The Shibarium network has seen multiple key developments after the Shiba Inu development team relaunched the layer-2 scaling network.
The continued adoption of the blockchain has led to growth in crucial metrics such as transaction count, wallets, and more.
As The Crypto Basic reported, Shibarium achieved a remarkable milestone by exceeding one million transactions. In particular, over 1,170,000 transactions have occurred on Shibarium under two weeks of public relaunch.
This feat follows the substantial increase in daily user activity. Data from Shibarium’s dedicated explorer suggests that the network sees 109,400 transactions a day on average.
Moreover, data from the explorer shows a surge in the number of addresses within the Shibarium network. Wallet addresses on Shibarium now stand at 1,118,003. This figure represents an increase of 112,619 addresses from the figure The Crypto Basic reported four days ago.
Shibarium’s wallet count under two weeks becomes particularly remarkable when compared to the figures from other blockchains. Specifically, XRP Ledger has amassed only 4.7 million wallets for 11 years, while Cardano is witnessing 4.27 million wallets in six years.
On Monday, The Crypto Basic reported that the Shiba Inu team unveiled a new Shibarium-based token. In particular, the development team introduced Wrapped BONE (WBONE) to bolster the Shibarium gas token’s interoperability with other coins.
According to the report, wrapping BONE into WBONE enables effortless engagement with decentralized finance systems and exchanges.
WBONE stands for Wrapped $BONE, and it is a Shibarium-based token that represents (BONE) in a standardized form compatible with the Shibarium network's smart contracts and decentralized applications (DApps).
WBONE is used to enhance the compatibility of BONE with other tokens… pic.twitter.com/UOw4R6Kd9A
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) September 3, 2023
Effect on SHIB Burns
Furthermore, the launch of Shibarium has ushered in a significant uptick in the number of Shiba Inu tokens exterminated from its large supply. The Crypto Basic reported that nearly six billion SHIB tokens were burned in August.
The 5,715,986,938 burned in August represented over a 100% increase from the figure burned in the previous month. Also, only 2.09 billion SHIB tokens left Shiba Inu’s over five hundred trillion supply in July.
Moreover, the month of June saw a much lower figure, as only 1,653,845,435 SHIB tokens were incinerated. According to lead developer Shytoshi Kusama, the team is currently working on the Shibarium burn portal that could help bolster burns.
— Shibburn (@shibburn) July 1, 2023
Staked Tokens on Shibarium
The Crypto Basic recently reported that the total value locked (TVL) in Shibarium reached $1.36 million. Now, data from DeFi TVL aggregator Defillama indicates hat the TVL reached a high of $1.47 million on August 30 before it dropped below $1 million.
The TVL is a crucial metric as it quantifies the value of crypto assets locked within smart contracts on a blockchain. Users commit their coins in return for incentives.