According to CryptoPotato, DexTools, a well-known decentralized finance (DeFi) platform, has extended its support to ShibaSwap, a decentralized exchange within the Shiba Inu ecosystem. This development provides advanced DeFi analytics to the SHIB community. ShibaSwap allows users to trade, stake, and farm cryptocurrencies, particularly SHIB, LEASH, and BONE, without the need for a central authority.
In addition to trading, users can stake their tokens on ShibaSwap to earn rewards, and yield farming options are also available. Earlier this year, ShibaSwap migrated to the layer-2 scaling solution, Shibarium, in the form of ShibaSwap 2.0. This upgrade introduced new features such as improved user processes for adding and reducing liquidity, staking, and trend analysis. Shiba Inu Lead Developer Shytoshi Kusama described ShibaSwap 2.0 as the 'redesigned beating heart of a freshly forked Shibarium, where community tokens can flourish.'
Shibarium, the L2 blockchain solution, has been in the news multiple times since its official launch in August of the previous year for surpassing numerous milestones. By the end of May, the total number of blocks processed on the network had exceeded five million, and total transactions had surpassed 400 million. Shibarium's primary function is to enhance the functionality and scalability of the Shiba Inu ecosystem. It aims to reduce transaction fees, improve speed, and provide infrastructure for decentralized applications on the network.