ShibaSwap, the decentralized exchange (DEX) that is part of the Shiba Inu ecosystem, has announced a significant upgrade by transitioning to the Shibarium blockchain.
In a recent press release, ShibaSwap revealed that this move will bring a range of new utilities for users, including a new 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 utilized to enhance the value of liquidity pools in swap transactions. As a result, the value of LP tokens will increase for users, benefiting the yield farmer community.
Kaal, a fellow pseudonymous SHIB developer and contributor, explained in a post on X that this upgrade rollout will primarily focus on improving the discovery aspect, with more regular updates and upgrades expected in the future.
The press release also highlighted that this upgrade aims to minimize gas fees and ensure fast transactions. The Shibarium mainnet, a layer 2 solution, was launched in August 2023. It introduced the proof-of-participation (PoP) consensus mechanism, which selects validators based on their holdings of the associated cryptocurrency. The mainnet has already attracted millions of users and created 21 million wallets.
At the time of writing, the price of SHIB stands at $0.0002548, marking a nearly 7% increase in the last 24 hours. CoinMarketCap ranks SHIB as the 11th-largest cryptocurrency by market capitalization.