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ShibaSwap (BONE) TVL Skyrockets, Doubling Since November 2022

2 mins
Updated by Kyle Baird
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In Brief

  • ShibaSwap has doubled its TVL from November, with the number jumping from $17 million to $36.5 million.
  • The Shiba Inu community recently created a petition to have Binance list BONE.
  • BONE token has experienced a massive jump in price recently, increasing by 120% YTD.
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The TVL of ShibaSwap has more than doubled since November, increasing from $17 million to $36.5 million. There have been multiple developments in its ecosystem.

DeFi platform ShibaSwap has seen a massive boost in its TVL since November 2022, with the figure doubling from $17 million to $36.5 million. The increase is a surprise, given that the crypto market has experienced a massive crash due to the FTX collapse.

ShibaSwap TVL from November 2022: DefiLlama
ShibaSwap TVL from November 2022: DefiLlama

ShibaSwap is a DeFi platform that offers several services, including a DEX, yield farming, staking, and liquidity provision. It has several tokens in its ecosystem, including SHIB, LEASH, and BONE.

It’s still quite a ways off from its all-time high of over $1.6 billion, but it’s an upwards trend nonetheless. Competitors such as Uniswap, PancakeSwap, Curve, and SushiSwap are much ahead in TVL, but ShibaSwap is growing more popular.

Rival platforms have TVLs that number in the billions of dollars. Curve has a TVL of $4.88 billion, while Uniswap V3 has a TVL of $2.83 billion. The Shiba Inu ecosystem hopes to experience massive growth that will better compete as it diversifies.

Shiba Army Creates Petition to Have Binance List BONE

The Shiba Inu community continues to be as vocal as ever with its opinions on Shiba Inu and its ecosystem’s components. It has even created a petition to have BONE listed on Binance. One thousand seven hundred seventy-two have signed the petitions so far out of a target of 2,500.

There’s no news as to whether Binance will list BONE. A listing would substantially increase the availability of the token, as well as its price. However, the token is increasing in popularity as it undergoes several updates.

BONE Price Jumps By 120% YTD

The BONE token has jumped by 120% YTD, increasing from $0.873 to around $1.953. That’s a massive jump, with much of that performance coming in early February.

BONE price Chart by TradingView
BONE Chart by TradingView

The price gain results from several updates in the Shiba Inu ecosystem. This includes high burn rates of the SHIB token, a figure 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 to the decentralized finance space.”

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...