The launch of DAMN meme coin on the Shibarium-based decentralized exchange WoofSwap has pushed Shibarium’s TVL to a new all-time high record of $3.87 million.
The Shiba Inu ecosystem layer-2 blockchain Shibarium has set a new record in terms of total value locked (TVL) on the network.
Data from DeFiLlama shows that Shibarium’s TVL has reached a new all-time high of $3.87 million. It bears mentioning that Shibarium’s TVL stood below $1 million for most part of the year.
However, following a relief rally across the broader crypto market, the network’s TVL breached the $1 million threshold in February and has remained slightly above this level ever since with no apparent increase.
However, this metric recently spiked, skyrocketing to $3.38 million from $1.43 million recorded the previous day. Interestingly, Shibarium’s TVL has continued its upsurge and is currently at $3.87 million.
DAMN Boosts Shibarium TVL
The massive spike in Shibarium’s TVL can be attributed to the launch of the DAMN meme coin on WoofSwap, a decentralized exchange on the L2 network. For the uninitiated, DAMN made a successful debut on WoofSwap on March 18, with its price rallying over 523% in three days.
Its launch on WoofSwap contributed significantly to the decentralized exchange’s TVL. At the time of writing this line, WoofSwap’s TVL stood at $2.46 million, representing a 9,292% surge over the past week.
WoofSwap is closely followed by MARSWAP as the top crypto project with the most TVL on Shibarium. Per DeFiLlama data, MARSWAP has $810,942 worth of total value locked on its platform.
Other Factors Fueling Shibarium TVL
Besides DAMN’s launch, other factors may have contributed to the massive spike in Shibarium’s TVL. Notably, the prices of Shiba Inu ecosystem tokens, including SHIB and BONE, have seen slight gains since March 22.
In particular, SHIB spiked 7.26% within three days, rising from $0.00002615 to $0.00002805. Shiba Inu is currently changing hands at $0.00002780, up 2% in the past day.
K9 Finance Plans to Boost Shibarium TVL by 50X
While Shibarium’s TVL’s rapid surge is commendable, it is noteworthy that the figure could increase significantly as new decentralized finance projects launch on the L2 network.
For instance, K9 Finance, an upcoming liquid staking platform on Shibarium, aims to bolster the network’s TVL by 50X. If K9 Finance achieves this feat, the total value locked on Shibarium could rise to $193.5 million from the current figure.
