Shiba Inu announced the launch of ShibaSwap on its Layer-2 scaling solution network, Shibarium, sparking widespread excitement within the Shiba Inu community.
Shiba Inu team revealed the latest development via a tweet a few hours ago: “ShibaSwap is more than just an exchange; it’s where our community’s spirit meets innovation, where your community tokens not only exist but thrive,” Shibtoken tweeted.
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ShibaSwap Becomes The First DEX To Launch On Shibarium
Since coming on board around August 2023, Shibarium has operated without a dedicated Decentralised Exchange (DEX), unlike most Layer-2 scaling solutions.
The new development would undoubtedly mark a new phase in the Shibarium’s functionalities and existence, making it a highly anticipated welcome development among the Shiba Inu community members. At the same time, the launch proves that the Shibarium network has not been static, having existed for almost nine months.
Improved Functionalities
According to the tweet disclosing the ShibaSwap launch on the Shibarium, the DEX invention has created an avenue for users to create new liquidity pools (LPs) on Shibarium, making it possible for them to exchange their favorite tokens across Ethereum and Shibarium networks. In addition, the ShibaSwap addition allows for staking that has become central to powering the entire SHIB ecosystem.
Furthermore, the Shibarium’s new functionalities will include an improved trading system by introducing a new dashboard to spot trending tokens via a compatible user interface to enhance the trading and farming experience.
Traders will manage liquidity more effectively by harnessing the Shibarium’s scalability and cost efficiency coupled with Ethereum’s security network and other unique features.
🧵 #ShibArmy the wait is finally over — ShibaSwap is coming home to Shibarium!
ShibaSwap is more than just an exchange; it's where our community’s spirit meets innovation, where your community tokens not only exist but thrive pic.twitter.com/fVGEZjynIJ
— Shib (@Shibtoken) May 15, 2024
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Implications Of The New Development For SHIB Price
With the latest development, the Shibarium will attract more users, resulting in an increased transaction volume following a surge in adoption rate. Consequently, the Shibarium will generate more gas charges for SHIB incineration.
Over the years, Shiba Inu’s main hindrance to attaining a significant price rise has stemmed mainly from its massive circulating supply of over 589 trillion SHIB. An improved burn rate like the one described above would go a long way to reduce its supply pool, paving the pathway for significant price increments.
At the time of press, SHIB is changing hands at approximately $0.000025, mirroring an 8.7% upswing in the last 24 hours. A substantial price appreciation following ShibaSwap’s integration should be sufficient to erase a zero in SHIB’s market value.
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