Shibarium Sets the Bar Higher: New Record TVL Unlocks Milestone Achievement

March 23, 2024

Shibarium has propelled itself to the forefront of the blockchain community by establishing a new record in Total Value Locked (TVL), achieving heights never before seen. This monumental accomplishment highlights the growing investor trust and excitement enveloping its innovative decentralized finance (DeFi) initiatives, marking a remarkable leaf forward heralded by growth and promising potential.

A few weeks ago, in what seemed like a feat of prowess, Shibarium triumphantly crossed a significant threshold, processing a staggering 412 million transactions. Notably, over the past few days, it has witnessed a remarkable influx of 3.7 million transfers. This remarkable stride coincided with Ethereum’s DenCun upgrade, which notably slashed gas fees of numerous layer-2 chains, something that Shibarium users have long been enjoying since it officially launched in August 2023.

Excitingly, Shibarium continues its upward trajectory, surpassing previous milestones and achieving unprecedented heights. According to the latest data from the leading DeFi TVL aggregator DeFiLlama, Shibarium set a new all-time high Total Value Locked (TVL) of $3.8 million on Saturday. This remarkable milestone closely follows announcements from Shibarium’s projects, including the official launch and Token Generation Event (TGE) of K9 Finance, a cutting-edge liquid staking derivative platform, as well as the introduction of the blockchain’s meme coin, $DAMN.

TVL, or Total Value Locked, measures the total assets held within a blockchain’s decentralized finance (DeFi) protocols, reflecting the ecosystem’s health and investment appeal. A surge in a blockchain’s TVL indicates increased user adoption, capital inflow, and possibly a more secure and thriving DeFi environment. It suggests growing investor confidence and a robust network effect, enhancing the blockchain’s utility and potential for yield generation. 

Additionally, the DeFi aggregator furnished protocol rankings within Shibarium, with WoofSwap leading the pack. WoofSwap, a decentralized exchange operating on Shiba Inu’s layer-2 network and the team behind the meme coin DAMN, exhibited remarkable growth metrics. The DEX experienced a remarkable 4261% surge in TVL on the day, an astonishing 8600% increase over the past seven days, and a staggering 6315% rise over the last 30 days.

Taking the second spot in the rankings is Marswap, a decentralized exchange that introduced the inaugural Shibarium aggregator and MarSwap 404 creator. Marswap experienced a modest 5.46% increase on the day, coupled with a 4.11% rise over the past seven days, and an impressive 50.21% ascent in the last 30 days.

Securing the third position is ChewySwap, a decentralized exchange boasting a TVL performance that exhibited a 5.66% increase on the day. However, it experienced a slight dip of 3.87% over the past seven days, offset by a commendable rise of 34.55% over the last 30 days.

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