Shibarium, the layer-2 scaling solution of the Shiba Inu ecosystem, has seen a mild surge in its Total Value Locked (TVL). This metric jumped from $2.15 million on May 21 to $2.42 million today, a move that accounts for more than 12%. Beyond the visible growth, the uptick in the TVL is a testament to the growing usage of Shibarium, which as of early January, boasts of less than $1 million locked, per data from DeFiLlama.
The current $2.42 million in locked value amounts to exactly 93,653,250,774 SHIB locked in different protocols hosted on the platform. As of today, the biggest DApp on Shibarium is Woofswap, recognized as the first Ve(3,3) decentralized exchange on the layer-2 network. Woofsa dominates with $1.68 million in TVL.
ChewySwap, MARSWAP, DogSwap and PunkSwap take the top five positions, with $443,435; $178,135; $56,232 and $37,264 in TVL, respectively. Many consider Shibarium as an undervalued layer-2 outfit when compared to its peers, including Polygon, Arbitrum and Optimism.
However, its DeFi fortunes might soon change with the recent migration of ShibaSwap from the Ethereum mainnet to Shibarium. As the first DEX on Shiba Inu, the protocol has garnered a massive user base with a TVL of $28.9, a figure that can significantly boost the outlook of Shibarium overall.
More innovations are ongoing on Shibarium to boost the overall performance. The protocol underwent a major hard fork upgrade weeks ago as it looks forward to a new era of faster speed, lower cost and more predictable gas fees, even in times of network congestion.
Shibarium is operating in a highly competitive environment, and core developers within the community are looking to boost engagement, drive innovation and network with new partners to drive its longer-term agenda and growth.
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