Shibarium, the layer-2 solution tied to Shiba Inu, has achieved a notable feat in total value locked (TVL), marking a significant milestone in its development and adoption. As of October 1, Shibarium’s TVL has surged past $7 million, hitting $7.06 million according to data from DeFiLlama.
Shiba Inu Adoption Grows
“Reaching this milestone within just a year of launching highlights the robust engagement and trust in Shibarium’s capabilities,” writes the Shiba Inu team in their latest edition of the SHIB Magazine. The network has seen considerable activity, with over 7,121,009 blocks processed and an impressive total of 418,887,296 transactions, involving nearly 1,824,394 unique wallet addresses.
These numbers not only reflect a bustling network but also showcase its increasing utility and adoption in the DeFi space. As of September 22, the total TVL of Shibarium was only $1.23 million. Within a week, however, the TVL exploded to a peak of $7.19 million on Sept. 29, according to the latest data from DefiLlama.
Leading the growth in TVL is K9 Finance DAO, a liquid staking platform that alone contributes $3.21 million to Shibarium’s TVL, marking a 3.8% increase in just 24 hours. This platform exemplifies the rising popularity of liquid staking—a feature allowing users to earn staking rewards while maintaining liquidity of their assets.
Furthermore, ShibaSwap, the leading decentralized exchange (DEX) of the Shiba Inu ecosystem, holds $2.48 million in TVL, indicating a 2.74% rise from the previous day. Other smaller DEXs like WoofSwap and ChewySwap also contribute to the ecosystem’s diversity, with TVLs of $809,801 and $433,984 respectively. Marswap boasts a TVL of roughly $50,000 as the fourth largest DEX on Shibarium.
The ongoing growth of Shibarium speaks to more than just numerical achievements; it signifies a foundational enhancement to the Shiba Inu ecosystem. “Shibarium’s rising TVL represents a tangible indicator of the platform’s growing utility and adoption. By providing a faster, cheaper, and more scalable infrastructure for Shiba Inu-based transactions, Shibarium is laying the foundation for a more robust and vibrant ecosystem. This, in turn, enhances the utility and value of the Shiba Inu token itself,” the Shiba Inu team concludes.
Shibarium Based SHIB Eternity Enters Next Phase
In other news, the Shiba Eternity web3 beta is now live for all Shiboshi, Sheboshi, and Shiba Eternity NFT holders, according to a statement via X by Shib marketing lead Lucie. “After rigorous months of development, testing, and incorporating community feedback, we are thrilled to invite our dedicated holders to experience the upgraded Shiba Eternity,” said Lucie.
The beta is now open to holders, showcasing an entirely revamped game that improves on visuals, gameplay mechanics, and overall user experience. Among the improvements, persistent game freezes and various bugs have been addressed, providing a smoother and more enjoyable gaming experience. Additionally, the update introduces a force update feature to ensure all players are on the latest version for consistent gameplay.
October will also bring competitive tournaments with crypto rewards and a new in-game shop, offering exclusive Shiba-themed items. “We’ve tailored the updates to directly reflect the desires of our community, emphasizing our commitment to making Shiba Eternity a game that continually evolves with its players,” Lucie added.
At press time, SHIB traded at $0.00001604.
Featured image created with DALL.E, chart from TradingView.com
Source: https://bitcoinist.com/shiba-inu-shibarium-major-milestone-tvl/