Cryptocurrencies

ShibaSwap, a decentralized exchange (DEX) compatible with the Shiba ecosystem

ShibaSwap, the decentralized exchange (DEX) compatible with the Shiba Inu ecosystem, has launched a major upgrade – moving to the Shibarium blockchain.

According to a recent press release, the move will provide “a variety of new decentralized exchange and decentralized application (DApp) utilities” to users.

The press release details new features including a new dashboard, improved user experience, discovery charts for “new and trending tokens,” and a process for setting up news tokens on the DEX.

source: Chitoshi Kusama

Shiba Inu (SHIB) lead developer Chitoshi Kusama commented on the upgrade, saying:

The new ShibaSwap enables DEFI creators looking for the next hit on Shibarium to find, swap, and interact with community tokens in a whole new way! It is the redesigned beating heart of the newly bifurcated Shibarium, where symbols of community can flourish. We invite the community to try our new swap and invite existing Shibarium tokens to migrate to our swap easily. Finally, rest assured, this new user experience is still an early version of ShibaSwap, with more updates in the pipeline for the product.

The upgrade will use “a portion of the transaction fees” to improve the value of liquidity pools (LPs) in swap transactions. This will increase the value of the LP token for users and benefit the farming community, according to the press release.

Related: Over 1 Million New Crypto Tokens Launched Since April

Fellow SHIB developer and pseudonymous contributor Kaal posted on X explaining that the upgrade rollout “will focus on discovery” and that more regular “updates and upgrades” should be expected.

Shibaswap, A Decentralized Exchange (Dex) Compatible With The Shiba Ecosystem
source: Cal

According to the press release, this upgrade focuses on reducing gas fees and faster transactions.

Shibarium also supports other growing sectors of the Shiba Inu ecosystem, including $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, ShibaSwap DEX, and the Shiba Eternity game.

The Shibarium Layer 2 (L2) mainnet was launched in August 2023 – it included the creation of 21 million wallets, and was tested by millions of users. The debut introduced a new consensus mechanism dubbed Proof-of-Stake (PoP) that works by selecting validators based on their holdings of the associated cryptocurrency.

At the time of writing, SHIB’s price is $0.0002548 – up nearly 7% in the past 24 hours and ranks 11th in terms of market cap, according to CoinMarketCap.

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