Shibarium Reaches 1 Million Wallets in Rapid Expansion

Shiba Inu’s layer-2 blockchain, the Shibarium network, has witnessed a remarkable feat by surpassing the 1 million wallet mark.

This achievement, marked as a significant milestone, comes as a testament to Shibarium’s rapid growth since its relaunch.

The official Shibarium team proudly announced this milestone in a blog post dated September 3. It’s worth noting that this achievement was reached shortly after Shibarium’s relaunch on August 28.

In just two weeks since the network’s initial launch, it has managed to add at least 900,000 new wallets. However, it wasn’t without its share of initial technical challenges.

Data from the Shibarium blockchain explorer reveals a remarkable level of network activity. As of 5:04 AM UTC on September 3, nearly 100,000 transactions had occurred. The peak activity was recorded on August 25, with an impressive 132,000 transactions.

Despite the surge in network activity, the Total Value Locked (TVL) on the Shibarium network has not seen a corresponding surge.

As of the time of writing, Shibarium’s TVL stands at just $1.06 million, indicating that users are deploying relatively small amounts of capital on the network.

In their blog post, the Shibarium developers revealed their ongoing collaborations with several third-party bridges to facilitate the seamless bridging of other tokens to the new blockchain.

Additionally, they announced plans to renounce the contract for their governance token, Bone (BONE), a move that can have significant implications for the network’s decentralization.

Moreover, the team is actively looking to expand the network’s validator pool in the coming weeks, further strengthening the security and reliability of Shibarium.

Since September 1, Shibarium users have had the opportunity to leverage Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and various other tokens available on the network for lending, borrowing, and staking to earn rewards.