Shibarium, the layer 2 blockchain platform associated with Shiba Inu, recently experienced a significant surge in user engagement and activity. Data from Shibariumscan showed a 3,436% increase in new account users, as well as an 80% rise in transaction volume and 1,243 new active accounts. This surge in activity was attributed to a recent 5% increase in the price of SHIB, the meme-inspired cryptocurrency. Increased network activity often precedes price movements of associated tokens, indicating a positive trend reversal for Shibarium.
In a move to enhance its decentralized finance capabilities and token interactions, the SHIB development team announced the migration of Shibaswap’s decentralized exchange (DEX) to the Shibarium blockchain. Users can now access the Shibaswap trading platform on both the Ethereum and Shibarium networks, offering a new way for decentralized finance innovators to find, swap, and interact with community tokens. Shibaswap operates on Shibarium, a layer two network utilizing a custom consensus algorithm known as proof-of-participation (PoP). Alongside the native token SHIB, Shibaswap supports tokens such as BONE, LEASH, SHI, and TREAT.
The newly revamped Shibaswap on Shibarium includes features like a new dashboard, improved deposits, staking, liquidity addition, and withdrawal processes. The development team assured users that more updates are in the pipeline for the product. Additionally, the team highlighted the benefits of using Shibaswap on Shibarium, noting that transaction fees would be allocated to enhance the value of liquidity provider (LP) tokens involved in swaps. This strategy is expected to increase the value of LP tokens, benefiting the entire yield farming community.
Shytoshi Kusama, the lead developer of the SHIB team, encouraged community members to explore the new Shibaswap platform and urged current Shibarium token holders to transition to Shibaswap for a better user experience. The move of Shibaswap to Shibarium is seen as a strategic decision to improve the platform’s capabilities and enhance token interactions within the community. With the recent surge in user engagement and activity on Shibarium, the future looks promising for the Shiba Inu’s layer 2 blockchain network.
Overall, the migration of Shibaswap to Shibarium represents a significant step towards enhancing DeFi capabilities and token interactions within the Shiba Inu community. The revamped Shibaswap platform offers a more user-friendly experience, with new features and improvements to deposits, staking, and liquidity addition processes. By utilizing the custom consensus algorithm PoP and supporting a range of tokens, Shibarium is poised to become a hub for decentralized finance innovation. Community members are encouraged to explore the new Shibaswap platform and take advantage of the enhanced features on offer.
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