Shiba Inu’s native decentralized exchange (DEX) platform, ShibaSwap, has officially launched on Shibarium.
The DEX will be available on both Ethereum and Shibarium, the project’s Layer-2 scaling solution focused on fast and cheap transactions.
ShibaSwap on Shibarium: Uncovering New Functionalities
ShibaSwap’s migration to Shibarium brings several new features. Users now can create new liquidity pools, swap tokens on the network, and earn fees for providing liquidity. Other notable changes include discovery charts for new and trending tokens, and onboarding of new assets into the ShibaSwap.
The SHIB team asserts that the new strategy will enhance the value of LP tokens, benefiting the entire yield farming community. Shiba Inu’s lead developer, Shytoshi Kusama, encouraged users to try out the new swap and seamlessly port existing Shibarium tokens over to it.
Kusama described ShibaSwap 2.0 as “redesigned beating heart of a freshly forked Shibarium,” highlighting its role in enabling community tokens to flourish.
“Rest assured, this new user experience is still an early version of Shibaswap, with more updates on the way,” he added.
With ShibaSwap on Shibarium, transactions will increase on the Layer-2 network. This heightened activity will accelerate the token burn rate, reducing the circulating supply of SHIB and potentially increasing its price. The protocol has explored various methods to boost the burn rate, and ShibaSwap’s integration might significantly impact this aspect.
Read more: Shiba Inu (SHIB) Price Prediction 2024/2025/2030
The Shiba Inu community remains optimistic about these developments. SHIB price increased by 2.8% in the last 24 hours, while BONE — the governance token of the ShibaSwap — gained 4.7%.
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