• Shibarium’s TVL surges to a new record of $7.03M
• Bonecrusher,ShibaSwap and WoofSwap drive 91% of Shibarium’s TVL growth.
• SHIB price surges 52%, reaching a three-month high alongside Shibarium’s TVL spike.

Shiba Inu’s Layer-2 blockchain Shibarium records another incredible milestone: The network’s Total Value Locked (TVL) hits a new all-time high (ATH) record of $7.03M.

Lucie, the marketing lead for Shiba Inu, shared the milestone in a recent X post. She pointed out that Shibarium has been recording an unprecedented TVL, and the increase seems steady, implying confidence in what the network is capable of. Such an increase in TVL points to the network’s ecosystem’s growth and investors’ demand for potentially profitable DeFi projects.

Growth in Shibarium’s TVL

The remarkable increase in Shibarium’s TVL can largely be attributed to the successful deployment and adoption of new protocols, particularly K9 Finance’s Bonecrusher. This dApp introduced a liquid staking solution that has attracted substantial capital, with 2.68 million BONE tokens staked shortly after its launch. The protocol alone has contributed significantly to the TVL, with its current value at $3.12 million.

Other significant contributors include ShibaSwap and WoofSwap, with TVLs of $2.46 million and $848,546, respectively. These platforms make up over 91% of Shibarium’s Total Value Locked, highlighting their importance to the network’s DeFi environment. The combined performance of these platforms indicates that users appreciate the innovative and efficient solutions provided by DeFi in Shibarium.

Shiba Inu Ecosystem Tokens

Shibarium’s TVL rise is concurrent with increased activity in Shiba Inu ecosystem tokens. In the past week, SHIB itself has registered an increase of 52%, and it has been trading at its highest level in the last 3 months. This surge is visible in other ecosystem tokens such as Bone ShibaSwap (BONE) and Doge Killer (LEASH), which have notably risen on the trends. The price increase across these tokens likely contributes further to the TVL, as the higher token values amplify the total locked value.

Shibarium is poised for further growth with the upcoming Cancun hard fork, which aims to enhance the network’s functionality and security. This upgrade is expected to bolster developer activity and user engagement, potentially leading to even higher TVLs.