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Shibarium hits new TVL high with DAMN coin launch

TL;DR

  • Shibarium, the Shiba Inu ecosystem’s layer-2 blockchain, has reached a new all-time high in total value locked (TVL) at $3.87 million.
  • The launch of the DAMN meme coin on WoofSwap significantly contributed to the surge, with WoofSwap’s TVL now at $2.46 million.
  • This growth represents a remarkable increase from below $1 million for the majority of the year, showcasing the network’s strong adoption and interest from investors.

The Shiba Inu ecosystem’s layer-2 blockchain, Shibarium, has witnessed a new all-time high in its total value locked (TVL). The platform’s TVL has soared to an impressive $3.87 million. This surge marks a notable milestone, considering Shibarium’s TVL hovered below $1 million for the majority of the year. The recent increase in TVL reflects a robust upward trajectory, showcasing the network’s growing adoption and investor interest.

The catalyst for this remarkable growth stems from the launch of the DAMN meme coin on WoofSwap, a decentralized exchange operating on Shibarium. DAMN’s introduction to the market on March 18 led to a dramatic price increase of over 523% in just three days. This event significantly contributed to the enhancement of WoofSwap’s TVL, which now stands at $2.46 million. This represents an increase of 9,292% over the previous week, underscoring the substantial impact of new projects on the network’s valuation.

Shibarium TVL soars with new DeFi projects

Several elements have played a role in the accelerated growth of Shibarium’s TVL. Aside from the successful debut of DAMN, the broader crypto market’s relief rally has also been beneficial. After surpassing the $1 million mark in February, the network’s TVL maintained a steady level above this threshold. However, it recently experienced a sharp rise, escalating to $3.38 million from $1.43 million recorded the day before. This surge continued, bringing the current TVL to $3.87 million.

The introduction of new decentralized finance (DeFi) projects on Shibarium is anticipated to propel the network’s TVL further. For instance, K9 Finance, an upcoming liquid staking platform on Shibarium, aims to increase the network’s TVL by 50X. Such initiatives signal a promising future for Shibarium, potentially elevating the total value locked to $193.5 million. This optimistic outlook underscores the dynamic and evolving nature of the DeFi sector, where innovative projects continually attract investment and interest.

SHIB and BONE fuel Shibarium’s TVL growth

The Shiba Inu ecosystem tokens, including SHIB and BONE, have experienced modest gains since March 22, contributing to the positive momentum within the Shibarium network. The community’s enthusiasm and the strategic launch of new tokens and projects play a crucial role in the network’s TVL growth. WoofSwap, closely followed by MARSWAP in terms of TVL, exemplifies the vibrant activity and diversity of projects within the Shibarium ecosystem. With $810,942 in TVL, MARSWAP is another significant contributor to the ecosystem’s strength.

The Shibarium network’s recent achievements highlight the importance of strategic project launches and community support in driving the value and adoption of blockchain platforms. As Shibarium continues to expand and attract new DeFi projects, its TVL is likely to reach new heights, further establishing its position in the cryptocurrency market. This growth trajectory not only benefits the Shiba Inu ecosystem but also contributes to the broader DeFi landscape, offering new opportunities for investors and developers alike.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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