Trading activity in the decentralized finance (DeFi) ecosystem on Shiba Inu’s L2 blockchain, Shibarium, has disappeared as DEX volume is currently at zero.
At the time of writing, Shibarium DEX volume was at zero, according to DeFiLlama data, reflecting extremely weak participation in the chain.
No transactions since June 23rd
Decentralized exchanges operating on Shibarium, including WoofSwap and ShibaSwap, have not recorded any trading activity since June 23. The last recorded DEX transaction on the network took place on June 22, when traders exchanged just $60 worth of assets.
Furthermore, daily trading volumes on these platforms remained below $100 for most of June, underscoring the lack of activity across the ecosystem. The delay highlights Shibarium’s struggle to attract meaningful DeFi adoption since its launch.
Decreasing DEX activity
After the mainnet went live in August 2023, the network initially showed encouraging signs of growth. DEX volume reached $6,800 in October 2024, before rising to $54,000 in December 2024.
However, activity weakened in the following months. Although the development team tried to revive optimism by promising faster ecosystem growth and greater DEX participation, trading activity continued to decline.
Shibarium briefly recovered in September 2025, when DEX volume rose to $47,000, before reaching a cycle peak of $86,000 in December 2025. Since then, there has been a sustained decline in trading activity, with many days seeing no trades recorded at all on Shibarium-based DEXs.
Since October 2024, Shibarium’s decentralized exchanges have handled a cumulative trading volume of $2.66 million. That figure remains lower than the amount of DEX volumes that established networks like Ethereum and Solana regularly process in a single day.
A major reason behind the weak on-chain metrics is that most trading with Shiba Inu ecosystem tokens still takes place on centralized exchanges rather than on Shibarium’s own applications.
At the time of writing, SHIB generated $56.4 million in 24-hour trading volume, with most trades taking place on centralized platforms such as Binance and Coinbase.
Total value locked remains modest
Despite the weak trading activity, the total value of Shibarium (TVL) currently stands at $21,495, marking an increase of 1.89% over the last 24 hours. While the increase suggests that some capital remains within the ecosystem, the figure remains modest compared to competing DeFi networks.
Meanwhile, overall network usage continues to weaken. Shibarium currently processes only 889 daily transactions, with smart contract interactions accounting for the majority of that activity. The trend suggests that user engagement within the network remains limited and DeFi adoption on Shibarium has yet to gain meaningful traction.
