Shibarium Metrics Surge Despite Crypto Market Downturn

Despite the ongoing bloodbath across the broader crypto market, Shiba Inu’s L2 scaling solution, Shibarium, has continued to witness a spike in adoption. 

This is marked by a resurgence in the number of daily transactions on the network, which plunged to below 6,000 on April 10. Shibarium’s daily transaction activity has skyrocketed ever since, reaching 562,980 at press time, according to data from Shibariumscan.

With the daily transaction activity surging to around 562,980, the total transaction count is now at 416,865,226 (416.86 million). It bears mentioning that Shibarium transaction activity spiked majorly in December 2023, as the network averaged around 7.5 million transactions daily. 

In addition, the number of wallets that have interacted with Shibarium since its mainnet launch in August 2023 has reached 1,782,060 (1.78 million). Also, the network has minted a total block of 4,268,750 (4.26 million) at an average block time of 5.0 seconds.

Shibarium Account Hits 100K

Furthermore, the number of Shibarium accounts has crossed the 100,000 milestone. At press time, Shibarium boasts a total of 100,694 accounts. Out of the over 100,000 accounts registered on Shibarium, only 1,018 were active in the past day.

This reflects the broader sentiment across the crypto market following the massive plunge in crypto prices. The number of Shibarium’s active accounts reached a daily peak on April 14, when the figure surged to 25,804. Notably, the number of new accounts on Shibarium also reached a daily peak recently, with 13,314 accounts joining the network on April 13.

TVL Dips to $2.64M 

Meanwhile, the total value locked (TVL) across all Shibarium-based decentralized finance platforms is currently around $2.64 million. Out of the $2.64 million TVL on Shibarium, the decentralized exchange WoofSwap accounts for $1.75 million of the total sum.  

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Shibarium’s TVL has slumped from its all-time high of $3.9 million, registered on March 26, to $2.64 million due to the massive collapse in crypto prices. For instance, SHIB has plunged 19.0% in the past two weeks, and BONE has also dipped 19.1% in the same time frame.

Over 22M BONE Staked on Shibarium

In the meantime, users have delegated over 22 million BONE tokens to Shibarium. On-chain data shows that the Shiba Inu community has staked a whopping 22,974,034.1842 (22.97 million) BONE tokens across 12 Shibarium validators.

Interestingly, ShibArmy America ranks as the top Shibarium validator, with 5,567,868 (5.56 million) BONE staked. Unification is the second validator with the highest number of staked BONE tokens, currently sitting at 4,244,990 (4.24 million).

ShibArmy Europe, 42069, and ShibArmy Asia rank as the third, fourth, and fifth validators with the highest number of staked BONEs. The number of BONE tokens staked across these validators stood at 2,758,259 (2.75 million), 2,632,903 (2.63 million), and 2,492,579 (2.4 million), respectively.