ShibaSwap’s TVL has more than doubled since November, rising from $17 million to $36.5 million. There have been several developments in its ecosystem.
DeFi platform ShibaSwap has seen a massive increase in its TVL since November 2022, doubling the figure from $17 million to $36.5 million. The surge comes as a surprise as the crypto market has seen a massive crash due to the FTX collapse.
ShibaSwap TVL from November 2022: DefiLlama
ShibaSwap is a DeFi platform that offers multiple services including DEX, yield farming, staking, and liquidity provisioning. It has multiple tokens in its ecosystem including SHIB, LEASH, and BONE.
It’s still a long way from its all-time high of over $1.6 billion, but it’s still an uptrend. Competitors like Uniswap, PancakeSwap, Curve, and SushiSwap are far ahead at TVL, but ShibaSwap is growing in popularity.
Competing platforms have TVLs on this scale in the billions. Curve has a TVL of $4.88 billion while Uniswap V3 has a TVL of $2.83 billion. The Shiba Inu ecosystem hopes for massive growth that can better compete with its diversification.
The Shiba Army is creating a petition to have BONE on the Binance List
The Shiba Inu community continues to be as vocal as ever with its opinions on Shiba Inu and the components of its ecosystem. It even created a Change.org petition to list BONE on Binance. One thousand seven hundred and seventy-two have signed the petitions so far out of a target of 2,500.
There is no news on whether Binance will list BONE. A listing would significantly increase the availability of the token as well as its price. However, the token is gaining popularity as it undergoes multiple updates.
BONE price jumps 120% year-to-date
BONE token is up 120% year-to-date, rising from $0.873 to around $1.953. That’s a massive leap, with much of that performance coming in early February.
BONE Chart by TradingView
The price gain results from several updates in the Shiba Inu ecosystem. These include high burn rates of the SHIB token, a number 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 into the decentralized finance space.”
Disclaimer
BeInCrypto has reached out to companies or individuals involved in the story for an official statement on recent developments, but has yet to receive a response.
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