Shibarium, the layer-2 scaling solution within the Shiba Inu ecosystem, has experienced a notable increase in its Total Value Locked (TVL). This metric has risen from $2.15 million on May 21 to $2.42 million today, marking an increase of over 12%. This uptick underscores the growing utilization of Shibarium, which, as of early January, had less than $1 million locked, according to data from DeFiLlama.

The current locked value of $2.42 million equates to exactly 93,653,250,774 SHIB spread across various protocols on the platform. Leading the pack of decentralized applications (DApps) on Shibarium is Woofswap, the first Ve(3,3) decentralized exchange on this layer-2 network, dominating with a TVL of $1.68 million. Following Woofswap are ChewySwap, MARSWAP, DogSwap, and PunkSwap, with TVLs of $443,435, $178,135, $56,232, and $37,264, respectively.

Despite its impressive growth, Shibarium is often considered undervalued compared to its peers, such as Polygon, Arbitrum, and Optimism. However, the recent migration of ShibaSwap from the Ethereum mainnet to Shibarium could significantly alter its DeFi landscape. As the first decentralized exchange (DEX) on Shiba Inu, ShibaSwap boasts a substantial user base and a TVL of $28.9 million, which could significantly enhance Shibarium's overall outlook.

Shibarium continues to innovate to improve its performance. The protocol recently underwent a major hard fork upgrade aimed at ushering in an era of faster speeds, lower costs, and more predictable gas fees, even during periods of network congestion. Operating in a highly competitive environment, Shibarium's core developers are focused on increasing engagement, driving innovation, and networking with new partners to support its long-term growth and success.

These efforts and the growing adoption of Shibarium underscore the platform's potential to compete more robustly within the DeFi space, positioning it for further advancements and increased market presence.