The total value of assets locked on Shibarium, the Shiba Inu layer-2 network, has hit a new high as investors continue to back the ecosystem.
The price of Shiba Inu has caught the eye recently, with a triple-digit increase in the past month. At the same time, the increased attention around the project has also led to greater usage and capital injection into Shibarium, Shiba Inu’s layer-2 network.
According to data from DefilLama, the total value of assets locked (TVL) on the network surged to a new high of $2.25 million on March 5. The figure represented a more than 60% increase from the previous high of $1.5 million set in August 2023, around the time of Shibarium’s launch.
However, following the rise to $2.25 million, Shibarium’s TVL recorded a collapse, as SHIB’s price slumped. It bears mentioning that the $2.25 million ATH TVL coincided with a Shiba Inu price surge to a 27-month high above $0.000045 on March 5.
Shiba Inu faced a roadblock at this high, recording a correction that relegated it to the $0.00003 level. Amid this price dump, Shibarium’s TVL also dropped, retracing to the current figure of $1.75 million at the time of writing.
Shibarium TVL | DefiLlama
A closer look at the data reveals that the majority of capital in Shibarium is locked across decentralized exchanges on the network. Marswap and Chewyswap are the most dominant platforms, with $994,000 and $518,000 TVL, respectively.
Evidently, the rise in the price of Shiba Inu (SHIB) and ecosystem token Bone ShibaSwap (BONE) contributed to the surge in Shibarium TVL. Within the past week, when Shibarium TVL reached a new all-time high, SHIB and BONE gained 26% and 28%, respectively.
Shiba Inu Has Big Dreams for Shibarium
The recent all-time high in TVL on Shibarium underlines the network’s potential. The Shibarium network is designed to allow for cheaper fees and faster transactions, giving users a viable alternative for more expensive incumbents such as Ethereum.
While Shibarium may not currently boast as much capital or user attention as Ethereum and other more popular L2 networks, the Shiba Inu-backed solution is indeed thriving.
Earlier this month, the network surpassed the milestone of 400 million transactions, reaching that landmark within seven months of its launch.
Kaal Dhairya, a leading Shibarium developer, has revealed recently that the ecosystem team has big dreams for Shibarium.
The long-term goal is that the network onboard billions of new users to the crypto ecosystem, with the Shiba Inu community being among the first. The recently breached all-time high in transactions and TVL suggests that the noble mission is already well underway.
