Decentralized exchange ShibaSwap will migrate to the Shibarium blockchain on April 30, moving away from its original Ethereum foundation. Shibarium operates as an Ethereum layer-2 network, where SHIB tokens are used for transaction fees.
In a nod to its meme coin roots, ShibaSwap has historically adopted canine-themed apps for complex DeFi functions, which has led to some confusion among new users. However, the recent strategic transition is said to be a game-changer for ShibaSwap, setting the stage for some next-level DeFi moves within the Shibarium network.
Shibarium is a key component of the larger strategy to establish Shiba Inu as a credible blockchain project. The iconic SHIB tokens, inspired by the Shiba Inu dog breed and the success of Dogecoin, were introduced in August 2020 and quickly rose to become one of the leading meme coins by market capitalization.
Powered by Shibarium, the revamped ShibaSwap is rolling out with some major upgrades. This includes expanded token bridging capabilities, smoother liquidity pools, and new farming contracts to reward both the pioneers and the hodlers. Moreover, the platform will serve as a venue for token launches and community-driven contests.
“The new ShibaSwap aligns with innovators seeking an outlet for their creative endeavors and Shibizens who value fostering a vibrant and inclusive community. It’s the beating heart of Shibarium, where community tokens flourish. Imagine a vibrant marketplace teeming with unique tokens representing your favorite projects, causes, and fellow ShibArmy members,” said Shiba Inu Lead Developer known as Shytoshi Kusama.
With this move, ShibaSwap joins other parts of the Shiba Inu Ecosystem on Shibarium, including $SHIB and $LEASH tokens, SHIBOSHI NFTs, and SHIB The Metaverse. As such, it's expected to make ShibaSwap even more popular among crypto traders.
Moving over to Shibarium also fits into SHIB's broader vision of building an inclusive community-driven ecosystem. By tapping into Shibarium's speedy transactions and low gas fees, ShibaSwap says it plans to create a more sustainable trading environment for its users thanks to its Proof of Participation (POP) system.
ShibaSwap, the native decentralized exchange of the Shiba Inu (SHIB) ecosystem, initially started as a basic UniSwap fork. However, it has since grown into a bustling DeFi ecosystem with a range of utilities.