According to U.Today, Shibarium, a layer-2 scaling solution within the Shiba Inu ecosystem, has experienced a moderate increase in its Total Value Locked (TVL). The TVL has risen from $2.15 million on May 21 to $2.42 million, marking an increase of over 12%. This growth indicates the expanding use of Shibarium, which had less than $1 million locked in early January, according to data from DeFiLlama.
The current locked value of $2.42 million equates to precisely 93,653,250,774 SHIB locked in various protocols hosted on the platform. As of now, the largest DApp on Shibarium is Woofswap, acknowledged as the first Ve(3,3) decentralized exchange on the layer-2 network. Woofswap leads with a TVL of $1.68 million. Other top performers include ChewySwap, MARSWAP, DogSwap, and PunkSwap, with TVLs of $443,435; $178,135; $56,232 and $37,264, respectively.
Despite being considered undervalued compared to its counterparts like Polygon, Arbitrum, and Optimism, Shibarium's DeFi prospects may soon change. This is due to the recent migration of ShibaSwap from the Ethereum mainnet to Shibarium. As the first DEX on Shiba Inu, the protocol has attracted a large user base with a TVL of $28.9, a figure that could significantly enhance Shibarium's overall outlook.
Shibarium is also undergoing several innovations to improve its overall performance. A few weeks ago, the protocol underwent a significant hard fork upgrade, anticipating a new era of faster speed, lower cost, and more predictable gas fees, even during network congestion. Operating in a highly competitive environment, Shibarium's core developers are striving to increase engagement, foster innovation, and network with new partners to promote its long-term growth and agenda.