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ShibaSwap, the prominent decentralized exchange (DEX) for Shiba Inu, has migrated to the ecosystem layer-2 blockchain Shibarium.
Shiba Inu content marketing specialist, Lucie, announced the development in a recent post on X. Until now, ShibaSwap was solely a DEX on Ethereum. However, the Shiba Inu development team has confirmed the migration of the DEX to Shibarium, which comes eight months after the blockchain debuted.
According to the notification, this move signifies a notable stride in the progression of ShibaSwap. It brings fresh opportunities within the Shibarium blockchain ecosystem.
1️⃣ 🦊 Exciting News! Decentralized Exchange #ShibaSwap Moves to #Shibarium, Bringing New Innovations pic.twitter.com/gPzpUT40Tm
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) April 27, 2024
Shiba Inu DEX Arriving Shibarium
With ShibaSwap now on Shibarium, Shiba Inu enthusiasts can expect to see a variety of new dApp utilities, all powered by Shibarium.
Among these enhancements are the integration of new tokens into ShibaSwap’s native ecosystem, bolstered liquidity pools, and advanced DeFi functionalities.
Moreover, users will experience exclusive farming contracts designed to reward both early adopters and long-term investors. Furthermore, a new launchpad will facilitate token discovery on ShibaSwap.
Besides, community-driven features such as token voting competitions and incentivized engagement are now available on ShibaSwap.
Shiba Inu Lead Reacts
Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, describes the revamped ShibaSwap as a central hub for innovators and Shibizens alike. In his words:
“It’s where community tokens thrive, creating a dynamic marketplace filled with unique projects, causes, and ShibArmy members.”
The Shiba Inu team emphasized that more exciting times are ahead, urging the SHIB Army to brace up for more updates.
ShibaSwap
Significantly, ShibaSwap’s migration comes days after Kusama hinted at the imminent arrival of ShibaSwap 1.75 amid widespread anticipation for ShibaSwap 2.0. The decentralized exchange went live in July 2021, serving as a pivotal platform for SHIB trading.
Within a few months of its launch, Shiba Inu briefly overtook Dogecoin in market cap, partly owing to the impact of ShibaSwap and the massive demand SHIB commanded at the time.
ShibaSwap empowers users to contribute liquidity and exchange various tokens, earning its governance token, BONE, in the process.
The Shiba Inu team emphasized that by incentivizing transactions with rewards, SHIB is driving up trading volume, establishing ShibaSwap as the premier platform for community token transactions within Shibarium. They believe these advantages cater to all users, nurturing a robust marketplace ecosystem.
At press time, ShibaSwap has garnered a 24-hour volume of $482,058, with over 100 listed trading pairs.