Gushiken Yona
Shibarium, the layer-2 scalability solution of the Shiba Inu ecosystem, sets a fresh all-time high (ATH) in Total Value Locked (TVL), reaching $10.22 million.
This milestone comes ahead of the recently announced scheduled hard fork, marking a significant development for the ecosystem. The growth of Shiba Inu’s layer-2 blockchain, fueled by a surge in user engagement and active DeFi participation, reflects its expanding role in the broader blockchain space.
Shibarium’s Ecosystem Breakdown
Shibarium’s TVL has climbed steadily from $8 million just a week ago to its current record of $10.22 million. This notable increase highlights the growing strength of Shiba Inu’s layer-2 network and is supported by various decentralized finance (DeFi) protocols contributing substantial liquidity to the network.
According to data from DeFiLlama, several key platforms have been instrumental in driving Shibarium’s recent surge in TVL:
- K9 Finance DAO: With $4.35 million in TVL, K9 Finance DAO is the largest contributor to the network’s total value. Specializing in liquid staking, K9 Finance has seen a weekly TVL increase of +11.94%, and its monthly growth stands at an impressive +52.21%.
- ShibaSwap: Shiba Inu’s native decentralized exchange (DEX), ShibaSwap, holds $3.94 million in TVL. It has experienced a weekly increase of +14.67%, with a significant +77.57% growth over the past month.
- WoofSwap: As another key DEX within the L2 blockchain of Shiba Inu, WoofSwap contributes $1.15 million in TVL, with a weekly rise of +14.43% and a monthly increase of +74.62%.
- ChewySwap: Though smaller in comparison, ChewySwap contributes $609,829 to the blockchain’s TVL. It has seen a weekly increase of +13.94% and a monthly rise of +69.21%.
Rising TVL Signals Growing Adoption of Shibarium
Shibarium’s ecosystem continues to expand, as reflected in key metrics. Total accounts on the network have surged to 203,266, marking a 12.92% increase from 180,017 on November 2.
Additionally, the total number of transactions has reached 587.749 million, reflecting a 30.21% increase from 451.3 million in early November. Moreover, the number of smart contracts deployed on Shiba Inu’s L2 blockchain has grown to 23,008, up 3.19% from 22,308 on November 2.
Verified contracts have experienced a more substantial increase, rising 11.03% from 4,073 to 4,522.
Shibarium Hard Fork Set for December 2024
In addition to these impressive figures, Shiba Inu’s development team announced over the weekend a scheduled hard fork for Shibarium early this week. The upgrade is set to occur on Tuesday morning, India Standard Time.
For users in Western time zones, the upgrade may take place as early as late Monday. Once implemented, the upgrade is expected to further improve Shibarium’s scalability and transaction throughput, positioning the network for continued growth and adoption.
Read More
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- Shibarium Hard Fork Coming Next Week – Key Upgrade to Boost Performance
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.
