Shiba Inu’s layer two scaling network, Shibarium, has experienced a notable increase in its Total Value Locked (TVL) just one week after launching the Bonecrusher. The platform’s TVL surged to $3.64 million, demonstrating strong engagement from the community and ongoing interest in the network’s offerings.
Record Participation and Increased Activity
Lucie, Shiba Inu’s marketing lead, highlighted this achievement in a post on X. She pointed out that the recent figures showcase a significant uptick in activity within the network.
Users are becoming more involved with Shibarium’s staking and liquidity features, indicating a vibrant ecosystem.
Related article: Shiba Inu Prepares for Liquid Staking Launch: A New Era on Shibarium
In her update, Lucie revealed that users have bridged an impressive 93.7 billion KNINE tokens to Shibarium since the launch of Bonecrusher. This substantial influx reflects heightened confidence among users eager to leverage the platform’s capabilities.
Additionally, 77.8 billion KNINE tokens are currently locked or staked, indicating strong commitment from participants to maintain their positions on the network. The average lock duration of 10.32 months reveals that many users are focused on long-term engagement, which bodes well for Shibarium’s future stability.
Active Liquid Staking Participation
Moreover, users have liquid-staked approximately 2.6 million BONE tokens, which adds to the network’s liquidity pool. This trend shows that users actively explore Shibarium’s staking protocols to enhance their token utility.
Related article: Shiba Inu Partners with K9 Finance and Unification for Shibarium
Shibarium’s recent growth in TVL follows the launch of a liquid staking derivative (LSD) on September 18, developed in collaboration with K9 Finance. This new feature provides users the ability to stake BONE while maintaining liquidity, differing from traditional staking methods.
K9 Finance’s staking dApp allows participants to convert staked BONE into knBONE, increasing utility within the Shiba Inu ecosystem. This innovative approach aims to disrupt standard staking processes by offering users greater flexibility and potential rewards.
The introduction of the liquid staking derivative significantly contributes to Shibarium’s overall TVL and transaction volume, potentially boosting the SHIB burn rate in the process.
