Shibarium Takes Flight: Network Metrics Skyrocket Post-K9’s Bonecrusher Launch

Shibarium, the layer-2 network of the Shiba Inu crypto project has emerged from its nascent stages with a dramatic surge in key performance indicators. The catalyst? The launch of K9 Finance DAO, a decentralized finance protocol has ignited a frenzy of activity within the Shiba Inu ecosystem.

Shibarium Transaction Fees and Network Activity Explode

Just a few hours after K9 Finance DAO’s debut, Shibarium witnessed a remarkable transformation. Average transaction fees, a barometer of network usage, skyrocketed by an astounding 1088.40%, leaping from a mere $0.00345 to $0.0410.

The total transaction fees echoed this surge, experiencing a phenomenal 1922.974% increase, jumping from 15.67 to 317. These figures paint a vivid picture of a network experiencing a rapid influx of users and transactions.

This surge wasn’t confined to fees alone. The number of new transactions, a testament to the network’s growing utility, soared by 149.7%, rising from 3,090 to 7,715. Completed BONE transfers, reflecting activity with Shibarium’s native token, surged by 128.34%, climbing from 127 to 290.

Shibarium Expansion and Developer Interest Surge

The ecosystem’s expansion was further evidenced by a 333.33% increase in the creation of new smart contracts, the building blocks of decentralized applications, jumping from a modest 6 to 26. This influx suggests a burgeoning developer community eager to leverage Shibarium’s capabilities.

User adoption metrics mirrored this explosive growth. New accounts on the platform surged by 157.14%, increasing from 42 to 108, while the number of active accounts per period saw a significant rise of 82.48%, going from 354 to 646.

K9 Finance Fuels Impressive Shibarium TVL

The driving force behind this impressive performance was undoubtedly the launch of K9 Finance DAO. Within the first hour of its debut, nearly 50% of all $KNINE tokens were staked or locked. This rapid adoption even drew comparisons to Lido, the industry titan that revolutionized liquid staking on Ethereum.

The numbers themselves told a compelling story. Approximately 62.3 billion $KNINE tokens were bridged to Shibarium just an hour after Bonecrusher’s, K9 Finance’s liquid staking solution, arrival. In the same period, the $KNINE Locked Total Value Locked (TVL) soared to 28.3 billion, while the Liquid Staked BONE TVL reached around $475,000, bringing the total TVL bridged to Shibarium to an impressive $850,000.

While these metrics paint a promising picture, it’s crucial to remember that Shibarium is still in its early stages. Its long-term success hinges on its ability to attract a diverse range of applications, projects, and users. The development team’s commitment to innovation, community engagement, and fostering a robust ecosystem will be pivotal in determining whether Shibarium can solidify its position as a leading layer-2 solution in the competitive blockchain arena.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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