Saha Swatilakha
The integration of ShibaSwap, the official decentralized exchange (DEX) of the Shiba Inu community, to Shibarium Layer-2 protocol has led to a remarkable spike in transactions, which have seen a staggering 3-fold increase within 24 hours of the highly anticipated event.
Transactions on Shibarium rose 200% from the average of 6,000 per day to 18,000 in the last 24 hours.
The integration has not only boosted transaction volumes but also had a positive impact on the price of the SHIB token. Over the past 24 hours, the price of SHIB has surged by an impressive 8.87%, from $0.00002366 to $0.00002576, based on data from CoinGecko — showcasing the excitement and enthusiasm surrounding this milestone achievement.
In a statement released on X, the Shiba Inu team expressed their excitement about the integration, stating, “Every swap and every stake on ShibaSwap fuels our ecosystem! Increased trading volumes bring more fees for stakers and LP providers, cementing ShibaSwap as the go-to hub for community tokens. In addition, the more transactions will run on Shibarium blockchain, the more the protocol will burn base gas fees which will impact the overall burn rate of $SHIB.”
Users can now float new liquidity pools (LPs) on Shibarium, allowing traders to swap tokens on the network and earn a cut in trading fees for providing liquidity. ShibaSwap held over $25 million in locked tokens as of Thursday, data from Defillama shows, with $1.7 million in trading volume in the past 24 hours.
With more transactions running on the Shibarium blockchain, the protocol will burn base gas fees, which will directly contribute to the overall burn rate of SHIB. This, in turn, will lead to a reduction in the circulating supply of the token, potentially driving up its value in the long run.
Furthermore, the integration of Shibarium is expected to enhance the user experience on ShibaSwap. By leveraging the scalability and efficiency of Shibarium, users can expect faster transaction times and lower gas fees, making it more accessible and attractive for both new and existing members of the Shiba Inu community.
Disclaimer: Saha Swatilakha has positions in SHIB, BTC, ETH, LTC, BCH, USDT, MATIC, DOGE, SOL, TRX, XRP, BNB, etc. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Magazine and The Shib Daily are the official publications 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.
