Shibarium, Shiba Inu’s layer two scaling network, has witnessed significant growth in its Total Value Locked (TVL) just one week after the launch of the Bonecrusher.
The platform’s TVL reached $3.64 million, reflecting strong community participation and ongoing interest. Lucie, the marketing lead at Shiba Inu, called attention to this record in a post on X. She noted that the recent data highlights increased activity on the network as users engage more deeply with Shibarium’s staking and liquidity features.
Strong Liquidity and Staking Activity
Notably, Lucie disclosed that 93.7 billion KNINE tokens have been bridged to Shibarium since Bonecrusher’s launch. This influx indicates heightened confidence in the platform as users seek to capitalize on its offerings.
Furthermore, 77.8 billion KNINE tokens are currently locked or staked, suggesting that many participants are committed to maintaining their positions on the network. The average lock time of 10.32 months underscores the long-term engagement of Shibarium users, reflecting a solid foundation for future platform stability.
In addition, approximately 2.6 million BONE tokens have been liquid staked, contributing to the network’s liquidity pool. This trend suggests that users are actively exploring Shibarium’s staking protocols to maximize their token utility.
Launch of Liquid Staking
Shibarium’s recent TVL growth comes after the launch of the liquid staking derivative (LSD) on September 18, developed in partnership with K9 Finance.
This integration introduces liquid staking features that differ from traditional staking methods, allowing users to stake BONE and earn rewards while maintaining liquidity.
Furthermore, K9 Finance’s staking dApp enables participants to convert staked BONE into knBONE, facilitating broader utility within the Shiba Inu ecosystem. This new staking approach reportedly aimed to disrupt conventional staking processes by offering enhanced flexibility and reward potential.
The liquid staking derivative is now contributing to an increase in Shibarium’s overall TVL and transaction volume, which could, in turn, contribute to a higher SHIB burn rate.