The Shib Daily Desk
This week, the Shibarium Builder Spotlight beams down on WoofSwap, a rising decentralized exchange that’s not just riding the meme wave but attempting to rewrite the DeFi playbook from inside Shiba Inu’s layer-2 ecosystem. The project aims to provide “a powerful and efficient platform for DeFi liquidity.”
Launched by a team with one of the developers identifying publicly as “Jim,” WoofSwap seeks to address common issues like “high transaction costs and scalability issues,” offering users a more “cost-efficient and user-friendly platform.” By building on Shibarium, WoofSwap leverages the layer-2 solution’s faster transaction speeds and significantly lower fees.
Shibarium Builder Spotlight: WoofSwap Reinvents the DEX Model with ve(3,3)
According to the team, WoofSwap functions as a decentralized exchange where users can trade digital tokens directly. It utilizes a specific economic model known as “ve(3,3),” derived from an earlier project called Ve33 Finance. The team states this model makes the project distinct, highlighting its “ve(3,3) tokenomics, which aligns incentives through vote-escrowed tokens and fee rewards, combined with Shibarium’s technology for ultra-low fees and high-speed transactions.” Users lock the platform’s native token, $WOOF, to gain voting rights and receive rewards from trading fees.
Explaining their choice of network, the team said, “We chose Shibarium for its layer-2 scaling solution, which offers fast, low-cost transactions, aligning with our goal of making DeFi accessible.” They also noted Shibarium’s “vibrant Shiba Inu community and focus on meme coin utility” as providing a “perfect ecosystem to foster WoofSwap’s growth.” WoofSwap has been developing on Shibarium since roughly mid-2023.
Key features already built include permissionless liquidity pools, the ve(3,3) tokenomics system and support for tokens like $BONE alongside its own $WOOF token. The team also mentioned launching shibarium.fun as part of its effort to boost ecosystem growth.