Gushiken Yona
Shibarium, Shiba Inu’s layer-2 scaling solution, is experiencing remarkable growth, recently surpassing half a billion transactions and achieving a new all-time high in total value locked (TVL).
Shibarium’s transaction count has rocketed past 500 million, an impressive feat for a relatively young platform. Between October 13 and November 12, transactions surged from a modest 3,306 to an astounding 4,702,065, marking an increase of over 1,400 times.
This dramatic rise suggests rapidly expanding user engagement and on-chain activity. Shiba Inu tech wizard, Kaal Dhairya, celebrated the milestone on X (formerly Twitter): “PAW-some news! 🐾 Shibarium just fetched 500M transactions—proof of pack is unstoppable! 🚀 Here’s to more tail-wagging milestones ahead.”
Alongside the transaction growth, Shibarium’s TVL, a key metric reflecting the total value of assets locked in its DeFi protocols, has reached a new all-time high of $8.03 million, according to data from DeFi Llama. This surge indicates growing investor confidence in the platform’s potential.
K9 Finance DAO leads the pack with $3.5 million TVL, followed by ShibaSwap ($2.97 million), Woofswap ($924,478), and ChewySwap ($507,113). This diversified distribution across various protocols suggests a healthy and expanding DeFi ecosystem within Shibarium.
Several factors contribute to Shibarium’s rapid growth. Beyond lower transaction fees compared to Ethereum, Shibarium benefits from a passionate and engaged community that actively promotes and supports its development.
The expanding ecosystem of projects building on Shiba Inu’s layer-2 network adds further utility and attracts both users and developers. Moreover, Shibarium’s compatibility with the broader Ethereum ecosystem allows for seamless integration and interoperability, a key advantage in the increasingly interconnected DeFi landscape.
Bone ShibaSwap (BONE), the gas fee token of Shiba Inu’s layer-2 network, has seen its price appreciate alongside the network’s growth. As of 9:57 p.m. ET on Tuesday, BONE traded at $0.5088, a 1.10% increase in 24 hours, according to data from CoinMarketCap.
More impressively, BONE has surged 35.14% over the past week and 28.50% over the past month. The token’s 24-hour trading volume also saw a significant uptick of 9.80%, reaching $11.15 million.
With a circulating supply of 229.92 million, BONE’s market capitalization stands at $117.21 million. This positive price action reflects growing confidence in Shibarium’s potential and suggests that BONE’s value is closely tied to the network’s activity and adoption.
Despite its promising trajectory, Shibarium faces challenges. The layer-2 landscape is highly competitive, with established players and emerging solutions vying for market share.
Additionally, the inherent volatility of the cryptocurrency market poses a constant risk. However, Shibarium’s strong community, expanding ecosystem, and the increasing utility of BONE provide a solid foundation for future growth. The continued expansion of transactions, TVL, and the number of projects building on the platform will be key indicators of its long-term success.
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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.
