ShibaSwap, the decentralized exchange (DEX) compatible with the Shiba Inu ecosystem, has launched a major upgrade: the move to the Shibarium blockchain.
According to a recent press release, the move will provide users with “a variety of new decentralized exchange utilities and decentralized applications (DApps).
The press release details new features, including a new dashboard, improved user experience, discovery charts for “new and trending tokens,” and a process for setting up hot tokens on the DEX.
Chitoshi Kusama, lead developer of Shiba Inu (SHIB), commented on the upgrade saying:
The new ShibaSwap allows DEFI creators looking for the next hit on Shibarium to find, trade and interact with community tokens in a whole new way! It is the redesigned beating heart of the newly divided Shibarium, where symbols of community can flourish. We invite the community to try our new swap and welcome existing Shibarium tokens to easily migrate to our swap. Finally, rest assured, this new user experience is still an early version of ShibaSwap, with other updates in progress for the product.
The upgrade will use “a portion of transaction fees” to improve the value of liquidity pools (LPs) in swap transactions. According to the press release, this will increase the value of the LP token for users and benefit the farming community.
Related: Over 1 Million New Crypto Tokens Launched Since April
Kaal, another SHIB developer and pseudonymous contributor, posted on X explaining that the upgrade rollout “will focus on discovery” and that more regular “updates and upgrades” should be expected.
According to the press release, this upgrade aims to reduce gas fees and speed up transactions.
Shibarium also supports other growing sectors of the Shiba Inu ecosystem, including $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, ShibaSwap DEX, and the Shiba Eternity game.
The Shibarium Layer 2 (L2) mainnet launched in August 2023 – it included the creation of 21 million wallets and was tested by millions of users. The debut introduced a new consensus mechanism called Proof-of-Stake (PoP) which works by selecting validators based on their associated cryptocurrency holdings.
At the time of writing, SHIB’s price is $0.0002548, up almost 7% in the last 24 hours and ranking 11th in terms of market cap, according to CoinMarketCap.
