Key Takeaways
- ShibaSwap upgrades to the Shibarium blockchain, introducing an enhanced dashboard and improved user experience;
- The upgrade boosts liquidity pool value by using transaction fees;
- Shibarium's fast, low-fee transactions and eco-friendly consensus mechanism support the broader Shiba Inu ecosystem.
ShibaSwap, the decentralized exchange (DEX) linked to the Shiba Inu (SHIB) ecosystem, has announced an upgrade of moving to the Shibarium blockchain.
As per a press release, the upgrade introduces various new features, such as an enhanced dashboard, improved user experience, discovery charts for new and trending tokens, and a streamlined process for adding new tokens to the DEX.
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Shytoshi Kusama, Shiba Inu's lead developer, emphasized that the upgraded ShibaSwap provides DeFi innovators with enhanced capabilities to discover, trade, and engage with community tokens on Shibarium.
Kusama also remarked:
Rest assured, this new <user experience> is still an early Shibaswap version, with more updates in the pipeline for the product.
The upgrade involves using a portion of transaction fees to boost the value of liquidity pools (LPs) in swap transactions. This change aims to increase the value of LP tokens for users, benefiting the yield farming community.
Launched in August 2023, the Shibarium Layer-2 mainnet has already seen 21 million wallets created and has been tested by millions of users.
Shibarium is designed for fast transactions with low gas fees. It uses a community-focused and eco-friendly consensus mechanism, allowing for cost-effective protocol development and broadening the ecosystem's reach.
At the time of writing, the price of SHIB stands at $0.0000252, having increased by almost 6% in the past 24 hours. This makes it the 2nd largest memecoin and the 11th largest cryptocurrency by market capitalization.
Overall, the ShibaSwap upgrade to Shibarium sets the stage for future growth and innovation in the Shiba Inu ecosystem, promising enhanced user experience and expanded DeFi opportunities.
There has recently been some good news for another Shiba Inu-themed memecoin, FLOKI, as it has been listed on Revolut Business, making it more easily accessible to businesses across Europe.
