The value locked in the Shibarium network is on the rise again: The 1 million threshold has been passed!

Shiba Inu Layer-2 scaling solution Shibarium continues to attract attention by achieving another success in the DeFi world.

According to data from DeFiLlama, the total value locked (TVL) on Shibarium reached $1 million on Dec. 22. This data was last recorded on September 6, 2023. However, it remains 23% lower than the $1.47 million TVL recorded on Aug. 30.

For context, TVL is a metric that represents the total value of digital assets staked or locked on a given blockchain network through decentralized finance (DeFi) platforms.

According to DeFiLlama data, Shibarium has a total of 14 decentralized finance platforms. Of these 14 DeFi platforms, 12 have contributed positively to TVL, while the remaining two projects have yet to make any contributions. MARSWAP was the top contributor to the network's TVL, accounting for approximately 64.56% of the total total.

Other DeFi platforms that have positively contributed to Shibarium's total value locked include ChewySwap, DogSwap, PunkSwap, WoofSwap, Shibex, LeetSwap, Woof Finance, Dalmatian, Ball Exchange, Chocolnu, and ComfySwap.

It is possible to state that one of the most important reasons for this increase in TVL is the increase in the price of Shiba Inu.

In addition to the increase in TVL, as we reported Koinfinans.com, Shibarium also saw impressive growth in several aspects this month. The network has been processing an average of over 5 million transactions per day since the beginning of December.

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