Shiba Inu's decentralized exchange platform ShibaSwap has gone live on Shibarium, the project's layer-2 scaling solution
Shiba Inu (SHIB) just excited its community with the announcement of the launch of ShibaSwap on Shibarium, its Layer-2 scaling solution.
ShibaSwap on Shibarium: Unleashing New Functionalities
The Shiba Inu ecosystem is expanding at a very fast pace and the launch of the long-awaited ShibaSwap on Shibarium marks a paradigm shift for the project. Every major blockchain protocol or L2 network has its dominant Decentralized Exchange (DEX).
While ShibaSwap was first launched in 2021 on the Ethereum network, moving to Shibarium is a major validation for the latter. Despite its launch in August 2023, Shibarium has not welcomed a major decentralized application to serve as its flagship application. With ShibaSwap, the narrative has changed.
According to Shiba Inu, the ShibaSwap will help power its community’s spirit by boosting the right innovation. On ShibaSwap, users can create new Liquidity Pools (LPs) on Shibarium. Notably, the with ShibaSwap on Shibarium, users can now swap tokens from the L2 network to Ethereum and vice-versa.
Besides this primary trading functions, the protocol highlighted that users can also stake on ShibaSwap. These stakes are essential to continually power the entire SHIB ecosystem.
As the protocol outlined, more transactions will be conducted on Shibarium via the integration. This feature in particular can effectively accelerate the rate at which new tokens will go off circulation through burning.
Shiba Inu has explored different avenues to accelerate the protocol’s burn rate. While awaiting the potential launch of the burn portal, the ShibaSwap induced transaction boom might change the game.
Shiba Inu (SHIB) The Bigger Beneficiary
As the native token of the Shiba Inu ecosystem, $SHIB will sit at the core of the ShibaSwap and Shibarium ecosystem. With robust staking and accompanying rewards, more users can place demand for SHIB. This demand is a supply shrinking catalyst, one that generally complements the burning measures.
In light of this, there is a general projection that SHIB price can shoot in the near future. At the time of writing, the token is up 2.36% and is trading for $0.00002388. The ShibaSwap news helped elevate the token from its previously bearish state with a 24-hour low of $0.00002289 to a high of $0.00002432.
In the long term, expectations remain to beat the previous All-Time High (ATH) at $0.00008845. With ShibaSwap, this is looking more achievable.
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