Shibarium, the Layer-2 scaling solution for Shiba Inu, is experiencing a complex mix of positive and negative trends. While daily transactions have skyrocketed, low active user numbers and a declining total value locked (TVL) paint a concerning picture.
Transaction Boom, User Base Grows
Daily transactions on Shibarium have exploded from a low of below 6,000 on April 10 to a staggering 562,980 at press time. This surge has pushed the total transaction count to over 416 million. The user base is also expanding, with 1.78 million wallets interacting with Shibarium since its launch.
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Network Maturity
The network appears stable, having minted over 4.26 million blocks at an average block time of 5 seconds. Additionally, Shibarium has surpassed 100,000 accounts, signifying some level of adoption.
However, only 1,018 of those accounts were active in the past day, reflecting a broader crypto market slump. This inactivity is a sharp contrast to the daily peak of 25,804 active accounts reached on April 14. Similarly, the number of new accounts joining the network peaked on April 13 at 13,314.
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TVL Tumbles
The total value locked (TVL) in Shibarium has suffered due to the recent crypto crash. From a high of $3.9 million in March, TVL has slumped to $2.64 million. This decline is mirrored by the price drops of SHIB (19%) and BONE (19.1%) over the past two weeks.
Despite the market downturn, user confidence in the Shibarium ecosystem remains. Over 22 million BONE tokens have been staked on Shibarium, with ShibArmy America leading the pack as the top validator with 5.56 million BONE staked.
Looking Ahead
While Shibarium shows growth in transactions, user base, and network maturity, the low active account ratio and declining TVL raise concerns. The high BONE staking indicates user commitment, but Shibarium’s ability to overcome current market conditions and translate this commitment into active usage remains to be seen.