TVL ShibaSwap (BONE) Skyrocketed, Doubling Since November 2022

Key Points:

• In November 2022, ShibaSwap had a significant rise in TVL, with the amount more than tripling from $17 million to $36.5 million in that time period.
• Since the beginning of the year, the value of one BONE token in the ShibaSwap ecosystem has increased by 120%, going from $0.873 to almost $1,953.

Since November, ShibaSwap has more than quadrupled its TVL, going from $17 million to $36.5 million.

In November 2022, the value of TVL on the DeFi platform ShibaSwap more than doubled, moving from $17 million to $36.5 million. This is a significant increase from the previous level. This increase came as a surprise given that the cryptocurrency market had just witnessed a significant drop as a direct result of FTX’s bankruptcy.

Decentralized exchange (DEX), yield farming, staking, and liquidity providing are some of the features that can be found on the ShibaSwap platform, which is a DeFi. Competitors such as Uniswap, PancakeSwap, Curve, and SushiSwap are now setting the pace in TVL; however, ShibaSwap is gaining a larger and larger following every day.

The total value of users’ accounts on competing platforms is in the billions of dollars. The total value of the Curve ecosystem is $4.88 billion, whereas the total value of the Uniswap V3 ecosystem is $2.83 billion. Since the beginning of the year, the value of one BONE token in the ShibaSwap ecosystem has increased by 120%, going from $0.873 to almost $1,953.

The number of recent changes made to the Shiba Inu ecology is what led to the surge in prices. This includes the high burn rate of SHIB tokens, the number of which has surged by more than 73 percent in the preceding twenty-four hours. A favorable effect has also been produced on the network as a result of developments concerning Shibarium, which is a layer 2 chain solution.

BONE will be essential in layer 2. The minting of BONE was halted at 230 million to make room for the remaining 20 million BONE to be utilized by Shibarium validators. The token will be used by validators for layer 2 of the Shib protocol.

The thread also stated that Shibarium was not developed for the benefit of other projects that claim ownership of it or for speculation over its operability dependence on any other tokens. In addition, the thread stated that Shibarium was not developed for the benefit of other projects that claim ownership of it. It was developed specifically for the Shibtoken.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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