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


SHIBA INU: SHIBARIUM SEES GROWTH IN WALLETS, SMART CONTRACTS, AND TRANSACTIONS
BUT TVL PLUNGES




Date:

September 20, 2023

Written By:

Lele Jima
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Shiba Inu

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.

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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.

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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.

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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.

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Disclaimer: This content is informational and should not be considered financial
advice. The views expressed in this article may include the author's personal
opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged
to do thorough research before making any investment decisions. The Crypto Basic
is not responsible for any financial losses.

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 * Shibarium



Author

Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on
educating people about how the nascent asset class is transforming the world.
Aside from cryptocurrency-related activities, Jima is a lover of sports and
music.


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