Shiba Inu-backed layer-2 network Shibarium has gained traction in recent months. According to DeFiLlama data, the total value locked (TVL) on the Shiba Inu’s layer-2 network surged to nearly $850,000 on December 4, marking its highest level since October. At its peak in September, the network had a TVL of $1.47 million.
The TVL metric represents the total value of digital assets locked or staked on the network through decentralized finance (DeFi) platforms and other decentralized applications (dApps).
According to the DeFiLlama data, decentralized exchange (DEX) MARSWAP is the largest contributor to Shibarium’s TVL, accounting for around 51% of the total. Other major contributors to the network include ChewySwap, DogSwap, PunkSwap, and WoofSwap.
Impressive Momentum
In addition to a rise in TVL, the Shibarium network has also recorded impressive feats in various aspects this month. According to Shibariumscan, the daily transactions on the network surged to 7.84 million, with total transactions increasing from 4 million to 35.5 million since the beginning of December.
Notably, the increase in the network’s transactions impacted Shiba Inu’s SHIB burning activity, with around 500 million tokens removed from circulation over the past week and another 20 million burnt in the last 24 hours.
Meanwhile, Shibarium has also experienced growth in the number of wallets and blocks produced. Shibariumscan shows that the network has interacted with over 1.28 million wallets and produced a total block of nearly 2 million.
Increase in Adoption
The growth in Shibarium TVL and transactions signals the increasing adoption of the network since its inception in August 2023. Created by Ryoshi, Shibarium is a layer-2 network built on Ethereum for the Shiba Inu ecosystem. The network aims to address the scalability issues of Ethereum by providing faster and cheaper transactions.
Shibarium introduces new features and functionalities to the Shiba Inu ecosystem, such as support for dApps, non-fungible tokens (NFTs), and more.
