Nov 28, 2024

6thTrade

Shibarium has set a new record for Total Value Locked (TVL), hitting an all-time high of $8.71 million in November 2024. The network saw a remarkable 6.9% increase in TVL within just 24 hours, underscoring the rising demand for decentralized applications (dApps) and liquidity pools on Shiba Inu's layer-2 scalability solution. This growth highlights the expanding capabilities of Shibarium's decentralized finance (DeFi) ecosystem and has garnered significant attention from investors and users alike.

Shibarium’s TVL surge is a part of an ongoing growth trend, driven by strong demand for its DeFi services. Several key projects built on Shibarium have contributed significantly to this rise:

  • K9 Finance DAO, a liquid staking platform, now holds $3.78 million in TVL, marking a 31.92% growth in the past month.

  • ShibaSwap, Shibarium's flagship decentralized exchange (DEX), saw a 48.73% increase in TVL, reaching $3.29 million.

  • Other decentralized exchanges like WoofSwap and ChewySwap also saw impressive growth, with TVL increases of 43.96% and 47.86%, respectively.

These platforms’ success is fueling Shibarium’s growing user base, with the number of total addresses nearing 2 million and transaction volumes surging.

Explosive Growth Beyond TVL

Shibarium’s growth extends beyond TVL, demonstrating remarkable increases across key activity metrics from November 1 to November 28, 2024:

  • The number of active accounts grew by 13.6%, from 177,479 to 201,622, showing strong user engagement.

  • Transaction volume saw a massive increase of 10,363.6%, soaring from 5.45 million to over 569.93 million transactions during this period. This explosion in activity signals Shibarium’s growing adoption as a high-utility Layer 2 solution, particularly valued for its fast and low-cost transactions.

Key Shibarium Metrics (as of November 28, 2024):

  • Total addresses: 1.991 million

  • Total transactions: 569.93 million

  • Total blocks: 8.115 million

  • Total contracts: 22,961

These impressive figures reflect Shibarium's expanding ecosystem, highlighting its capacity to support a diverse range of DeFi projects while boosting the utility of Shiba Inu's native tokens: SHIB, BONE, and LEASH. As Shibarium continues to grow, its increasing adoption and platform usage suggest a bright future for its decentralized finance ecosystem.