Shiba Inu ecosystem expands with ShibaSwap launch on Shibarium, its Layer-2 solution
Shiba Inu token poised for potential growth
Shibarium emerges as a DeFi contender
Shiba Inu (SHIB) enthusiasts are celebrating the launch of ShibaSwap on Shibarium, the project’s much-anticipated Layer-2 scaling solution. This marks a significant milestone for the Shiba Inu ecosystem, unlocking new functionalities and potentially boosting the value of the SHIB token.
🧵 #ShibArmy the wait is finally over — ShibaSwap is coming home to Shibarium! ShibaSwap is more than just an exchange; it's where our community’s spirit meets innovation, where your community tokens not only exist but thrive pic.twitter.com/fVGEZjynIJ
— Shib (@Shibtoken) May 15, 2024
ShibaSwap’s migration to Shibarium news signifies a major step forward for Shiba Inu. It expands the project’s reach beyond the Ethereum network, establishing Shibarium as a key player in the DeFi landscape. Notably, ShibaSwap becomes the first major decentralized application (dApp) built on Shibarium, serving as a flagship platform to demonstrate the network’s capabilities.
Through ShibaSwap, users gain access to a wider range of features. This includes creating liquidity pools (LPs) directly on Shibarium, enabling seamless token swaps between the Layer-2 network and Ethereum. Additionally, users can stake their SHIB tokens on ShibaSwap, providing crucial support for the overall Shiba Inu ecosystem.
The integration of ShibaSwap with Shibarium is expected to fuel a rise in network transactions. This, in turn, could accelerate the rate of SHIB token burning. According to data from Shibburn, the burn rate for SHIB skyrocketed by 306% within a 24-hour period ending at 11:57 p.m. ET on Wednesday.
SHIB, the native token of the Shiba Inu ecosystem, is poised to benefit considerably from this development. Increased staking opportunities with associated rewards are expected to drive demand for SHIB, potentially creating a positive feedback loop that fuels token burning and potentially increases its value.Data from CoinMarketCap indicates a near 10% surge in SHIB’s price, currently sitting at $0.00002518 with a corresponding 24.85% increase in trading volume. The market capitalization of the meme coin now stands at $14.84 billion.
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