Shiba Inu gets atomic support in preparation for Shibarium launch
- Atomic Wallet has announced support for Shibarium.
- TVL, daily active address, and price of SHIB were not impressive.
“Wen Shibarium” has been a frequently asked question in the Shiba Inu community. Shiba Inu may have gained ground in the run-up to the introduction of Shibarium thanks to a post made by Atomic Wallet on 27 January.
This most recent announcement provided insight into what to anticipate when Shiba Inu’s Layer 2 solution ultimately launches.
The Atomic connection
A cryptocurrency wallet service provider named Atomic Wallet announced in a post on 27 January that it would support Shibarium. Staking services are another essential feature that the wallet offers customers, in addition to the ability to keep tokens there. How does this relate to the Shibarium launch?
SHIB utility through Validators and Delegators
Essential details about the network were laid forth in a blog post published by Shibarium on 25 January. The function of validators and delegators, among other things, was discussed concerning the Layer 2 solution.
The Shibarium blog post explained that validators play a crucial role in the network by locking up a percentage of their tokens, which increases security for the network’s operations. In Shibarium, the validator is responsible for ensuring all transactions are legitimate and in accordance with the network’s protocols.
Delegators are people or organizations participating in the “delegated proof of stake” (DPoS) consensus procedure by handing their voting power to a validator.
Delegators are token holders who opt to stake their tokens into validator nodes rather than operate their nodes to assist the network. All this gives an idea of how instrumental the announcement of support made by Atomic is to the Shibarium launch.
Additionally, Shibarium will be a way to burn Shiba Inu (SHIB) in addition to offering a staking feature. Shibarium will contain an internal system that will burn SHIB automatically, increasing its burn rate. Over 28 million tokens had been burned the previous day, according to SHIB’s burn rate, which was over 28,000% at the time of writing.
These metrics are looking dull
Despite this, several measures have continued to be underwhelming. ShibaSwap, Shiba Inu’s sole decentralized exchange (DEX), has had a flat Total Value Locked (TVL). DefiLlama statistics show that the TVL has yet to have a substantial upswing recently. The TVL was around $30.74 million as of the time of writing.
Furthermore, there has been little movement on the daily active address. A metric review revealed that it is yet to reach 10,000 users. As of this writing, there were approximately 5,100.
Additionally, a daily timeframe examination of Shiba Inu (SHIB) revealed that it might be going through a price correction. The token had lately had an upsurge, during which its value had increased by almost 50%.
It is trying to consolidate, although it has recently had trouble keeping up the rally. Its price at the time of writing was approximately $0.000011.