According to Cointelegraph, the Shibarium network, Shiba Inu's newly launched layer-2 blockchain, has seen its total number of wallets surpass one million since its relaunch on August 28. The milestone was announced in a September 3 blog post by the official Shibarium team. Data from the Shibarium blockchain explorer shows nearly 100,000 transactions have occurred as of September 3, with a peak activity of 132,000 transactions on August 25.

Despite the surge in network activity, the total value locked (TVL) on the Shibarium network has not seen a significant increase, standing at just $1.06 million at the time of publication. This suggests that users are only deploying small amounts of capital on the network. In their blog post, Shibarium developers mentioned they are collaborating with third-party bridges to help investors bridge other tokens to the new blockchain. They also announced plans to renounce the contract for their governance token Bone (BONE) and add more validators to the network in the coming weeks.

As of September 1, Shibarium users have been able to use Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and other tokens available on the Shibarium network to lend, borrow, and stake tokens to earn rewards. However, the price action for SHIB, BONE, and LEASH tokens has not seen the expected uplift following the launch of Shibarium. The price of SHIB has fallen over 20% since the botched launch on August 16, according to data from CoinGecko, while the prices of BONE and LEASH have dropped 15% and 14.2%, respectively, over the past 14 days.