Shiba Inu continues to make waves as its layer-2 network, Shibarium, reaches a new all-time high in total value of assets locked (TVL). The surge in TVL can be attributed to the recent triple-digit increase in the price of Shiba Inu, which has garnered increased attention and investment in the ecosystem. According to DefilLama, Shibarium’s TVL reached $2.25 million on March 5, marking a significant increase from its previous high of $1.5 million in August 2023.
However, following SHIB’s price slump, Shibarium’s TVL experienced a dip and currently stands at $1.75 million. The majority of capital locked in Shibarium is distributed across decentralized exchanges such as Marswap and Chewyswap, with TVLs of $994,000 and $518,000, respectively. The rise in SHIB and BONE (ecosystem token) prices also contributed to the surge in Shibarium’s TVL.
Shibarium’s recent all-time high in TVL highlights its potential as a network that offers cheaper fees and faster transactions compared to incumbents like Ethereum. While it may not currently have as much capital or user attention, Shibarium is steadily growing. It recently surpassed 400 million transactions within seven months of its launch, demonstrating its success as a Shiba Inu-backed solution.
Kaal Dhairya, a leading Shibarium developer, has revealed the team’s ambitious goal of onboarding billions of new users to the crypto ecosystem, with the Shiba Inu community being among the first. The breached all-time high in transactions and TVL suggests that this mission is well underway.