Shibarium, the Layer-2 blockchain solution for Shiba Inu, has seen a significant resurgence following slower growth in recent months. Recently, its core performance metrics showed a substantial uptick, indicating a potential recovery and renewed strength for the network.
In the past, the Shibarium network has faced challenges in maintaining the same performance and scalability as its competitors, particularly those built on Ethereum, such as Base, Optimism, and Arbitrum.
These Ethereum-based Layer-2 solutions have gained popularity due to their ability to offer faster transactions and lower fees while benefiting from Ethereum’s robust security and decentralized infrastructure.
Nevertheless, the recent Shibarium revival could provide the network with the momentum needed to reinforce its standing in the rapidly evolving and highly competitive Layer-2 market and potentially close the gap with its rivals as the demand for scalable blockchain solutions grows. By capitalizing on this upward trend, Shibarium could become a more formidable player in the Layer-2 space.
Shibarium Achieves Major Transaction Milestone
The notable records of the past few days indicate a significant increase in user engagement, demonstrating a robust upward trend in activities on the platform. On October 24, the total number of transactions reached an impressive 4.77 million. This surge in transaction volume reflects a growing interest and participation among users.
Additionally, Shibarium achieved a remarkable milestone by processing over 423 million transactions. This figure highlights its capacity to manage a substantial number of operations effectively. Moreover, these transactions have been conducted across approximately 1.86 million unique wallets.
Potential Implication on SHIB
These statistics highlight a growing confidence among users in Shibarium’s ability to manage decentralized applications (dApps) effectively. As network activity surges, it may lead to an increased demand for SHIB as a utility token within the ecosystem.
This uptick in usage occurs despite a weekly decline of 2.7% in the value of the meme coin, suggesting that users remain optimistic about the platform’s potential and its applications. This confidence could bolster SHIB’s role as a functional asset within Shibarium, even as the market faces fluctuations.
As of report time, Shiba Inu exchanges hand at $0.00001801, accompanied by a trading volume of $233.74 million over the last 24 hours, indicating a decrease of 15.47% within that time frame.
Shibarium Sets New Record for Total Value Locked (TVL)
Shibarium marked a notable achievement almost a month ago when the network’s Total Value Locked (TVL) reached a historic high (ATH) of $7.03 million as revealed by Lucie, the marketing lead for Shiba Inu. She emphasized that the TVL has been consistently setting new daily records, reflecting a rising commitment from investors to Shibarium’s decentralized finance (DeFi) initiatives.
This increase in TVL signifies a steady influx of capital, suggesting that investors maintain a strong interest and confidence in Shibarium’s DeFi ecosystem.
Nevertheless, while the impressive TVL figures showcase the network’s potential for growth, the protocol is under pressure to sustain these levels. Currently, the Total Value Locked has reverted to approximately $3 million.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Shibarium Hit by Rug Pull
While Shibarium has experienced significant growth and development, it recently encountered a serious setback with the BEAST token. In a troubling turn of events, the BEAST team abruptly ceased all communication with investors, having drained their funds in what is known as a rug pull. This incident has raised concerns within the community about the safety and reliability of investments on the Shibarium platform.
The BEAST token debuted on the Shibarium-based decentralized exchange, ChewySwap, on September 20. It was initially launched with a trading pair consisting of Wrapped BONE (WBONE), with a liquidity pool that included 7 million BEAST tokens and 2,950 WBONE tokens.
This initial offering attracted considerable interest from investors, spending between $20 and $300 to acquire the token. However, just two hours after the launch, the liquidity was unexpectedly withdrawn. This triggered a significant price collapse, leaving many investors at a loss.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
