Shibarium, the layer-2 blockchain platform for Shiba Inu, is experiencing a surge in popularity as it welcomes over 375,000 new wallets in just four days.
Introduced by the Shiba Inu ecosystem development team last August, Shibarium was created to address the high gas fees and slow transaction speed of Ethereum for users dealing with ecosystem tokens like Bone ShibaSwap (BONE), Doge Killer (LEASH), and SHIB.
Since its launch, Shibarium has gained significant adoption, with a particularly notable increase in daily transactions in December. In fact, the layer-2 network recorded a staggering 20 million transactions within three days at the beginning of December 2023.
Despite a decrease in daily transactions recently, the number of wallets hosted on Shibarium has remained steady. The platform still sees over 958,000 transactions every day, indicating a sustained level of adoption.
What’s even more impressive is that the latest data reveals a significant uptick in the number of wallets. Clifford, a prominent figure in the Shiba Inu community, first drew attention to this trend on April 12. He announced that Shibarium had surpassed 1.4 million wallets, boasting a total of 1,406,566 addresses at the time.
Interestingly, this number has continued to rise since Clifford’s announcement. In a subsequent post, he revealed that the number of hosted wallets had increased to 1,616,558 in just two days, adding 209,992 wallet addresses.
On-chain data confirms that this upward trend has continued, with a noticeable increase in wallet addresses on Shibarium. The latest data shows that the network now has a total of 1,781,642 wallet addresses, indicating that 375,076 new addresses have been added in the past three days.
The recent surge in wallet addresses can be attributed to the onboarding of various projects on Shibarium. One such project is PIKA, an ERC-50 token introduced by the WoofSwap development team, who are also behind SolKiller (DAMN).
It’s worth noting that while Shibarium has a total value locked (TVL) of $2.66 million, WoofSwap alone contributes $1.82 million to this figure, accounting for 68% of the TVL. PIKA has seen increased social volume and trading activity, with the PIKA/DAMN pair having the highest trading volume on WoofSwap at $104,000.
In addition to the impressive growth in hosted wallets, Shibarium now has over 416 million transactions and 4.236 million blocks. Despite the increase in adoption, gas fees remain in the $0.00001 range, and the average block time is 5 seconds.
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