Shibarium Achieves Impressive Adoption with Over 3 Million Transactions
The layer-2 network Shibarium has achieved a significant milestone by handling over three million transactions in less than a month. This rapid adoption demonstrates the network’s strength and stability.
Shibarium Enjoys High User Adoption
After resolving initial launch issues, Shibarium has shown significant performance improvements. In the first week post-relaunch, the protocol engaged with over one million wallets, which has now increased to 1.25 million. Additionally, the network has processed over three million transactions.
However, it’s important to note that daily transactions on Shibarium have recently declined. Data from ShibariumScan reveals that the average daily transactions decreased from over 100,000 to approximately 40,000 in recent days.
Shina Inu’s Total Value Locked Declines
The decrease in transaction volume aligns with a decline in the total value locked (TVL) within Shibarium. According to DeFillama, Shibarium’s TVL has decreased since reaching its peak of $1.27 million on August 29.
This decline in daily transactions and TVL raises concerns for the network, especially considering the growing competition from other layer-2 networks such as Base and converted layer-1 networks.
The success of Shibarium will determine the real utility of the meme coin Shiba Inu. The increased activity on Shibarium has led to a significant increase in the burn rate for SHIB tokens. In the last seven days, 784 million SHIB tokens were burned, representing a 47.7% increase in the burn rate.
Hot Take: Shibarium Must Adapt to Growing Competition
While Shibarium has achieved impressive adoption and transaction volume, it now faces challenges from other layer-2 networks. To maintain its success, Shibarium needs to adapt and innovate to stay competitive in the evolving crypto landscape.
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