Shibarium, the layer-2 blockchain network launched by #shibaInu , has achieved a significant milestone with over one million wallets since its relaunch on August 28. Despite this achievement, there are notable details to consider:
1. Shibarium has recorded nearly 100,000 transactions since its relaunch, with a peak of 132,000 transactions on August 25.
2. However, the total value locked (TVL) on the Shibarium network remains relatively low, standing at just $1.06 million at the time of the report, indicating that users are deploying smaller amounts of capital on the network.
3. Shibarium developers are working on collaborations with third-party bridges to facilitate the transfer of other tokens onto the #new blockchain.
4. There are plans to renounce the contract for the governance token Bone (BONE) and expand the network's validators in the coming weeks.
5. #Shibarium users have been able to engage in lending, borrowing, and staking activities with tokens like SHIB, BONE, LEASH, and others.
6. Despite the #launch of Shibarium, the #prices of SHIB, BONE, and LEASH tokens have not seen the expected increases. SHIB has experienced a 20% decline since August 16, while BONE and LEASH prices have also dropped.
This development highlights the challenges of achieving price appreciation for tokens even after the launch of a new blockchain network, emphasizing the complex dynamics of the crypto market.
