Shibarium, the layer 2 network for the popular meme coin Shiba Inu (SHIB), surpassed 600,000 unique wallets and 700,000 transactions in a week despite encountering technical issues that delayed its launch.
Shiba Inu Problems Solved
In addition, a mysterious cryptocurrency whale moved $37 million worth of SHIB tokens to another address in a single transaction.
Shibarium is a decentralized platform that aims to offer fast and cheap transactions for other Shiba Inu ecosystem tokens such as SHIB, Bone (BONE), and Leash (LEASH).
After a troubled start, Shiba Inu declared the long-awaited Shibarium Bridge fully functional on August 28, 2023. “Bridging” can be defined as the act of moving funds from a Tier-1 to a Tier-2.
Shibarium went live on August 16, but the next day, transactions were disrupted for 11 hours and approximately $1.7 million worth of Ethereum was stuck on the bridge between the Ethereum and Shibarium networks.
Shibarium has seen steady growth in user activity since its launch, reaching nearly 100,000 daily transactions on August 31, according to blockchain researchers. The network also recorded its highest daily transaction volume of 132,000 on August 25.
However, the total value locked (TVL) on Shibarium remains low at $1.26 million, suggesting that most users are testing the network with small amounts of capital.
*This is not investment advice.