Shiba Inu: Shibarium Sees Growth in Wallets, Smart Contracts, and Transactions But TVL Plunges

As Shiba Inu’s Shibarium records huge growth in smart contracts and interacting wallets, the network’s TVL drowns heavily amid a plunge in SHIB price.

Different aspects of Shiba Inu’s layer-2 blockchain Shibarium have been experiencing tremendous growth since the network’s mainnet relaunch on August 28. 

Fresh data from Shibariumscan shows that the number of verified smart contracts and wallet addresses has grown rapidly ever since.

Shibarium’s Verified Smart Contracts Hits ATH 

Per the data, the number of confirmed smart contracts on Shibarium has hit an all-time high (ATH) of 428. Notably, there were only 55 verified smart contracts as of September 1, a few days after Shibarium relaunched on the mainnet for public use.

As Shibarium continued to record widespread adoption, the number of verified smart contracts also surged.

It is worth noting that from September 14-17, Shibarium added only eight verified smart contracts. Interestingly, 19 verified contracts were added the following day, September 18.

At press time, the total count of Shibarium’s verified contract stood at 428, representing a massive spike of 678.18%.

Aside from verified smart contracts, Shibarium’s total contracts have also spiked tremendously to an ATH of 9,917.

Shibarium Adds Over 36K Wallets Daily Since Launch 

In an interesting development, the number of wallets that have interacted with the L2 blockchain has also been growing rapidly. 

At the time of writing this line, Shibarium has a whopping 1,246,754 (1.24 million) addresses. This suggests that the network has been adding over 36K new addresses since its mainnet launch. For context, Shibarium launched on mainnet on August 16. 

Shibarium Transactions Approaches 3M 

Furthermore, the total transactions on Shibarium have also gained momentum since the L2 network was introduced.

According to data from Shibariumscan, the total transaction count currently stands at 2,949,327 (2.94 million). Based on the data, it is evident that Shibarium is less than 51,000 transactions away from hitting the 3 million milestone.

Shibarium TVL Dips Massively

Despite the tremendous growth in Shibarium’s total wallet addresses, transactions, and smart contracts, the network’s total value locked (TVL) has decreased massively in the past few days.

Data provided by leading DeFi TVL aggregator DeFiLlama shows a massive plunge in the total value locked on Shibarium.

Per the data, Shibarium’s TVL, which stood at $1.47 million as of August 30, has plummeted to a mere $603,781. Shibarium has 13 DeFi protocols, with DogSwap and MarSwap contributing over $400K to the network’s TVL.

Meanwhile, several factors can be attributed to the plunge of Shibarium’s TVL. The most notable factor is the significant dip in SHIB price.

As of August 30, SHIB was changing hands at $0.00000828. The asset’s price has dipped 13.26% ever since to $0.00000735.