ShibaSwap Undergoes Major Upgrade: Shifts from Ethereum to Shibarium Blockchain
Summary:
ShibaSwap, the decentralized exchange linked with the Shiba Inu network, has undergone a significant upgrade that transitioned it from Ethereum to the Shibarium blockchain. The revamp will offer various improved decentralized exchange and DApp functionalities including better user interface and new token integration. The upgrade also seeks to boost the worth of liquidity pools in transactions, thus increasing LP token value for users. The focus of the revamp is to reduce gas expenses and expedite transactions.
ShibaSwap, a decentralized exchange connected with the Shiba Inu network, has undergone a major revamp which has seen it migrate from Ethereum to the Shibarium blockchain. A recent press statement indicates this transition will offer users a wide array of enhanced decentralized exchange and decentralized app (DApp) functionalities. The announcement mentions new additions such as an upgraded user interface, discovery charts for trending tokens, and streamlined integration of new tokens into the exchange.
Shiba Inu's primary developer, Shytoshi Kusama, said about the update, the revamped ShibaSwap allows DEFI pioneers seeking the next big thing on Shibarium to explore, swap, and engage with community tokens in an unprecedented manner. This is essentially the new heart of reimagined Shibarium, a place where community tokens can prosper. We welcome the community to check out our new swap and encourage existing Shibarium tokens to smoothly transition over to our swap. Also, it's critical to remember that this new user experience is just an early version of ShibaSwap, and we have more updates planned for the product.
The revamp will utilize "a portion of the transaction fees" to enhance the worth of liquidity pools involved in swap transactions, according to the press note. This will lead to a rise in LP token value for the users and serve as an advantage to the yield farmer community.
Another SHIB developer, Kaal, mentioned on X that the updated rollout will be primarily about discovery, and users should anticipate more updates in the future.
The new update, as per the press release, is tailored to minimize gas expenses and speed up transactions. Shibarium also sustains other expanding sections of the Shiba Inu Ecosystem, including the $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, the ShibaSwap DEX, and the Shiba Eternity game.
The Shibarium layer 2 mainnet, which debuted in August 2023 and saw the creation of 21 million wallets and was tested by a myriad of users. Its launch ushered in a new consensus mechanism known as proof-of-participation (PoP), which picks validators based on their holdings of the linked cryptocurrency. As of now, the SHIB price is $0.0002548, marking a nearly 7% rise in 24 hours and securing the 11th highest market cap as per CoinMarketCap.
Published At
5/16/2024 12:49:51 PM
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