Shibarium, an innovative layer-2 solution linked to the Shiba Inu cryptocurrency, has recently reached a significant milestone in terms of total value locked (TVL). As of October 1, Shibarium’s TVL has impressively exceeded $7 million, standing at $7.06 million according to DefiLlama’s data. This accomplishment underscores Shibarium’s growing role in the DeFi ecosystem.
Growing Shiba Inu Adoption and Network Engagement
In the latest issue of SHIB Magazine, the Shiba Inu team remarks, “Reaching this milestone within just a year of launching highlights the robust engagement and trust in Shibarium’s capabilities.” The network’s activity is evident with over 7,121,009 blocks processed and an astounding total of 418,887,296 transactions, encompassing nearly 1,824,394 unique wallet addresses.
These figures not only illustrate a thriving network but also highlight Shibarium’s increasing utility and adoption in the decentralized finance (DeFi) sphere. As of September 22, Shibarium’s TVL was a modest $1.23 million. However, within a week, it skyrocketed to a high of $7.19 million on September 29, as per DefiLlama’s latest data.
K9 Finance DAO: A Major Contributor to Shibarium’s Growth
Leading the surge in TVL is K9 Finance DAO, a liquid staking platform contributing a substantial $3.21 million to Shibarium’s TVL, with a notable 3.8% increase in just 24 hours. This platform highlights the rising appeal of liquid staking—a feature enabling users to earn staking rewards while maintaining asset liquidity.
Furthermore, ShibaSwap, the primary decentralized exchange (DEX) in the Shiba Inu ecosystem, holds $2.48 million in TVL, reflecting a 2.74% increase from the previous day. Smaller DEXs like WoofSwap and ChewySwap also add to the ecosystem’s diversity, with TVLs of $809,801 and $433,984 respectively. Marswap, with a TVL of around $50,000, ranks as the fourth largest DEX on Shibarium.
The ongoing expansion of Shibarium signifies more than just numerical achievements; it represents a foundational enhancement to the Shiba Inu ecosystem. The Shiba Inu team concludes, “Shibarium’s rising TVL represents a tangible indicator of the platform’s growing utility and adoption. By providing a faster, cheaper, and more scalable infrastructure for Shiba Inu-based transactions, Shibarium is laying the foundation for a more robust and vibrant ecosystem. This, in turn, enhances the utility and value of the Shiba Inu token itself.”
Shibarium-Based SHIB Eternity Enters New Phase
In related developments, the Shiba Eternity web3 beta is now live for all Shiboshi, Sheboshi, and Shiba Eternity NFT holders, as announced by Shib marketing lead Lucie via X. “After rigorous months of development, testing, and incorporating community feedback, we are thrilled to invite our dedicated holders to experience the upgraded Shiba Eternity,” Lucie stated.
The beta offers holders access to an entirely revamped game featuring enhanced visuals, improved gameplay mechanics, and an overall superior user experience. Persistent game freezes and various bugs have been addressed, ensuring a smoother and more enjoyable gaming experience. Additionally, a force update feature has been introduced to guarantee all players are on the latest version for consistent gameplay.
October promises exciting opportunities with competitive tournaments offering crypto rewards and a new in-game shop featuring exclusive Shiba-themed items. Lucie adds, “We’ve tailored the updates to directly reflect the desires of our community, emphasizing our commitment to making Shiba Eternity a game that continually evolves with its players.”
As of the latest update, SHIB is trading at $0.00001604, with its price stalling below the 200-day EMA, highlighting a critical technical juncture for traders and investors alike.
