Shiba Inu’s newly launched layer-2 blockchain, known as the Shibarium network, has achieved a remarkable milestone.
The total number of wallets on this network has surged past the 1 million mark in a meteoric ascent since its relaunch.
This exciting news, disclosed in a September 3rd blog post by the official Shibarium team, signifies a monumental achievement within just two weeks of the Shibarium network going live, despite initial technical challenges.
The latest milestone underscores the incredible growth of Shibarium, with at least 900,000 wallets added since its relaunch on August 28th. Within this short timeframe, Shibarium has garnered substantial user adoption.
Data from the Shibarium blockchain explorer reveals a surge in transaction activity, with nearly 100,000 transactions recorded as of 5:04 am UTC on September 3rd.
The network witnessed a peak activity of 132,000 transactions on August 25th, showcasing the substantial demand for Shibarium.
While network activity has soared, the Total Value Locked (TVL) on the Shibarium network has not witnessed a corresponding surge.
As of the time of this publication, Shibarium’s TVL stands at just $1.06 million. This suggests that users are deploying relatively small amounts of capital on the network.
In their blog post, Shibarium developers disclosed their ongoing collaboration with various third-party bridges. These partnerships aim to facilitate the bridging of other tokens onto the new blockchain, potentially expanding the network’s ecosystem.
The team also announced their intention to renounce the contract for the governance token, Bone (BONE). Additionally, they plan to enhance the network’s security and decentralization by adding more validators in the coming weeks.
Since September 1st, Shibarium users have had the opportunity to engage with Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and several other tokens available on the Shibarium network. These tokens allow users to participate in lending, borrowing, and staking activities to earn rewards.