchain network, has reached an impressive milestone of one million wallets, an accomplishment announced just weeks after its launch.
However, this growth in user adoption has not translated into significant gains for SHIB, BONE, or LEASH, the tokens integral to the Shibarium network.
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Shibarium’s rapid ascent was revealed in an official blog post on September 3rd, highlighting that about 900,000 new wallets had been created since its relaunch on August 28th.
The network originally went live two weeks earlier but faced some technical issues that needed addressing. Despite these hiccups, Shibarium witnessed over 99,000 transactions on September 4th. The number of transactions peaked on August 25th, when over 132,000 transfers were completed.
Shibarium's blog also revealed that the platform is set to partner with third-party bridge providers to help users move tokens onto the new blockchain more easily. The developers also outlined their intent to add more validators to strengthen the network and announced they would renounce the contract for their governance token, Bone (BONE).
Though the platform allows users to lend, borrow, and stake using SHIB, BONE, LEASH, and other tokens, the total value locked (TVL) on Shibarium remains relatively modest. As of the time of writing, the TVL was just above $1.06 million, indicating that users are deploying only small amounts of capital in the ecosystem.
One puzzling aspect is that the remarkable growth in wallet numbers and transactions hasn't been reflected in the prices of tokens associated with Shibarium. The price of SHIB has declined more than 20% since Shibarium's problematic launch on August 16th. Likewise, the values of BONE and LEASH have seen a downtrend, dropping by 15% and 14.2%, respectively, over the past two weeks.
Shibarium's milestone of achieving one million wallets is a noteworthy triumph in the crypto landscape, signaling strong user interest in Shiba Inu’s blockchain. However, this enthusiasm has yet to translate into appreciable gains for the network's key tokens—SHIB, BONE, and LEASH. The disconnect raises questions about whether the Shibarium network can sustain its initial momentum and translate it into value for token holders.
