Shiba Inu’s L2 Blockchain Shibarium Reclaims $1M Total Value Locked

Shibarium, the Layer-2 scaling solution of Shiba Inu, continues to gain traction in recent times as it achieves another astounding feat in the decentralized finance (DeFi) space.

According to DeFiLlama data, the total value locked (TVL) on Shibarium has reclaimed the $1 million milestone on December 22.

Shibarium’s TVL Performance

It can be recalled that Shibarium’s TVL plunged from the $1 million level on September 6, 2023. The L2 network’s TVL stood below the $1 million mark for months until yesterday, when it finally broke the resistance.

At press time, Shibarium has a TVL of $1.12 million. Despite the groundbreaking move, Shibarium’s current TVL is still down 23.8% from its peak of $1.47 million, recorded on August 30.

For context, TVL is a metric that represents the total value of digital assets staked or locked on a particular blockchain network through decentralized finance (DeFi) platforms.

Per the DeFiLlama data, Shibarium has a total of 14 decentralized finance platforms. Of the 14 DeFi platforms, 12 have contributed positively to Shibarium’s TVL, while the remaining two projects have not yet registered any value.

Interestingly, Shibarium-based decentralized exchange MARSWAP is ranked as the leading contributor to the network’s TVL, accounting for around 64.56% of the total sum.

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

The massive spike in Shibarium’s TVL can be attributed to the surge in SHIB’s price. SHIB has recorded slight gains over the past few weeks, eliminating one zero after its decimal point. The token was trading around $0.00001084 in the hours leading up to press time.

Shibarium Records Jaw-Dropping Feats in Other Aspects

In addition to a rise in TVL, Shibarium has also recorded impressive growth in various aspects this month. The network has been averaging over 5M daily transactions since early December.

As a result, the total transaction count has surpassed 169 million to 169,953,904 (169.95 million). The massive surge of Shibarium transactions has helped the team to incinerate huge amounts of SHIB using a portion of the network’s fees.

The Crypto Basic reported today that it has burned over 33.8B SHIB powered by Shibarium gas fees. Furthermore, Shibarium has also interacted with over 1.31 million wallets, minting more than 2.26 million blocks since its mainnet launch.

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