Shibarium network activity has soared despite the price of SHIB falling more than 20% since the tumultuous launch of the layer-2 network.
The total number of wallets on Shiba Inu’s newly launched layer-2 blockchain, the Shibarium network, has surpassed the one million mark in a meteoric rise since its relaunch.
The milestone — announced in a Sept. 3 blog post by the official Shibarium team — means there were at least 900,000 wallets added since Shibarium’s relaunch on Aug. 28, and only two weeks after the Shibarium network first went live — albeit with some technical hiccups.
According to data from the Shibarium blockchain explorer, nearly 100,000 transactions have occurred as of 5:04am UTC Sept. 3, with a peak activity of 132,000 transactions being set on Aug. 25.
While network activity has surged, the total value locked (TVL) on the Shibarium network has yet to surge in response. At the time of publication Shibarium’s TVL stands at just $1.06 million, suggesting that users are only deploying very small amounts of capital on the network.
In their blog post, Shibarium developers noted that they are currently collaborating with a number of third-party bridges to assist investors with bridging other tokens over to the new blockchain.
Additionally, the team announced plans to renounce the contract for its governance token Bone (BONE) and added that they are looking to add more validators to the network in the coming weeks.
As of Sept. 1, Shibarium users have been able to utilize Shiba Inu (SHIB), Bone (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 Many Shiba Inu holders had hoped for a sharp uptick in the price of the various Shiba Inu ecosystem tokens following the launch of Shibarium, the overall price action for SHIB, BONE and LEASH tokens hasn’t seen the expected uplift.
Though it witnessed some moderate gains in the leadup to the launch of Shibarium, the price of SHIB has since fallen a touch over 20% since the botched launch on Aug. 16, according to data from CoinGecko.
The respective values of the remaining Shiba Inu ecosystem tokens have not fared much better. The price of BONE has fallen 15% over the past 14 days while LEASH has dropped 14.2% within the same timeframe.