The number of wallets available on Shiba Inu’s new layer 2 blockchain, the Shibarium network, passed 1 million, rapidly increasing since the revamp. The achievement, announced in a Sept. 3 blog post by the Shibarium team’s official Shibarium team, indicates at least the number of wallets that were added since Shibarium’s launch in August. 28. This is just two weeks following it was announced that the Shibarium network went into operation — even with some technical glitches.

According to Shibarium, the Shibarium blockchain Explorer, around 100,000 transactions had occurred at 5:04 am UTC on September. 3. The highest volume of 132,000 transactions was recorded in August. 25.  Although network activity has increased, it is still unclear if the value-locked (TVL) of the Shibarium network is yet to increase in response. As of the time of this publication, the Shibarium’s TVL is only $1.06 million, which suggests that users are deploying tiny amounts of capital to the network.

In their blog article, Shibarium developers noted that they are currently working with various third-party bridges that can assist investors in transitioning other tokens to the blockchain. The team also announced plans to cancel the governance contract governing its token Bone (BONE). It stated that they’re looking to add additional validators to the network over the following months.

As of September. 1st, Shibarium users are in a position to utilize Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), as well as several other tokens through Shibarium. Shibarium network to lend, borrow or stake tokens for reward points. While Many Shiba Inu holders had been hoping for a dramatic increase in the value of the different Shiba Inu ecosystem tokens following the announcement of Shibarium, the general price movement for SHIB, BONE and LEASH tokens hasn’t shown the expected increase.

Although it saw some modest increases in the days leading up to the announcement of Shibarium’s price, SHIB has since sunk just a bit more than 20 per cent since its failed launch on August—16, as per the data provided by CoinGecko. The values for the other Shiba Inu ecosystem tokens have not performed as well. BONE’s price BONE has dropped 15 per cent over the last 14 days, while LEASH has slid 14.2 per cent within the same period of time.