ShibaSwap Upgrades to Shibarium Blockchain in Major Overhaul

  • May 16, 2024
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The Shiba Inu ecosystem’s decentralized exchange, ShibaSwap, has successfully transitioned to the Shibarium blockchain, introducing many new features and enhancements, including improved SHIB burns.

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

ShibaSwap Now Offers More

#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

— Shib (@Shibtoken) May 15, 2024

The upgrade to Shibarium brings several new capabilities to ShibaSwap. One of the most notable features is the ability to establish new liquidity pools on Shibarium.

This enables users to seamlessly exchange tokens between Ethereum and Shibarium, leveraging the advantages of both networks. Users can also integrate their preferred tokens into ShibaSwap by setting up dedicated liquidity pools.

ShibaSwap now enables the creation of new liquidity pools on Shibarium (LPs).

Now, seamlessly swap your favorite tokens across both Ethereum and Shibarium, leveraging the best each has to offer. Anyone can add their favorite tokens on ShibaSwap by creating a liquidity pool for…

— Shib (@Shibtoken) May 15, 2024

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

A significant aspect of the ShibaSwap upgrade 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 enhance 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 across all decentralized finance (DeFi) activities. The new dashboard highlights trending tokens, improving newcomers’ and seasoned traders’ trading and yield farming experience.

ShibaSwap is evolving, not just transitioning.

We’re introducing a fresh dashboard to spot trending tokens along with a revamped user interface that will enhance your trading and yield farming experience, whether you’re a newcomer or a seasoned trader.

Dive into our brand new…

— Shib (@Shibtoken) May 15, 2024

“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. Finally, rest assured, this new UX is still an early Shibaswap version, with more updates in the pipeline for the product,” said Shytoshi Kusama, Shiba Inu, Lead Developer.

SHIB Predicted To Rise Massively

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

The updates will include expanded user interfaces, personalized portfolio pages, advanced liquidity management options, and adjustable price ranges. These backend upgrades aim to enhance liquidity efficiency, increase rewards for liquidity providers, and streamline portfolio management for users.

Shiba Inu (SHIB) has risen by over 6% today, reaching $0.00002513, while the overall crypto market saw a modest 0.5% gain in the past 24 hours. SHIB’s price increase signifies an 11.55% rise over the past week, over 15% over the past fortnight, and a remarkable 185% increase over the past year.

This recent upward movement has coincided with a bullish pennant pattern forming on its price chart, suggesting that SHIB may be on the brink of a significant rally. The return of meme-stock trader Keith Gill has also contributed to the heightened 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, SHIB’s 30-day average has started rising again, surpassing the 200-day average, a typical breakout sign.

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

The post ShibaSwap Upgrades to Shibarium Blockchain in Major Overhaul appeared first on Cryptonews.

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