The total value locked (TVL) of Shibarium, the Layer-2 scaling network of the Shiba Inu meme currency ecosystem, has been increasing gradually but steadily. This TVL number is $595,384, according to data from the crypto analytics portal DeFiLlama, down from the more over $1.42 million it reached at its high back on August 30.
Expectations of regular people inside the Shib army have been greatly enhanced by the tale of the emergence of Shibarium. The TVL has suggested that it may surpass the $600,000 threshold in the near future, with a strong push to surpass the previous all-time high (ATH) in the midrange, as a sign with a significant upside for growth.
MARSWAP, one of the first decentralised exchanges (DEXes) on the Shibarium Chain, now has a dominant position in the Shibarium TVL. The top five biggest donors to the Shibarium chain are DogSwap, ChewySwap, Woof Finance, and PunkSwap, and MARSWAP accounts for precisely 35% of the total TVL on Shibarium.
In order to eventually contribute to Shibarium TVL, these procedures attempt to intensify their individual growth patterns.
Shibarium and its competitors
Shibarium’s comparatively slower growth momentum when the L2 is compared to the bulk of its contemporaries has been highlighted by the most recent TVL spotlight. Consider Polygon as an example. The TVL on this innovative L2 is now estimated at $775.26 million, whereas Arbitrum (ARB) claims a total TVL of more than $1.6 billion.
This significant disparity highlights the fact that Shibarium still needs to make more developmental efforts to catch up to its competitors and have a demonstrably expanding ecosystem and investor base. Shytoshi Nakamoto, the project’s primary developer, has made promises that additional well-known dApps will soon join Shibarium and contribute to the TVL.
