25 December 2023
Shiba Inu’s Layer-2 scaling solution, Shibarium, achieves remarkable milestones in decentralized finance (DeFi) with a surge in total value locked (TVL) and other key metrics.
Shibarium, the Layer-2 scaling solution developed by Shiba Inu, continues to make waves in the decentralized finance (DeFi) space. Recently, it reached a significant milestone as its total value locked (TVL) surpassed $1 million, according to data from DeFiLlama. This achievement signifies Shibarium’s growing popularity and success as a scaling solution for the Shiba Inu ecosystem.
Shibarium’s TVL Performance:
After experiencing a dip below $1 million on September 6, 2023, Shibarium’s TVL remained below this mark for several months. However, on December 22, it reclaimed the $1 million milestone, currently standing at $1.12 million. Although this is a notable achievement, it is still 23.8% lower than its peak TVL of $1.47 million, recorded on August 30.
Understanding TVL:
Total value locked (TVL) is a crucial metric that represents the total value of digital assets staked or locked on a specific blockchain network through DeFi platforms. In Shibarium’s case, it showcases the amount of value locked within the Shiba Inu ecosystem.
Shibarium’s DeFi Platforms:
Shibarium boasts 14 decentralized finance platforms, contributing to its TVL. Among these platforms, MARSWAP, a decentralized exchange, leads the pack, accounting for around 64.56% of the total TVL. Other platforms such as ChewySwap, DogSwap, PunkSwap, WoofSwap, Shibex, LeetSwap, Woof Finance, Dalmatian, Ball Exchange, Chocolnu, and ComfySwap also contribute positively to Shibarium’s TVL.
Price Surge and TVL Growth:
The recent surge in Shibarium’s TVL can be attributed to the rise in the price of SHIB, the native token of the Shiba Inu ecosystem. SHIB has experienced slight gains in recent weeks, resulting in the elimination of one zero after its decimal point. At the time of writing, SHIB was trading around $0.00001084.
Jaw-Dropping Feats in Other Aspects:
In addition to the impressive TVL growth, Shibarium has achieved remarkable milestones in other areas. The network has been averaging over 5 million daily transactions since early December, leading to a total transaction count of over 169 million. This high transaction volume has allowed the team to burn a substantial amount of SHIB using a portion of the network’s fees. The Crypto Basic reported that over 33.8 billion SHIB has been burned through Shibarium gas fees.
Furthermore, Shibarium has interacted with over 1.31 million wallets and minted more than 2.26 million blocks since its mainnet launch, showcasing its increasing adoption and usage within the Shiba Inu community.
Conclusion:
Shibarium’s recent achievement of surpassing $1 million in TVL highlights its growing prominence as a Layer-2 scaling solution for the Shiba Inu ecosystem. With impressive growth in TVL, transaction volume, wallet interactions, and block minting, Shibarium continues to solidify its position in the DeFi space. As the Shiba Inu community expands and the price of SHIB remains favorable, Shibarium’s success is likely to continue, offering a scalable and efficient solution for Shiba Inu token holders.
