Shibarium Hits $1.12 Million TVL Milestone Amid DeFi Surge

Shibarium, Shiba Inu’s Layer-2 scaling solution, is making significant strides in the decentralised finance (DeFi) space.

Recent data from DeFiLlama reveals that Shibarium surpassed the $1 million total value locked (TVL) milestone on December 22.

Shibarium’s TVL Journey

Shibarium’s Total Value Locked (TVL) dipped from the $1 million mark on September 6, 2023. The Layer-2 network remained below this milestone for months until recently, breaking through the resistance.

As of now, Shibarium boasts a TVL of $1.12 million. Despite this significant move, the current TVL is still 23.8%. This is lower than its peak at $1.47 million on August 30.

For context, TVL represents the total value of digital assets staked or locked within a specific blockchain network through decentralised finance (DeFi) platforms.

According to DeFiLlama data, Shibarium engages with 14 decentralised finance platforms. Among them, 12 have positively contributed to Shibarium’s TVL, while the remaining two are yet to register any value.

Notably, the Shibarium-based decentralised exchange, MARSWAP, emerges as the top contributor to the network’s TVL. It constitutes approximately 64.56% of the total sum.

Other DeFi platforms are contributing to Shibarium’s total value locked. These include ChewySwap, DogSwap, PunkSwap, WoofSwap, Shibex, LeetSwap, Woof Finance, Dalmatian, Ball Exchange, Chocolnu, and ComfySwap.

The remarkable upswing in Shibarium’s TVL can be attributed to the surge in SHIB’s price. Over the past few weeks, SHIB has made slight gains, shedding one zero after its decimal point. At the time of writing, it is trading at around $0.00001084.

Shibarium: Remarkable Milestones Extend Beyond TVL

Besides achieving a surge in Total Value Locked (TVL), Shibarium has marked remarkable growth across various facets this month. The network has consistently maintained an average of over 5 million daily transactions since early December.

This impressive performance is reflected in the total transaction count. This surpassed 169 million to reach 169,953,904 (169.95 million). The substantial increase in Shibarium transactions has empowered the team to burn significant amounts of SHIB, utilising a portion of the network’s fees.

Over 33.8 billion SHIB has been burned, fueled by Shibarium gas fees. Additionally, Shibarium has actively engaged with more than 1.31 million wallets and minted over 2.26 million blocks since its mainnet launch.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.