Shiba Inu Lead Developer Addresses Shibarium Low Total Value Locked Concerns

Shiba Inu lead developer Shytoshi Kusama recently addressed community concerns related to Shibarium’s low total value locked (TVL).

Per a screenshot shared by Lucie, the ecosystem’s Marketing Strategist, Kusama gave the response on Telegram, directly addressing a community member who observed that Shibarium’s “TVL is too low.”

#Shibarium ( it’s still newborn ) performance $BONE pic.twitter.com/bkxP8svvVR

— ????? | ✨Shibarium✨ (@LucieSHIB) October 22, 2023

Sailing Against the Tide

According to Kusama, the concerns about a low TVL stem from people’s focus on trends. The Shiba Inu developer noted that he has learned that “the wealthy flow against the grain.” 

Expanding on the core attributes of the wealthy, Kusama pointed out that they “anticipate and observe and remain in zen” (relaxed in situations they cannot change) under all conditions. This he prescribed as the key to winning in perilous times.

Kusama advised against narrowing the focus to just one factor in order not to fall prey to the “magician,” as he called it.

Shibarium went live in August as the Shiba Inu-backed scaling solution. Though its debut was far from perfect, owing to network congestion, the setback served as a wake-up call, with the protocol developers intensifying efforts to scale the chain and accompanied by a second launch.

While block production on Shibarium has remained steady over the past weeks, data from DeFiLlama shows the protocol’s TVL has dropped from its peak of $1.47 million on August 30 to $681,472 at the time of writing. 

This TVL compares to its peers Arbitrum with a $1.734 billion in TVL and Polygon with a $754.65 million in value locked. Justifying this differential, Lucie highlighted the relative age of the L2.

Ultimate Shibarium Plan

As a scaling solution, Shibarium nurtures a number of grand plans to compete with its peers. Among these plans is bootstrapping new applications to launch on the protocol while also sustaining the steady SHIB burn campaign to return value to the broader Shiba Inu ecosystem.

While Shibarium boasts notable milestones, to achieve more of its goals, Shytoshi Kusama said placing specific timeframes to planned projects is unrealistic and he encouraged the community to stay patient.