ShibaSwap Development: How Has It Affected the Future of Shibarium Blockchain and SHIB Token?

ShibaSwap, the decentralized exchange (DEX) associated with the Shiba Inu (SHIB) cryptocurrency, said Thursday that it has gone live on the Shibarium blockchain, an Ethereum second layer built by the SHIB token team.

Developers said that increased transactions on the Shibarium blockchain will lead to a higher burn rate for SHIB tokens, thereby reducing supply. SHIB prices have risen 8.8% in the past 24 hours, in line with a broader market surge. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, is up almost 7%.

Users can now float new liquidity pools (LPs) on Shibarium, allowing traders to swap tokens on the network and earn a share of trading fees for providing liquidity. As of Thursday, ShibaSwap had more than $25 million worth of tokens locked in it, with $1.7 million in trading volume in the past 24 hours, according to data from the exchange.

“The more transactions run on the Shibarium blockchain, the more the protocol will burn the base gas fee, which will affect the overall burn rate of $SHIB,” they said.

Burning is the permanent removal of tokens from the circulating supply by sending them to an address that no one controls.

In an X post, the developers said that every swap and pledge on ShibaSwap contributes to the growth of the ecosystem, as increased trading volume leads to higher fees for stakers and LP providers. #SHIBA🚀