Shibarium TVL Rallies Amid New Developments Within the Ecosystem
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- The new DAMN token from WoofSwap looks to be the primary factor in the TVL’s surge.
- The community celebrated a major milestone today when Shibarium’s TVL reached $3.38M.
Shiba Inu (SHIB) has lately caused quite a stir in the crypto market. A combination of the meme coin’s rising price and the Shiba Inu L2 Shibarium’s record-breaking TVL performance sent shockwaves.
Significant investor interest was immediately piqued by this rise, after the previous big price corrections observed by Shiba Inu. The freshly revealed DAMN token from WoofSwap looks to be the primary factor in the Shibarium TVL’s meteoric surge.
Major Milestone
As per information provided by DefiLlama, the Shiba Inu community celebrated a major milestone today when Shibarium’s TVL reached $3.38 million. The community’s effective attempts to boost SHIB’s tokenomics were highlighted by this dramatic surge in the Shiba Inu L2’s TVL, which came after a slew of new features were added to Shibarium, including the debut of KNINE and DAMN tokens.
As a decentralized exchange (DEX) built on top of the L2, WoofSwap introduced the DAMN token to Shibarium. In contrast, Shiba Inu’s collaboration with K9 Finance gave rise to the KNINE token, a token for liquid staking derivatives.
Also, in line with the DAMN token’s announcement, Shiba Inu’s marketing head LUCIE recently brought attention to the significant support WoofSwap provided to the meme coin’s ecosystem. In this regard, Lucie emphasized the critical role that WoofSwap plays in the ecosystem of the meme coin by significantly boosting Shibarium transactions and Shib burn.
At the same time, as indicated before, the increase in TVL demonstrated a substantial growth in the quantity of cryptocurrency assets held inside the Shibarium network. The increasing interest and involvement of investors in Shibarium’s DeFi protocols and applications was highlighted by this.
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