ShibaSwap Introduces Major Upgrade, Moves to Shibarium

Shibaswap introduces major upgrade and will no longer only operate on the Ethereum blockchain but also on Shibarium.

The decentralized exchange (DEX) affiliated with the Shiba Inu ecosystem, ShibaSwap, has recently implemented a significant enhancement by transitioning to the Shibarium blockchain. 

As per a recent press release, the action will provide users with “an assortment of novel decentralized application (DApp) and decentralized exchange (DEX) utilities.” 

A new dashboard, enhanced user experience, discovery statistics “for new and trending tokens,” and the onboarding procedure for news tokens on the DEX were outlined in the press release. 

Shytoshi Kusama, the leading developer of Shiba Inu (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.”

The upgrade will utilize a “portion of the transaction fees portion” to increase the value of liquidity pools (LPs) in swap transactions. The press release states that this will enhance the value of LP tokens for users and benefit the yield farmer community.

Kaal, an anonymous contributor and fellow SHIB developer, stated on X that the implementation of the upgrade will be “focused on discovery” and that “updates and upgrades” will be implemented more frequently. 

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The press release states this upgrade is designed to reduce petroleum costs and expedite transactions. 

In August 2023, the layer 2 Shibarium mainnet went live, facilitating the creation of 21 million purses and attracting the testing of millions of users. Proof-of-participation (PoP), a novel consensus mechanism introduced with the IPO, operates by designating validators according to the quantity of the corresponding cryptocurrency they possess.

SHIB is valued at $0.0002548 at the time of writing, representing an increase of nearly 7% over the previous twenty-four hours and the eleventh-largest market capitalization by CoinMarketCap.