Shiba Inu’s Layer-2 blockchain Shibarium records another incredible milestone as the network’s Total Value Locked (TVL) hits a new all-time high (ATH) record.

Shiba Inu’s marketing lead, Lucie, highlighted the development in an X post yesterday. According to the marketing specialist, Shibarum’s TVL has reached a new all-time high of $7.03 million.

She emphasized that the L2 blockchain’s TVL is constantly hitting new all-time highs on a daily basis. The feat indicates that investors are committing significant funds to Shibarium-based decentralized finance applications (dApps). This reflects growing confidence and activity within the L2 network.

Shibarium TVL has surged to $7.03M and climbing fast! New all-time highs seem to be a daily occurrence now.$knBONE $BONE pic.twitter.com/wAvWf7KDxs

— (@LucieSHIB) September 27, 2024

Top 3 DeFi Protocols on Shibarium

The marketing lead called attention to data showing the top three DeFi protocols on Shibarium, which contributed to boosting the network’s TVL to an ATH of $7.03 million. The list features K9 Finance’s Bonecrusher, ShibaSwap, and WoofSwap.

According to the data, Bonecrusher boasts a TVL of $3.12 million, while ShibaSwap and WoofSwap have TVL figures of $2.46 million and $848,546, respectively. These three protocols account for 91.43% of the $7.03 million total value locked on Shibarium.

TOP 3 SHIBARIUM PROTOCOLS

This week’s top performers on Shibarium by TVL:

1.@k9finance
2.@shibaswapdex
3.@woofswap

Shibarium TVL is now at $7.03M and rising fast, with new ATHs happening almost daily. pic.twitter.com/72egoEpuhz

— SpecialK  (@SpecialShib) September 27, 2024

What’s Fueling Shibarium TVL

The remarkable surge in Shibarium’s TVL started over the past week following the launch of K9 Finance’s Bonecrusher dApp. This protocol introduced a liquid staking solution to Shibarium, allowing users to earn massive rewards from their staked assets.

Following its launch, Shibarium’s TVL surged to $3.64 million in one week and has continued to spike ever since. At press time, 201 users had liquid staked 2.68 million BONE tokens on Bonecrusher. About 2.5 million of these tokens were staked in 48 hours after the K9 team launched the dApp.

Additionally, users have also staked over 77 billion KNINE tokens on the protocol. These tokens would remain locked for an average of 10.32 months.

Another factor driving the increase in Shibarium’s TVL is the rise in token prices within the Shiba Inu ecosystem. It bears mentioning that Shiba Inu ecosystem tokens, especially SHIB, have had a remarkable week.

Notably, SHIB witnessed a weekly surge of 52%, hitting a three-month high of $0.00002156. Other Shiba Inu ecosystem tokens also had a remarkable week. While Bone ShibaSwap (BONE) soared 15.52% in the past seven days to $0.5217, Doge Killer (LEASH) rallied 33.78% to $421 in the same timeframe.