TL;DR
- A downward trend in key metrics of Shibarium, such as daily transfer counts and the SHIB burn rate.
- Implementation of tests and updates in Shibarium contributing to a decrease in network activity.
- Shibarium reaches a new all-time high in its total value locked (TVL) thanks to the successful launch of DAMN on WoofSwap and the introduction of new DeFi projects like K9 Finance.
The Shiba Inu ecosystem has garnered attention due to significant changes in Shibarium, its layer-2 blockchain. On one hand, there has been a downward trend in a crucial Shibarium metric, indicating generally low performance on the network. This is reflected in the daily transfer count, which has remained relatively stable over the past eight days, staying below the 100,000 transfers per day level. Although there was a notable increase in a single day, with a 729% surge, this remains modest compared to previous dates where daily counts exceeded a million.
Additionally, the SHIB burn rate has also seen a decrease in the last 24 hours, showing a negative figure of 30%. Despite a considerable amount of SHIB being removed from circulation, this hasn’t been enough to counteract the overall downward trend.
This decline in Shibarium activity is partly attributed to multiple tests and updates currently being implemented on the network. According to Lucie, the marketing lead for the Shiba Inu team, these tests may be contributing to the decreased activity in Shibarium’s layer-2 solution, along with various observed delays.
Shibarium Demonstrates Potential for Continued Growth
However, despite these challenges, the Shiba Inu ecosystem continues to demonstrate its resilience. On the other hand, Shibarium has recently reached a new all-time high in its total value locked (TVL), surpassing $3.87 million. This impressive increase is attributed to the successful launch of the DAMN memecoin on WoofSwap, a decentralized exchange operating on Shibarium. DAMN’s launch led to a dramatic price increase and significantly contributed to the growth of TVL on WoofSwap.
The steady growth of Shibarium’s TVL has also been favored by the introduction of new DeFi projects on the platform. Projects like K9 Finance, a liquid staking platform set to launch on Shibarium, aim to increase the TVL on the network in the near future.
Although Shibarium faces challenges in terms of performance and activity, the ecosystem continues to demonstrate its strength and capacity for growth. With the introduction of new projects and updates, it is expected to continue expanding and attracting new investors and users.
