September 4, 2023 at 11:48 GMTModified date: September 4, 2023 at 11:48 GMT
September 4, 2023 at 11:48 GMT

Shibarium hits one million wallet mark after relaunch

In less than a week after its relaunch, the Shiba Inu layer-2 (L2) blockchain network, Shibarium, surpassed one million wallet mark.

Shibarium hits one million wallet mark after relaunch

In less than a week after its relaunch, the Shiba Inu layer-2 (L2) blockchain network, Shibarium, surpassed one million wallet mark last weekend. This comes after multiple technical hiccups in fully launching the network.

The Shibarium team congratulated the ShibArmy for the recent feat in a blog post which said-

“We have achieved—and aim to maintain—our status as one of the fastest and cheapest L2 networks out there. (I also read somewhere that some people are unhappy that the gas prices are very low in the network, which made me chuckle.)”

As per the data from Shibarium blockchain explorer, there have been nearly 100,000 transactions, with a peak activity of 132,000 transactions being set on 25 August. The daily transactions figure stood at 99.06K, whereas the total number of wallet addresses was 1,040,713 as of press time.

However, on the flip side, the total value locked (TVL) on Shibarium is yet to surge like its network activity. At the time of publication, Shibarium’s TVL stands at just $1.07 million. This indicated that users are deploying very small amounts of capital on the network.

The recent blog post announcement also revealed a few other updates like the availability of the hosted version of Blockscout explorer on Shibariumscan. This is aimed at helping the protocol team to focus on the network and its upgrades, while the fantastic Blockscout team would ensure the explorer remains operational and the chain is 100% indexed.

The team has also requested users to utlise the explorer to DYOR (Do Your Own Research) and also to verify any new or existing contracts deployed to the network. They have been asked to verify their contracts via Blockscout contract verification system as soon as possible because otherwise the team will not be able to promote projects that are built on top of Shibarium.

Additionally, the devs also revealed that they have been collaborating with numerous third-party bridges to ensure they can assist in bridging many other tokens into Shibarium.

There is also the plan to renounce the contract for its governance token Bone ($BONE). The devs noted that they are looking to add more validators to the network in the coming weeks. They then wrapped up the blog post by encouraging people to develop on Shibarium as it is open for all-

“The Shib team’s primary focus in the future will be to innovate and build technologies on top of Shibarium, empowering our community to lead a self-sovereign life. When you do create, we encourage building on Shibarium. It would make us immensely proud if the next big innovation, is founded on Shibarium!”

The launch of Shibarium has not been smooth sailing as the network was met with several technical glitches. The mainnet of the L2 blockchain initially went live on 16 August but was soon paused due to scalability issues. This happened due to a “massive influx of transactions” following the launch.

As a result, Shibarium users were unable to withdraw their assets for several days. This resulted in widespread uncertainty within the community, with many doubting the attack of software bugs.

However, the team quickly assured its users that they would regain full access to their funds once the mainnet was operational again. Its channels were finally reopened for fund withdrawals after two weeks of temporary suspension on 29 August.