ShibaSwap, the decentralized exchange (DEX) aligned with the Shiba Inu ecosystem, has undergone a major upgrade by moving to the Shibarium blockchain.
This transition brings a variety of new decentralized exchange and decentralized app (DApp) utilities for users.
New Features
According to a recent press release, the upgrade includes several new features:
- New Dashboard: Enhanced user interface for better navigation.
- Improved User Experience: More intuitive interactions with the platform.
- Discovery Charts: Highlighting new and trending tokens.
- Onboarding Process: Simplified integration of new tokens on the DEX.
Developer Insights
Shytoshi Kusama, the lead developer of SHIB, commented on the upgrade:
“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! It is the redesigned beating heart of a freshly forked Shibarium, where community tokens can flourish.
“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.”
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Benefits to Users
The upgrade will use part of the transaction fees to enhance the value of liquidity pools (LPs) in swap transactions, leading to increased LP token value for users and benefiting the yield farming community.
Future Updates
Pseudonymous SHIB developer and contributor Kaal posted on X that the upgrade rollout will focus on discovery, with more regular updates and upgrades expected.
Ecosystem Support
Shibarium supports various segments of the Shiba Inu Ecosystem, including:
- $SHIB and $LEASH tokens
- SHEboshis DN-404 tokens
- SHIB The Metaverse
- ShibaSwap DEX
- Shiba Eternity game
Shibarium Mainnet
The layer 2 Shibarium mainnet went live in August 2023, featuring the creation of 21 million wallets and being trialed by millions of users.
It introduced a new consensus mechanism called proof-of-participation (PoP), which selects validators based on their holdings of the associated cryptocurrency.
Market Impact
As of now, the price of SHIB is $0.0002548, up almost 7% in the last 24 hours, and it holds the 11th-largest market cap according to CoinMarketCap.
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