Shibaswap Migrates to Shibarium Network, Expanding Access to 2 Chains
SHIB
CRYPTO_NEWS
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On May 15, the development team for the meme token project SHIB announced that the decentralized exchange (dex) Shibaswap has been ported to the Shibarium blockchain. SHIB’s lead developer detailed that Shibaswap’s trading platform is now accessible to users of both the Ethereum and Shibarium networks.
Shiba Inu Devs Port Shibaswap Over to Shibarium
According to the SHIB development team, Shibaswap, a SHIB-centric dex platform, has migrated to the Shibarium network. Shibarium operates as a layer two (L2) network that employs a custom consensus algorithm known as proof-of-participation (PoP) to validate transactions and add new blocks to the blockchain. In addition to the native token shiba inu (SHIB), Shibarium and Shibaswap also support the governance token BONE, the rebase token LEASH, the stablecoin SHI, and the reward token TREAT, among others.
“The new Shibaswap empowers [decentralized finance] innovators looking for the next hit on Shibarium to find, swap, and interact with community tokens in an entirely new way,” Shytoshi Kusama, the SHIB lead developer communicated to Bitcoin.com News. “It is the redesigned beating heart of a freshly forked Shibarium, where community tokens can flourish.”
The dex now features an updated dashboard and enhanced processes for deposits, staking, adding liquidity, and withdrawals, as highlighted by the team. SHIB developers emphasized in the announcement that the community should take advantage of leveraging Shibaswap on Shibarium. Additionally, SHIB programmers have pointed out that a portion of the transaction fees will be allocated to boost the value of the LPs involved in swap transactions.
The SHIB team maintains that this approach will lead to an appreciation in the value of LP tokens for users, which, in turn, benefits the entire community of yield farmers. “We invite the community to try our new swap and invite current Shibarium tokens to port over to our swap with ease,” SHIB’s lead dev emphasized. “Finally, rest assured, this new UX is still an early Shibaswap version, with more updates in the pipeline for the product,” Kusama added.
Shiba inu (SHIB) currently holds the position of the second largest meme coin by market capitalization, currently valued at $14 billion. In the last 24 hours, SHIB has seen a 2.3% increase, and over the past week, the meme coin has risen by 4.2% against the U.S. dollar. Over the previous year, SHIB has surged by 167%, although it remains significantly below its all-time high (ATH) recorded on Oct. 28, 2021. As of now, at $0.00002383 per coin, SHIB is down 72.3% from its ATH of $0.00008616 per unit.
Source : Bitcoin News / May 15, 2024