Analysis of Shibarium's Growing Total Value Locked

Shibarium, the layer-2 scaling solution within the Shiba Inu ecosystem, has shown an increase in its Total Value Locked (TVL). The TVL rose from $2.15 million on May 21 to $2.42 million today, representing a growth of more than 12%. This rise in TVL indicates the increasing utilization of Shibarium, which had less than $1 million locked in early January as per DeFiLlama data.

The current locked value of $2.42 million comprises 93,653,250,774 SHIB locked in various protocols on the platform. Woofswap leads the DApps on Shibarium with a TVL of $1.68 million, being the first Ve(3,3) decentralized exchange on the layer-2 network.

ChewySwap, MARSWAP, DogSwap, and PunkSwap follow as the top five DApps with TVLs of $443,435; $178,135; $56,232; and $37,264, respectively. While Shibarium is seen as undervalued compared to competitors like Polygon and Arbitrum, the recent move of ShibaSwap from the Ethereum mainnet to Shibarium could alter its DeFi prospects. ShibaSwap's TVL of $28.9 contributes significantly to Shibarium's future outlook.

Ongoing innovations within Shibarium aim to improve its performance. A recent hard fork upgrade signifies the platform's pursuit of enhanced speed, lower costs, and more predictable gas fees, even during network congestion.

Operating in a competitive environment, Shibarium's core developers are focused on increasing engagement, fostering innovation, and expanding partnerships to drive the platform's long-term goals and growth.