Popular decentralized exchange (DEX), ShibaSwap has released a landmark upgrade that will see it move to the Shibarium blockchain. The firm made the disclosure in a press release on Thursday. According to the statement, the move is designed to enhance users’ experience on the decentralized exchange.
More so, ShibaSwap explained that the migration to the new blockchain will provide users with a “variety of new decentralized exchange and decentralized app utilities.” Also, the announcement stated that ShibaSwap now has new features as part of the migration. Some of these features include a new dashboard, enhanced user experience, and discovery charts for new and trending tokens.
In addition, the new upgrade comes with an indication of the onboarding procedure of new cryptocurrencies on the decentralized exchange. Meanwhile, despite the migration, the DEX will still maintain its roots in the Ethereum network. Hence, ShibaSwap will now operate on Shibarium and Ethereum.
It is worth mentioning that Shibarium is a layer2 network, designed by Ryoshi, a group of anonymous developers that created Shiba Inu in 2020. The layer2 network offers cheap transaction fees and also has a high throughput. In August 2023, the layer 2 Shibarium mainnet went live debuting a new consensus mechanism known as proof-of-participation (PoP).
Don’t forget that Shibarium, SHIB The Metaverse, Shiba Eternity game, $SHIB, $LEASH, SHEboshis DN-404 tokens, and ShibaSwap are all part of the Shiba Inu ecosystem. On the flip side, according to Coinmarketcap, $SHIB is presently trading at $0.00002517 and it has been up by 11.86% in the last seven days.
What Shiba Inu Lead Developer Said on the Migration of ShiSwap to Shibarium
In a post on X (formerly Twitter), the lead developer of Shiba Inu, Shytoshi Kusama provided more insight into the upgrade. The lead developer revealed that ShibaSwap will empower DeFi developers and innovators who are scouting for the next big thing on Shibarium to discover, swap, and engage with community tokens in a new dimension.
Additionally, Shytoshi Kusama emphasized that the upgrade will leverage a portion of its transaction fees to advance the value of liquidity pools in swap transactions on ShibaSwap. With that, Kusama stated that it will help increase LP token value for users, offering a great advantage for the yield farmer community.
Further, the lead developer went on to call on the community to use the new swap and invite Shibarium tokens to port to the new platform. Lastly, Kusama assured that the Shibarium network will support community tokens to flourish.
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