The Shiba Inu (SHIB) layer-2 scalability network, Shibarium, has noted unprecedented growth, marking another total value locked (TVL) milestone.
Per data from DefiLlama, the Shibarium TVL surged by 6.9% to attain a new all-time high in November amid rising demand for decentralized applications (dApps). The latest milestone highlights the network’s growing decentralized finance (DeFi) capabilities, which have continued to draw investors and users to the Shiba Inu ecosystem.
Shibarium Reaches New Heights in November
Notably, the strong demand for liquidity pools and creative ventures propelled the layer-2 blockchain solution’s total value locked to an all-time high. This trend is evidence of the ecosystem’s growing usefulness and user involvement.
Several foundational projects within the Shibarium network made this TVL milestone possible. One such project was the liquid staking protocol K9 Finance DAO, which secured $3.78 million in TVL in one month, a 31.92% rise.
Moreover, the blockchain’s flagship decentralized exchange (DEX), ShibaSwap, achieved a 48.73% increase in TVL to $3.29 million. Other services, such as WoofSwap and ChewySwap, also noted TVL gains of 43.96% and 47.86%, respectively, within the same period.
The network’s increasing activity indicators complement these financial successes. Between Nov. 1 and 28, the number of active accounts on Shibarium rose from 177,479 to 201,622, a 13.6% spike.
This rise in active accounts suggests that users are flocking to the platform to use its ecosystem for various financial operations.
Shibarium’s Unprecedented Transaction Volume
The layer-2 scalability network’s rapidly increasing transaction volume is arguably the most remarkable sign of its development. During the period under review, the platform saw a 10,363.6% rise in transactions, soaring from 5.45 million to 569.93 million.
This increase results from this blockchain’s ability to process transactions quickly and affordably, a key component in its adoption. Furthermore, data from Shibariumscan highlights the network’s growth even more.
The Shiba Inu protocol boasts 22,962 deployed contracts, including 4,502 validated ones, approximately 2 million total addresses, and 8.12 million blocks as of the time of writing. These numbers demonstrate the network’s growth and efficiency in supporting a broad range of decentralized finance initiatives.
Shibarium Stats. | Source: Shibariumscan
These positive developments in the Shiba Inu ecosystem have caused a price surge in its native tokens — SHIB, BONE, and LEASH. These coins are essential to the platform’s functionality since they promote engagement among its dApps and drive liquidity.