Shibarium, Shiba Inu’s Layer 2 Blockchain, Surpasses $1 Million Locked Value

In a recent surge of momentum, Shibarium, the Layer 2 blockchain of Shiba Inu, has achieved a significant milestone by surpassing a locked value of $1 million.

This pivotal milestone aligns with a notable increase in the burning rate of the SHIB token observed over the past week.

Shibarium’s Total Value Locked (TVL) has seen a slight decrease to $1.03 million, indicating an 8.98% decrease over the past 24 hours. This follows its peak at $1.13 million on December 23.

Online data from DeFiLlama indicates that the majority of the total value locked on the Shibarium network originates from decentralized exchanges.

Source: DefilLama

MARSWAP and ChewySwap collectively account for approximately $820,000 within Shibarium’s total TVL.

Moreover, the Layer 2 blockchain has witnessed a surge in transaction volume throughout December.

The network has averaged around 7 million transactions per day, elevating the total number of transactions to 177 million. These figures reflect the growth and adoption of Shibarium since its launch in August.

Source: Shibariumscan.io

Simultaneously, the expansion of the Shiba Inu ecosystem correlates with the exponential increase in the burning rate of SHIB tokens. Over the past week, the burn rate skyrocketed by a staggering 97%, resulting in over 17 billion SHIB tokens withdrawn from circulation.

The number of burnt tokens has surpassed 410 trillion SHIB, representing nearly half of Shiba Inu’s total supply.

The efficiency and speed exhibited by Shibarium have propelled it beyond the competition, with networks like Fantom, Celo, Gnosis, Arbitrum One, and zkSync Era reporting comparatively lower inscription figures. Shibarium’s ability to scale rapidly while maintaining cost-effectiveness places it in a unique position, resonating with the core principles of blockchain technology.

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