Shibarium, a layer-2 solution bound to Shiba Inu, has achieved significant performance in total locked value (TVL), marking a milestone in its development and adoption. As of October 1, Shibarium’s TVL exceeded $7 million, hitting $7.06 million according to data from DeFiLlama.
Shiba Inu Adoption Is Growing
“Achieving this milestone within a year of its launch highlights the strong commitment and trust in Shibarium’s capabilities,” wrote the Shiba Inu team in its latest issue of SHIB Magazine. The network has seen massive activity, with more than 7,121,009 blocks processed and a staggering total of 418,887,296 transactions, involving approximately 1,824,394 unique wallet addresses.
These numbers not only show a busy network but also show its growing usage and adoption in the DeFi space. As of September 22, Shibarium’s total TVL was only $1.23 million. However, during the week, TVL exploded to a record high of $7.19 million on September 29, according to the latest data from DefiLlama.
Leading the TVL growth is K9 Finance DAO, a liquid staking platform alone contributing $3.21 million to Shibarium’s TVL, marking a 3.8% increase in just 24 hours. The platform is an example of the growing popularity of liquid staking—a feature that allows users to earn huge rewards while maintaining liquidity for their assets.
In addition, ShibaSwap, the leading decentralized exchange (DEX) of the Shiba Inu ecosystem, holds $2.48 million in TVL, representing a 2.74% increase from the previous day. Other smaller DEXs like WoofSwap and ChewySwap also contribute to the diversity of the ecosystem, with TVLs of $809,801 and $433,984 respectively. Marswap boasts an estimated TVL of $50,000 as the fourth largest DEX in Shibarium.
Shibarium’s continued growth speaks to more than just value gains; means basic development in the Shiba Inu ecosystem. “Shibarium’s rising TVL represents a visible indicator of the stage’s growing use and discovery. By providing a faster, cheaper, and more sustainable infrastructure for Shiba Inu-based activities, Shibarium builds the foundation for a strong and healthy ecosystem. This in turn increases the utility and value of the Shiba Inu token itself,” the Shiba Inu team concluded.
Shibarium Based SHIB Eternity Enters The Next Phase
In other news, the Shiba Eternity web3 beta is now live for all Shiboshi, Sheboshi, and Shiba Eternity NFT owners, according to a statement sent by X via Shib marketing lead Lucie. “After months of hard development, testing, and gathering community feedback, we are excited to invite our dedicated owners to experience the improved Shiba Eternity,” said Lucie.
The beta is now open to owners, showcasing a fully developed game with improvements in visuals, gameplay, and user experience. Among the improvements, persistent game lag and various bugs have been addressed, providing a smoother and more enjoyable gaming experience. Additionally, the update introduces a refresh feature to ensure all players are on the latest version for consistent gameplay.
October will also bring competitive tournaments with crypto prizes and a new in-game store, offering exclusive Shiba-themed items. “We’ve adjusted the updates to directly reflect the wishes of our community, emphasizing our commitment to making Shiba Eternity an ever-changing game for its players,” added Lucie.
At press time, SHIB traded at $0.00001604.
The featured image was created with DALL.E, a chart from TradingView.com