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ShibaSwap 2.0 Launches on Shibarium, Boosting SHIB Token Burn

1 min
Updated by Daria Krasnova
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In Brief

  • ShibaSwap launches on Shibarium, offering token swapping and staking to enhance SHIB ecosystem.
  • Other notable changes include discovery charts for new and trending tokens, and onboarding of new assets.
  • ShibaSwap’s move to Shibarium expected to increase transactions, accelerating SHIB token burn rate.
  • promo

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

SHIB burns
SHIB burns. Source: Shiba Burn Tracker

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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Shota Oba
After interning at a domestic blockchain media company while enrolled at a university in international relations, he worked as an intern trainee at two foreign crypto asset exchanges. Currently, as a journalist, he focuses on the Japanese crypto asset market, both technical and fundamental analysis. He has been trading crypto assets since 2021 and is interested in economic and social affairs.