Gushiken Yona
The Shiba Inu development team has unveiled the “redesigned beating heart” of the freshly forked Shibarium network: ShibaSwap. This pivotal upgrade promises to transform the decentralized exchange (DEX), enhancing its functionality and user experience.
As the Shib Army rallies behind this innovative development, ShibaSwap is set to redefine the landscape of decentralized finance (DeFi), solidifying its role as a crucial hub within the Shiba Inu ecosystem.
The latest groundbreaking development allows ShibaSwap, the decentralized cryptocurrency exchange (DEX) platform of Shiba Inu, to be available on both the Ethereum network and the Shibarium blockchain. Aside from driving innovation into the layer-2 scalability solution of Shiba Inu, this latest tech enhancement weaves ShibaSwap into its layer-2 scalability solution, enhancing rather than replacing its foundational Ethereum connections.
ShibaSwap on Shibarium will function similarly to the existing platform on Ethereum, as all Shib ecosystem tokens, being ERC-20 tokens, will continue to exist on Ethereum. This means that ShibaSwap will now be accessible on both chains, Ethereum and Shibarium. This development represents both integration and expansion, significantly enhancing ShibaSwap’s functionality to support the Shibarium chain.
ShibaSwap’s integration into Shibarium also brings significant user experience improvements, particularly in cost efficiency. The drastic reduction of gas fees allows users to make numerous trades with minimal financial strain. Users can make hundreds of trades, paying only a fraction of a penny for each, in stark contrast to the prohibitive fees on other blockchains and DEXs.
One significant highlight of this advancement lies in ShibaSwap’s capability to facilitate the establishment of new liquidity pools on Shibarium (LPs). Furthermore, users can seamlessly exchange their preferred tokens between Ethereum and Shibarium, thereby harnessing the strengths of both ecosystems. Additionally, any user has the option to introduce their preferred tokens onto Shiba Inu’s decentralized exchange by establishing a liquidity pool for them.
Moreover, this latest development offers a wide range of DEX and decentralized app (Dapp) utilities, including a newly enhanced dashboard that improves user processes for adding/withdrawing liquidity, staking, and trend analysis, among other features.
Users can also access Discovery charts to gain insights on new and trending tokens, and the latest information on recently onboarded tokens on ShibaSwap.
Shiba Inu’s pseudonymous lead developer, Shytoshi Kusama, emphasized the transformative potential of the new ShibaSwap for DeFi innovators on Shibarium. “The new ShibaSwap empowers DEFI innovators looking for the next hit on Shibarium to find, swap, and interact with community tokens in an entirely new way,” Kusama said. He described the platform as “the redesigned beating heart of a freshly forked Shibarium, where community tokens can flourish.”
Kusama also encouraged the community to engage with the new ShibaSwap and reassured users of ongoing improvements, promising that more updates are coming soon. “We invite the community to try our new swap and invite current Shibarium tokens to port over to our swap with ease. Finally, rest assured, this new UX is still an early Shibaswap version, with more updates in the pipeline for the product,” said Kusama.
Read More
- What’s Behind the ShibaSwap Update Veil? Shibarium Tech Moderator Offers Insights
- ShibaSwap’s Integration into Shibarium Marks a Significant Milestone in Decentralized Trading
- Ethereum’s Fees Hit 6-Month Low As L2s Ramp Up; Shibarium Sees Surge
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
