Shibarium, the Layer-2 scale network of the Shiba Inu meme coin ecosystem, has seen fairly mild but steady growth in its decentralized finance (DeFi) total value locked (TVL). Data from crypto analytics platform DeFiLlama places this TVL figure at $595,384, down from the more than $1.42 million it registered at its peak on August 30.
The story of Shibarium’s rise has greatly intrigued the expectations of regular internet users within the Shib Army. In a sign of huge upside for growth, the TVL has hinted at the possibility of breaching the $600,000 benchmark in the near term, with an emphatic push to beat the previous all-time high (ATH) in the medium term.
The Shibarium TVL is currently dominated by MARSWAP, one of the pioneering decentralized exchanges (DEXs) on the Shibarium Chain. MARSWAP accounts for exactly 35% of the total TVL on Shibarium, with DogSwap, ChewySwap, Woof Finance and PunkSwap making up the top five largest contributors to the Shibarium chain.
Overall, these protocols aim to double their respective growth trends in an effort to contribute to Shibarium TVL in the long term.
Shibarium and its competitors
The current high in Shibarium’s TVL underlines the relatively slower growth momentum when comparing L2 to the majority of its peers. Take Polygon for example: the TVL on this groundbreaking L2 is currently set at $775.26 million, while Arbitrum (ARB) boasts over $1.6 billion in total TVL to date.
This huge difference underlines the fact that Shibarium still has significant development efforts to gain parity with its rivals, with a demonstrably growing ecosystem and investor base. Due to promises from lead developer Shytoshi Nakamoto, we can expect more influential dApps to make their way to Shibarium and contribute to the TVL in the short term.