On May 15, 2024, the SHIB (Shiba Inu) development team officially announced that their decentralized exchange (DEX) platform, Shibaswap, has been migrated to the Shibarium network. The upgrade now makes Shibaswap accessible to users on both Ethereum and Shibarium blockchains, marking a key step in expanding the meme coin ecosystem's infrastructure.
Shibaswap Ported to Shibarium
Shibarium is a Layer 2 network that employs a custom consensus algorithm called Proof-of-Participation (PoP) to validate transactions and add new blocks. In addition to the native token SHIB, Shibarium and Shibaswap support the governance token BONE, the rebase token LEASH, the stablecoin SHI, and the reward token TREAT, among others. According to the team, the new Shibaswap features a redesigned dashboard and enhanced processes for deposits, staking, adding liquidity, and withdrawals.
Shytoshi Kusama, SHIB's lead developer, stated: '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.' The team also noted that a portion of transaction fees will be allocated to boost the value of liquidity pools (LPs) involved in swap transactions, thereby benefiting liquidity providers.
Market Performance and Community Call
SHIB currently ranks as the second-largest meme coin by market capitalization, valuing approximately $14 billion. In the last 24 hours, SHIB has risen 2.3%, with a weekly gain of 4.2% and an impressive yearly increase of 167%. However, at $0.00002383 per coin, SHIB remains 72.3% below its all-time high of $0.00008616 recorded on October 28, 2021. The team invited the community to try the new swap and urged current Shibarium tokens to migrate easily. 'Finally, rest assured, this new UX is still an early Shibaswap version, with more updates in the pipeline for the product,' Kusama added. The cross-chain migration expands Shibaswap's accessibility and is expected to drive further growth in Shibarium's liquidity and user base.