Shibarium, a layer-2 scaling solution within the Shiba Inu ecosystem, has experienced a moderate increase in its Total Value Locked (TVL), rising from $2.15 million on May 21 to $2.42 million, marking an increase of over 12%. This growth indicates the expanding use of Shibarium, which had less than $1 million locked in early January, according to data from DeFiLlama. The current locked value of $2.42 million equates to precisely 93,653,250,774 SHIB locked in various protocols hosted on the platform.

As of now, the largest DApp on Shibarium is Woofswap, acknowledged as the first Ve(3,3) decentralized exchange on the layer-2 network. Woofswap leads with a TVL of $1.68 million. Other top performers include ChewySwap, MARSWAP, DogSwap, and PunkSwap, with TVLs of $443,435; $178,135; $56,232 and $37,264, respectively. Despite being considered undervalued compared to its counterparts like Polygon, Arbitrum, and Optimism, Shibarium's DeFi prospects may soon change.

This is due to the recent migration of ShibaSwap from the Ethereum mainnet to Shibarium. As the first DEX on Shiba Inu, the protocol has attracted a large user base with a TVL of $28.9, a figure that could significantly enhance Shibarium's overall outlook. The migration of ShibaSwap to Shibarium is a strategic move that aims to leverage the layer-2 network's advantages, such as faster transaction speeds, lower fees, and improved scalability, to provide a better user experience for the Shiba Inu community.

Shibarium is also undergoing several innovations to improve its overall performance. A few weeks ago, the protocol underwent a significant hard fork upgrade, anticipating a new era of faster speed, lower cost, and more predictable gas fees, even during network congestion. These upgrades are crucial in maintaining Shibarium's competitiveness and attracting more users and developers to the ecosystem.

Operating in a highly competitive environment, Shibarium's core developers are striving to increase engagement, foster innovation, and network with new partners to promote its long-term growth and agenda. The recent increase in TVL and the upcoming migration of ShibaSwap are positive signs that Shibarium is gaining traction and positioning itself as a viable layer-2 solution within the Shiba Inu ecosystem.

As the cryptocurrency market continues to evolve, layer-2 scaling solutions like Shibarium will play a crucial role in addressing the scalability challenges faced by blockchain networks. With its focus on innovation, partnerships, and user experience, Shibarium is well-positioned to contribute to the growth and adoption of the Shiba Inu ecosystem in the long run.