Shibarium has only been live for a few days but is already showing early signs of success. The Ethereum layer-2 scaling solution, which hopes to provide lower gas fees and faster transaction times for the Shiba Inu community, has seen some impressive growth numbers in terms of Total Value Locked (TVL).
TVL Crosses $1.4 Million
Since Shibarium launched its mainnet, the total value deposited in the network has skyrocketed. The TVL recently crossed $1.4 million, indicating strong interest in the new chain.
Data from DeFi TVL aggregator DeFiLlama shows that the total TVL in Shibarium has grown to $1.42 million in the past two days. While this amount is small when compared to the total DeFi TVL of $38.731 billion, the rapid growth demonstrates the potential that Shibarium possesses.
A look through DeFiLlama shows that Shibarium currently has seven protocols. The DEX DogSwap with a TVL of $794,582 accounts for most of the total TVL. Other protocols on the chain are MARSWAP, Woof Finance, WoofSwap, Shibex, LeetSwap, BoneDex, and yield farm ChocoInu.
Shibarium’s growth piggybacks on the vast community Shiba Inu has gathered in the past few years. But the network did witness some hiccups before its launch, as PeckShield reported that a total of $1.7 million was stuck on the bridge.
Just hours after its launch, the network witnessed a flurry of user traffic, causing it to be temporarily shut down. However, this has been resolved as Shibarium developer Kaal Dhairya explained this was a fail-safe to ensure the safety of the funds.
As of the time of writing, block explorer Shibariumscan shows that there have been a total of 599,554 transactions from 444,134 wallets averaging a daily transaction count of 68,402.
Will Shibarium Translate To A Higher Price For SHIB?
SHIB’s price has always reacted positively to Shibarium developments. Prior to its launch, the Shiba Inu ecosystem witnessed massive withdrawals from exchanges as many investors opted for self-custody in hopes of what the Shibarium launch might bring. SHIB also saw a jump in price after lead developer Shytoshi Kusama teased Shibarium’s launch on a social media post.
It would appear, however, that the launch of Shibarium hasn’t really translated into a price spike for SHIB. At the time of writing, the token is trading at $0.000008178 and is down by 1.28% and 1.73% in the past 24 hours and seven days respectively.
With the recent slump in crypto markets, Shibarium’s early success is a bright spot. This early success of Shibarium could potentially boost the price of Shiba Inu. As investors see the rapid growth in total value locked (TVL) on Shibarium, interest in the supporting SHIB token may increase.