Shiba

Value

Shiba Inu

Billion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Shibarium, the layer-2 scaling solution of the Shiba Inu ecosystem, has seen a mild surge in its Total Value Locked (TVL). This metric jumped from $2.15 million on May 21 to $2.42 million today, a move that accounts for more than 12%. Beyond the visible growth, the uptick in the TVL is a testament to the growing usage of Shibarium, which as of early January, boasts of less than $1 million locked,&nbsp;<a href="https://defillama.com/protocol/woofswap" rel="noopener noreferrer nofollow">per</a> data from DeFiLlama.
The current $2.42 million in locked value amounts to exactly 93,653,250,774 SHIB locked in different protocols hosted on the platform. As of today, the biggest DApp on Shibarium is Woofswap, recognized as the first Ve(3,3) decentralized exchange on the layer-2 network. Woofsa dominates with $1.68 million in TVL.
ChewySwap, MARSWAP, DogSwap and PunkSwap take the top five positions, with $443,435; $178,135; $56,232 and $37,264 in TVL, respectively. Many consider Shibarium as an undervalued layer-2 outfit when compared to its peers, including Polygon, Arbitrum and Optimism.
However, its DeFi fortunes might soon change with the recent migration of&nbsp;<a href="https://u.today/shiba-inu-shib-soars-8-as-shibarium-welcomes-shibaswap" rel="noopener noreferrer nofollow">ShibaSwap</a> from the Ethereum mainnet to Shibarium. As the first DEX on Shiba Inu, the protocol has garnered a massive user base with a TVL of $28.9, a figure that can significantly boost the outlook of Shibarium overall.
More innovations are ongoing on&nbsp;<a href="https://u.today/shiba-inus-shibarium-completes-its-hard-fork-details" rel="noopener noreferrer nofollow">Shibarium</a> to boost the overall performance. The protocol underwent a major hard fork upgrade weeks ago as it looks forward to a new era of faster speed, lower cost and more predictable gas fees, even in times of network congestion.
Shibarium is operating in a highly competitive environment, and core developers within the community are looking to boost engagement,&nbsp;<a href="https://u.today/shiba-inus-shytoshi-kusama-issues-bullish-shib-message-as-shib-jumps-193" rel="noopener noreferrer nofollow">drive innovation</a> and network with new partners to drive its longer-term agenda and growth.

Shibarium Total Value Locked Hits 93.6 Billion SHIB: Details

U_Today

Other articles published on May 31, 2024

Ethereum Classic Rises; BlockDAG Mining Rigs Touted for 30,000x ROI as Aptos Valuations Climb

EU Parliamentary Elections Could Impact Crypto Regulations

Shiba Inu (SHIB) Rival Dogwifhat (WIF) Amid Top Gainers in Past Week

4 Trillion SHIB Tokens Sent to Exchanges in 2 Weeks – Causing Price Drop

4 Cryptos with the Highest ROI Potential

BlockDAG’s $10 Prediction by 2025 Boosts Presale to $37M, Amid Solana’s Surge & BONK’s Optimistic...

Join our free newsletter for daily crypto updates!