ShibaSwap, the decentralized exchange (DEX) affiliated with the Shiba Inu ecosystem, has implemented a significant upgrade by transitioning to the Shibarium blockchain.
In a recent press release, it was announced that this move will provide users with a range of new utilities for decentralized exchanges and decentralized applications (DApps). The press release outlined several new features, including a revamped dashboard, enhanced user experience, discovery charts for new and trending tokens, and an improved onboarding process for new tokens on the DEX.
Shytoshi Kusama, the lead developer of Shiba Inu (SHIB), commented on the upgrade, stating that a portion of the transaction fees will be used to enhance the value of liquidity pools (LPs) in swap transactions. This will ultimately increase the value of LP tokens for users and benefit the yield farmer community, as stated in the press release.
Kaal, another pseudonymous SHIB developer and contributor, explained on X that the focus of this upgrade rollout is on discovery, and users can expect more regular updates and improvements.
The press release also highlighted that this upgrade aims to reduce gas fees and ensure faster transactions. The Shibarium mainnet, a layer 2 solution, was launched in August 2023 and introduced 21 million wallets. It was trialed by millions of users and featured a new consensus mechanism called proof-of-participation (PoP), which selects validators based on their holdings of the associated cryptocurrency.
As of the time of writing, SHIB is valued at $0.0002548, showing an increase of nearly 7% over the past 24 hours. It currently holds the 11th-largest market cap, according to CoinMarketCap.