Shibarium has gained significant adoption, processing three million transactions in under a month since its relaunch. However, the total assets locked on the network are still below $600,000. The Shiba Inu team suggests upcoming developments to showcase Shibarium’s strength and stability.
Shibarium, a fast-growing Layer-2 network, has processed more than three million transactions in less than a month. This impressive feat shows that many people are starting to use the network, which is gaining popularity quickly.
The Shiba Inu team says that they have some secret developments in the works that will soon show how strong and stable Shibarium is.
Shibarium Thrives with Strong User Adoption
After fixing initial launch problems, the network has greatly improved its performance in important areas. In the first week after the relaunch, it interacted with over 1 million wallets, and now, it’s at 1.25 million according to the latest update.
Additionally, the network has processed more than 3 million transactions, reaching a total of 3,085,075 as of now.
Shibarium Statistics. Source: ShibariumScan
It’s important to mention that the network has seen a drop in its daily transactions lately. Between September 8 and September 15, the network had more than 100,000 transactions on average per day.
However, in the last few days, this number has decreased to around 40,000 transactions per day, according to data from ShibariumScan.
Shiba Inu’s Total Locked Value Drops
The recent drop in transaction volume matches a decline in the value of assets locked in Shibarium. According to data from DeFillama, Shibarium’s Total Value Locked (TVL) has fallen from its peak of $1.27 million on August 29.
This decrease in daily transactions and TVL is raising concerns for the network, especially with the increasing number of layer-2 networks in the crypto industry. In the last two months, we’ve seen the emergence of Base, a network supported by Coinbase, and the conversion of several layer-1 networks into layer-2. This growing competition has the potential to affect activity on Shibarium.
Total Value of Assets Locked on Shibarium. Source: DeFillama
Shibarium’s success might determine if the meme coin Shiba Inu becomes genuinely useful. This increased activity has led to a significant increase in the rate at which SHIB tokens are being burned. According to ShibBurn data, over the past week, 784 million SHIB tokens were burned, showing a substantial 47.7% increase in the burn rate.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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