The total number of wallets on the Shiba Inu (SHIB) newly launched Layer 2 Blockchain Shibarium network has exceeded one million, with a meteoric rise since the network reboot. Data from Shibarium’s Blockchain explorer shows that around 100,000 transactions were processed on the network on September 3, and peak activity was reached on August 25, with 132,000 transactions.
While network activity has increased, the locked total value (TVL) in the Shibarium network has not yet increased correspondingly. At the time of this writing, Shibarium’s TVL stands at only $1.06 million, indicating that users have only invested very small amounts of capital into the network.
The blog post by Shibarium developers stated that they are currently collaborating with a number of third-party bridges to assist investors in bridging other tokens to the new blockchain. The team also announced plans to drop out of contract for governance token Bone (BONE), adding that they are looking to add more validators to the network in the coming weeks.
As of September 1, Shibarium users can use Shiba Inu (SHIB), Bone, Leash (LEASH) and many of the other tokens available on the Shibarium network to lend, borrow and stake tokens to earn rewards. While many Shiba Inu holders expected a sharp increase in the prices of various Shiba Inu ecosystem tokens following the launch of Shibarium, the price of SHIB, BONE and LEASH tokens failed to make the expected increase.