- Data shows the number of daily transactions on the Shibarium is now around 16.2k.
- The TVL is also declining, with a $615,663 valuation.
The Shibarium is part of the steps within the Shiba Inu community to transition to a well-known crypto ecosystem. So, the launch of this network was a step towards that goal. However, the number of daily transactions on this platform is decreasing in large numbers.
Shibarium Daily Transactions Decrease Massively
- According to new data, the number of daily transactions on the Shibarium ecosystem is now on a massive decrease. So, Shibariumscan provided the data surrounding the poor state of this layer 2 protocol. At the time of writing, the number of daily transactions on this layer 2 network is around 16.2k. This is a massive decline. So, the data shows that this is a consistent step-by-step decline.
- The decline goes back to the 16th of September, when the Shibarium ecosystem recorded only around 45k transactions in a day. So, there was more decline as this number reduced to around 40k daily transactions the next day, on the 17th. Another major milestone in the decline was the 23rd of September, when there were around 16.46k daily transactions. So, the lowest of the transactions occurred on the 28th of September when the layer 2 network reached around 12.89k daily transactions. However, the Shibarium managed to cross more than 3.2 million transactions within the short period of launch.
A Look at Other Metrics in the Shibarium
- It is also important to have an overview of other metrics on the Shibarium ecosystem to make a fair comparison. So, we will start with the total transactions. At the time of writing, this layer 2 blockchain is close to crossing into 3.3 million transactions. The amount of wallet addresses in existence on this blockchain is also on the increase. So, there are about more than 1.2 million wallet addresses existing inside the Shibarium.
- Another metric increasing is the total blocks on the network. So, the total number of blocks on this layer 2 protocol is close to reaching 1 million. At the time of writing, the average block time on the Shibarium is also decreasing in speed. So, the average block time is now around 5.9 seconds.
Total Value Locked (TVL) Declines Massively
- According to data from DefiLlama, there’s a huge decline in the total value locked (TVL) of the Shibarium ecosystem. So, this means that the number of cryptocurrencies and other assets stored on this network is decreasing massively.
- At the time of writing, the TVL of this layer 2 protocol is at around $615,663. So, there’s more than a 43% decline within the past 30 days.
Conclusion
Shibarium took the crypto industry by storm with the launch and created a massive hope within the Shiba Inu community. However, there seems to be a problem with this layer 2 protocol as the number of daily transactions decreases. So, there are currently around 16.2 daily transactions.
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