Shibarium Touches $1.44M Total Value Locked After First Week

Shibarium registers over 444,000 wallets in just a week since public relaunch.

Shiba inu on the beach enjoying the sunset with his treasure.
Created by Kornelija Poderskytė from DailyCoin
  • 150,000 newly registered crypto wallets join Shibarium in a single day.
  • Shibarium L2 average block production time holds around 5 seconds.
  • Shiba Inu (SHIB) hovers above key support despite a 2% daily drop.

Shiba Inu’s independent Layer-2 project, Shibarium, was restarted a week ago and has already reached multiple technical milestones. Blockchain analytics company DeFiLlama recently ranked the currently active DeFi protocols on the network to determine which ones are leading the way in the new blockchain.

According to DeFiLlama, the total value locked (TVL) on Shibarium L2 is $1.44 million. DogSwap is the leading decentralized protocol for Shibarium, with $797,702 locked in total on the chain, with an 11.42% increase over the last 24 hours. This coincides with two milestones on the network, while the heavy traffic load is smoothly controlled with the assistance of two new validators.

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The total transactions are nearing 600,000, affirming the high demand for Shibarium. Furthermore, the 444,134 registered crypto wallets in just over a week suggest that the scaling update works fine, as it didn’t prolong the average block time on the self-sufficient network.

Shibarium: How to Select the Right Project

Shiba Inu’s marketing specialist, Lucie SHIB, posted a message on X, going deeper into the recommended security measures while operating in the network. She urges crypto enthusiasts to research by studying the project’s white paper.

Crypto enthusiasts can skim through the project’s roadmap and look for security audits done on the project – blockchain auditors play a crucial role in preventing crypto scams. On top of that, partnerships with other known companies and a vast and active community are usually indicators of a healthy crypto project.

Tokenomics, use cases, and developer teams should be monitored – attempts at price manipulation can usually be detected in the tokenomics. For example, the majority of tokens locked by the developers are a good indication of foul play.

On the Flipside

  • Despite the growth over the last seven days, Shibarium’s total value locked (TVL) has dropped by 3.46% in the last 24 hours.
  • The Shiba Inu daily burn rate has shot up by 158.99% in the last 24 hours, but the burned $SHIB amount is still far below one billion daily.

Why This Matters

The scaling solution brings new opportunities to crypto enthusiasts, as Shibarium is the first-ever Layer-2 blockchain for a large-cap memecurrency.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.