Shibarium, the Ethererum layer-2 solution for faster transactions, is experiencing mild and steady growth. According to the Crypto analytics platform DefiLlama, the TVL (Total Value Locked) value of the Shibarium chain is currently at $595,384, which is still lower than its peak value of $1.4 million recorded on August 30. The current value of Shibarium’s TVL hints at the possibility of the token reaching the benchmark value of $600,000.
One of the primary decentralized exchanges (DEX) on the Shibarium Chain, MARSWAP, is dominating the Shibarium TVL. PunkSwap, DogSwap, ChewySwap, and Woof Finance are the top five contributors to the Shibarium chain, with MARSWAP making up about 35% of the total TVL on the platform.
The relaunch of the Shibarium network confirmed on August 28 in a blog post by Shytoshi Kusama, the lead developer and co-founder of Shiba Inu, was followed by a spike in users and surpassed 100,000 wallets within a day. Over three million transactions have been handled by Shibarium in less than a month. It signifies the wider and quicker adoption of the solution in the Shibu Inu ecosystem.
It is apparent that there has been a significant decrease in daily transactions on the network. Between September 8 and September 15, over 100,000 transactions took place on Shibairum on average, as per data from ShibariumScan. On the other hand, recent data indicates that there were only about 40,000 transactions in the past few days. The decline in the number of transactions is closely associated with the falling TVL value on the Shibarium network.
Compared to the peers of Shibarium, like Polygon and Arbitrum, it is exhibiting a slower growth rate. The TVL of Polygon is poised to be $775.26 million, and Arbitrum’s TVL is valued at $1.6 billion, which is much higher than that of Shibarium.
Despite the growing ecosystem and investor base, the significant difference indicates that there is a need for massive developmental efforts on the Shibarium Layer 2 solution. As lead developer Shytoshi Nakamoto has promised, users can anticipate more significant dApps to arrive in Shibarium and contribute to the TVL in the near future.
