The Layer-2 network known as Shibarium has achieved a remarkable feat, processing over three million transactions in less than a month.
The Shiba Inu team has hinted at upcoming developments that are taking place “behind closed doors.” These developments are expected to further demonstrate Shibarium’s strength and stability in the near future.
Shibarium’s Rapid User Adoption Following some initial launch challenges, the network has shown significant improvements in various key metrics.
In the first week after the relaunch, the protocol saw engagement from over one million wallets, and this number has now grown to 1.25 million, as per the latest update.
Moreover, the network has recorded more than three million transactions, with the total standing at 3,085,075 at the time of writing.
It’s worth noting that daily transactions on the network have recently experienced a decline.
According to data from ShibariumScan, the average daily transactions on Shibarium between September 8 and September 15 exceeded 100,000. However, recent data shows a decrease to approximately 40,000 transactions over the past few days.
The decline in Total Value Locked (TVL) for Shiba Inu The recent drop in transaction volume corresponds with the declining value of assets locked within Shibarium.
Data from DeFillama indicates that Shibarium’s Total Value Locked (TVL) has decreased since it reached a peak of $1.27 million on August 29.
This decline in both daily transactions and TVL raises concerns for the network, especially considering the growing competition from various other layer-2 networks.