Gushiken Yona
Shibarium, the layer-2 scaling solution for the Shiba Inu ecosystem, is experiencing a surge in popularity, attracting a growing wave of users and capital. The total value locked (TVL) in Shibarium, a key metric that reflects the overall health and adoption of a blockchain network, has reached a new all-time high, surpassing the $4 million mark and signaling a thriving ecosystem.
In the past 24 hours alone, Shibarium’s TVL has surged by an impressive 15%, reaching $4.05 million, according to data from Defillama. This surge reflected the growing confidence in Shibarium’s potential to enhance the scalability and efficiency of the Shiba Inu ecosystem, attracting developers and users alike.
Decentralized exchanges (DEXs) built on Shibarium are leading the charge in driving TVL growth. ShibaSwap, the flagship DEX of the Shiba Inu ecosystem, boasted the highest TVL among Shibarium-based protocols, with $2.57 million locked in its smart contracts. WoofSwap and ChewySwap, other prominent DEXs on Shibarium, also attracted significant capital, with TVLs of $875,114 and $471,054, respectively.
A common misconception is that DEXs like ShibaSwap are single-handedly responsible for Shibarium’s high TVL if one only looks at the data from DeFillama. While ShibaSwap does boast a substantial TVL, a closer look reveals that approximately 95% of this comes from the WBONE/knBONE liquidity pool, a product of K9 Finance’s Bonecrusher. K9 Finance’ Bonecrusher, therefore is the dominant force behind ShibaSwap’s reported TVL.
Excluding the K9 Finance pool, the TVL attributed to DEXs like ShibaSwap, WoofSwap, and ChewySwap is significantly lower. The true picture emerges when K9 Finance’s contributions are included, bringing the total Shibarium TVL closer to $7.03 million. Of this, K9 Finance itself accounts for an impressive $3.64 million, highlighting its central role in Shibarium’s financial ecosystem.
The high TVL, fueled by K9 Finance, highlighted strong user engagement and confidence in the platform. Shibarium’s faster transaction speeds, lower fees, and enhanced scalability remain attractive features for developers and users, fostering a robust and expanding ecosystem.
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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.
