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In less than two weeks after its August 28 relaunch, Shibarium Network has chalked up an impressive one million wallets, according to an announcement from the Shibarium development team on Sept. 3. Despite this fast growth, the network has had its share of issues, including some early technical glitches. Still, the Shibarium blockchain explorer data shows nearly 100,000 transactions up to the morning of September 3, hitting an all-time high of 132,000 transactions just days earlier on August 25.
However, the enthusiasm for wallet creation hasn't translated into a commensurate increase in the total value locked (TVL) on the network. As of the last report, the TVL remains modest at $1.06 million. This indicates that while users are eager to join the network, they're only investing small sums.
Shibarium is working to facilitate the flow of various tokens to its new blockchain by cooperating with several third-party bridges. The development team is also focusing on governance. They recently revealed their intention to give up the contract for their governance token Bone (BONE) and stated that they are in the process of recruiting more validators for the network.
Since September 1, users of the Shibarium Network have had the option to lend, borrow, and stake various tokens, including Leash, Bone, and Shiba Inu. Yet the uptick in activity hasn't buoyed the prices of these tokens as many investors had hoped. The general price action for LEASH, BONE, and SHIB remains underwhelming. Specifically, CoinGecko data shows that the price of SHIB has dipped by just over 20% following its problem-plagued launch on August 16. Similarly, the price of BONE has dropped 15% in the last two weeks, while LEASH declined by 14% in the same period.
Despite the quick proliferation of Shibarium Network wallets, the platform has yet to prove its worth in financial terms, raising questions about its future potential and stability.
