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Shibarium's Total Value Locked Skyrockets to $1.5 Million: Unmasking Dominant Projects

Thu, 08/31/2023 - 14:24
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Gamza Khanzadaev
Shiba Inu's major Layer 2 innovation achieves staggering $1.5 million in total value locked
Shibarium's Total Value Locked Skyrockets to $1.5 Million: Unmasking Dominant Projects
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According to DefiLlama, the size of total value locked in the Layer 2 solution from Shiba Inu, Shibarium, has reached the $1.5 million mark. It is important to clarify that Shibarium only fully "opened" a little over two days ago, which makes this result even more impressive.

Half a Million Shibarium Wallets Embrace Shiba Inu Innovation in Record-Breaking Launch

The largest protocol projects on this metric at the moment are decentralized exchanges, which is not surprising; it is a standard development path in the DeFi environment. The largest such DEX is DogSwap, holding a whopping $802,000, which is more than half of Shibarium's total value locked.

Source: DefiLlama

In the meantime, DogSwap's X account is currently temporarily blocked, but the site is up and running. It is important to be careful here and not fall victim to rugpulling by developers or malicious users. Shibarium is a young network and is likely to be more like the Wild West at first, so be careful.

Second is Marswap, whose total value locked is just under $400,000, equivalent to 26.6% of the total value. Next on the list are assorted similar projects.

All-around growth

In addition to TVL growth, Shibarium has also seen extensive growth in its number of user wallets. As reported by U.Today, recent data from Shibariumscan reveals that the network has shown a rapid increase, now hosting an impressive 482,000 addresses, just a little short of half a million. This substantial rise comes after U.Today's report of 300,000 addresses just the previous day, signifying 60% growth within 24 hours.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.