The TVL of ShibaSwap has more than doubled since November, increasing from $17 million to $36.5 million. There have been multiple developments in its ecosystem.
DeFi platform ShibaSwap has seen a massive boost in its TVL since November 2022, with the figure doubling from $17 million to $36.5 million. The increase is a surprise, given that the crypto market has experienced a massive crash due to the FTX collapse.
ShibaSwap is a DeFi platform that offers several services, including a DEX, yield farming, staking, and liquidity provision. It has several tokens in its ecosystem, including SHIB, LEASH, and BONE.
It’s still quite a ways off from its all-time high of over $1.6 billion, but it’s an upwards trend nonetheless. Competitors such as Uniswap, PancakeSwap, Curve, and SushiSwap are much ahead in TVL, but ShibaSwap is growing more popular.
Rival platforms have TVLs that number in the billions of dollars. Curve has a TVL of $4.88 billion, while Uniswap V3 has a TVL of $2.83 billion. The Shiba Inu ecosystem hopes to experience massive growth that will better compete as it diversifies.
Shiba Army Creates Petition to Have Binance List BONE
The Shiba Inu community continues to be as vocal as ever with its opinions on Shiba Inu and its ecosystem’s components. It has even created a Change.org petition to have BONE listed on Binance. One thousand seven hundred seventy-two have signed the petitions so far out of a target of 2,500.
There’s no news as to whether Binance will list BONE. A listing would substantially increase the availability of the token, as well as its price. However, the token is increasing in popularity as it undergoes several updates.
BONE Price Jumps By 120% YTD
The BONE token has jumped by 120% YTD, increasing from $0.873 to around $1.953. That’s a massive jump, with much of that performance coming in early February.
The price gain results from several updates in the Shiba Inu ecosystem. This includes high burn rates of the SHIB token, a figure that has increased by over 73% in the past 24 hours.
Developments related to Shibarium, a layer 2 blockchain solution, have also had a positive impact on the network. The team has described Shibarium as “Layer 2 is a collective blockchain that scales and invites solutions, innovation, and security to the decentralized finance space.”
Disclaimer
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
