ShibaSwap, the decentralized exchange (DEX) aligned with the Shiba Inu ecosystem, has unveiled a significant upgrade by transitioning to the Shibarium blockchain. In a recent press release, it was announced that this move will bring forth a range of new utilities for users, including decentralized exchange and decentralized app (DApp) functionalities. The press release provided details on the new features, which include a fresh dashboard, an enhanced user experience, discovery charts for new and trending tokens, as well as 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 (LPs) in swap transactions. As a result, the LP token value for users will increase, benefiting the yield farming community.
Another SHIB developer and contributor, known as Kaal, explained on X that the focus of this upgrade rollout is on discovery, with more regular updates and upgrades expected in the future.
The press release highlighted that this upgrade aims to minimize gas fees and expedite transactions. The Shibarium mainnet, which operates on layer 2, was launched in August 2023. It introduced 21 million wallets and was trialed by millions of users. Notably, it also introduced a new consensus mechanism called proof-of-participation (PoP), which selects validators based on their holdings of the associated cryptocurrency.
At the time of writing, the price of SHIB stands at $0.0002548, experiencing an increase of almost 7% in the last 24 hours. It currently holds the 11th-largest market cap, according to CoinMarketCap.