Shiba Inu L2 Network Shibarium Records TVL All-Time High at $3.8M

Shiba Inu's Shibarium

Shibarium’s rally to the $3.8 million range comes within a month after its TVL crossed the $1 million mark.

Shibarium, the Ethereum-based layer-2 scaling network built by the Shiba Inu (SHIB) team, just achieved a major milestone in its journey; its total value locked (TVL) has reached a new all-time high.

Data from decentralized finance TVL aggregator DeFiLlama shows that Shibarium’s TVL hit $3.8 million on March 25, following two days of massive growth.

Shibarium TVL Hits $3.8M

Shibarium’s rally to the $3.8 million range comes within a month after its TVL crossed the $1 million mark. The network’s TVL plunged to $558,000 within weeks after its launch in August 2023. Since then, it has hovered below $1 million except for a couple of occasions in December and early February when it briefly spiked above the range.

By late February, Shibarium caught the wave of the crypto market’s rally, and its TVL moved up and stayed above $1 million until March 23, when it experienced an explosive surge to $3.4 million, recording a 137% increase.

With Shibarium’s TVL sitting at $3.8 million at the time of writing, the network has seen gains of 165% within three days.

Shibarium DEXs Drive Growth

The rise of Shibarium’s TVL is driven by user activity on its decentralized exchanges (DEXs), particularly WoofSwap, which has over $2.4 million in total value locked, representing a 4,238% rise in the past seven days and a 6,316% increase in the past month.

Two other DEXs are playing significant roles in the network’s growth, although they have smaller TVLs compared to WoofSwap. MARSWAP’s TVL is $805,500, while that of ChewySwap is around $428,600.

It is worth mentioning that WoofSwap attributes its growth to the launch of a new memecoin, Damn (DAMN), which has rallied over 400% since its launch on March 18, per data from DexScreener.

Besides Damn’s uptick, SHIB has also recorded significant gains recently, with more than a 6% increase in the past week. At the time of writing, data from Cryptocurrencies to Watch showed the dog-themed memecoin was trading at $0.00002918, representing a 5% rise in the past 24 hours.

Meanwhile, Shibarium has achieved several other milestones in addition to the rise in its TVL. The protocol’s total blocks have surpassed 3.8 million, its total transactions are above 412 million, and at the time of writing, over 1.385 million addresses hold SHIB.