Shiba Inu’s Shibarium Faces Decline in Users and Developer Interest
Shiba Inu's attempt to transition from a meme coin to a functional blockchain project is facing significant challenges. Its blockchain network, Shibarium, designed to add real utility and value, is struggling with low developer interest and user engagement.
- Shibarium was launched as a layer-2 blockchain in 2023 but has failed to attract developers, projects, or users.
- According to DeFi Llama, only 18 developers are involved with Shibarium, compared to hundreds on other blockchains.
- The total value locked (TVL) on Shibarium has dropped to $878,000.
- No stablecoin projects have been deployed on Shibarium, indicating its lack of presence in the decentralized finance space.
Technical troubles, including a hack on ShibaSwap, the most popular dApp on Shibarium, have further diminished user confidence.
- The attack led to the temporary suspension of a key bridge connecting Shibarium to other networks, causing a halt in network activity.
- The reduced transaction activity has significantly slowed down the SHIB token burn process.
- Shibarium's lack of development and activity suggests it has not achieved its goal of becoming a strong blockchain platform.
The network is now often referred to as a "ghost chain" due to its inactivity and struggles to compete with more active layer-2 networks like Base, Arbitrum, Plasma, and Linea.