ShibaSwap Updates to Shibarium Blockchain During Major Overhaul

Last Updated: May 16, 2024 11:19am EDT | 2 minute read

The Shiba Inu ecosystem’s decentralized exchange, ShibaSwap, has successfully transitioned to the Shibarium blockchain, introducing many new features and improvements, including improved SHIB burns.

This move marks a significant milestone for the Shiba Inu community, transforming ShibaSwap from a simple exchange platform into a multi-faceted, multi-chain decentralized exchange operating on Shibarium and Ethereum.

ShibaSwap now offers more

The update to Shibarium brings several new features to ShibaSwap. One of the most important features is the ability to create new liquidity pools on Shibarium.

This allows users to seamlessly swap tokens between Ethereum and Shibarium, leveraging the benefits of both networks. Users can also integrate their favorite tokens into ShibaSwap by creating dedicated liquidity pools.

The integration with Shibarium enhances the functionality of ShibaSwap by combining the scalability and cost efficiency of Shibarium with the proven security and robustness of Ethereum. This synergy allows users to optimize their trading strategies and liquidity management, reaching new levels of efficiency and effectiveness.

One significant aspect of the ShibaSwap update is its potential to accelerate SHIB burns. Every transaction and staking action on ShibaSwap contributes to the ecosystem, with increased trading volumes resulting in higher fees for stakers and liquidity providers.

As transaction activity on Shibarium grows, the protocol will incinerate base gas fees, potentially increasing the burn rate of the SHIB token. This mechanism could increase the token’s scarcity and value, benefiting the broader Shiba Inu ecosystem.

The development team has overhauled ShibaSwap’s user interface, making it more user-friendly and ensuring a smooth experience in all decentralized finance (DeFi) activities. The new dashboard highlights trending tokens, improving the trading and yield farming experience of newcomers and more experienced traders.

“The new ShibaSwap allows DEFI innovators looking for the next hit on Shibarium to find, trade and interact with community tokens in a completely new way! It is the redesigned beating heart of a newly forked Shibarium, where community tokens can thrive. Finally, rest assured: this new UX is still an early release of Shibaswap, with further updates in the pipeline for the product,” said Shytoshi Kusama, Shiba Inu, Lead Developer.

The SHIB is expected to increase massively

The Shiba Inu team has teased the upcoming releases of ShibaSwap V2 and V3. These future releases promise further advancements for the Shiba Inu community.

The updates will include expanded user interfaces, custom portfolio pages, advanced liquidity management options and adjustable price points. These backend updates aim to improve liquidity efficiency, increase rewards for liquidity providers, and simplify portfolio management for users.

Shiba Inu (SHIB) is up over 6% today to $0.00002513, while the overall cryptocurrency market has seen a modest gain of 0.5% over the past 24 hours. SHIB’s price increase means an increase of 11.55% in the last week, over 15% in the last two weeks and a remarkable increase of 185% in the last year.

This recent upward move has coincided with a bullish pennant pattern forming on its price chart, suggesting that the SHIB may be on the verge of a significant rally. The return of meme stock trader Keith Gill also helped raise expectations for SHIB.

Analysts have noted strong indicators for SHIB, with its relative strength index reaching 70 and then stabilizing around 65, signaling strong momentum and buying pressure. Additionally, the SHIB’s 30-day average has started to rise again, above the 200-day average, a typical breakout signal.

The broader meme token market is also heating up, with SHIB benefiting from renewed interest due to the return of Keith Gill, raising expectations for a meme token season. SHIB remains a strong contender in the meme coin market, and analysts predict that the price of Shiba Inu could reach $0.000030 in the next couple of months.

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