- MARSWAP exchange now dominates over 50% of Shibarium L2 TVL.
- Builders reveal a new swap feature, broadening the utility of alt tokens.
- Main token SHIB holds support, but slides below Uniswap’s native $UNI.
The popular canine coin Shiba Inu (SHIB) is making a presence in the world of DeFi (decentralized finance). Releasing the Shibarium Layer-2 scaling solution in August 2023, SHIB token developers started a gradual transition into a self-sufficient and decentralized system.
As developers have been invited to build on Shibarium after the network’s public relaunch, Shiba Inu’s artificial intelligence partner Bad Idea AI (BAD) was employed to examine the upcoming projects on the L2 blockchain network.
While decentralized exchanges are the go-to for developers on Shibarium L2, one particular DEX scorched past the competitors by claiming a majority of total value locked (TVL). Indeed, MARSWAP is currently taking up the lion’s share of the Shibarium TVL cake with 50.97% of all locked value on the network.
According to the DeFi data analytics platform DefiLlama, the MARSWAP decentralized exchange now hosts $346,606 in total value locked, while the overall TVL on Shibarium L2 stands at $680,071. MARSWAP’s dominant stance is strengthened by several unprecedented features on the platform, including the recently added swapping pairs between SHIB, BONE & LEASH.
Buying Shiba Inu’s BONE With Fiat Methods Made Easy
The latest innovation by MARSWAP protocol developers tackles a few important issues that the SHIB Army has stumbled upon before. Namely, the fact that Bone ShibaSwap (BONE) is not listed on many major crypto exchanges makes it difficult to buy.
In order to make Shibarium’s gas fee token more accessible, MARSWAP developers implemented a fiat payment solution that enables users to buy $BONE directly on Shibarium. While the on-ramp feature allows buying $BONE with traditional means like a bank account or credit card, the off-ramp solution equally enables the trader to sell the token without a middleman and at the holder’s own convenience.
Two weeks ago, MARSWAP developers demonstrated the ability to buy Bone ShibaSwap (BONE) with a credit card and sell it back to a regular PayPal account. In the true spirit of decentralization, this newly tailored feature for Shibarium L2 is available without needing to undergo KYC procedures.
Today, the diligent deployers of MARSWAP pleasantly surprised the SHIB Army again. For the first time, Shiba Inu ecosystem tokens Doge Killer (LEASH) and Bone ShibaSwap (BONE) are available for swapping on MARSWAP. On top of that, the devs at MARSWAP committed to burning 2% on every transaction and contributing towards retaining the long-term value of the canine coin SHIB, as well as other key products in the Shiba Inu Ecosystem.
On The Flipside
- Despite finding new use cases and reaching a broader audience, $BONE dipped to its yearly lows.
- Bone ShibaSwap (BONE) plummeted by 25% in the last 30 days and hovers just above $0.60 support.
Why This Matters
Shiba Inu’s decentralization push comes at a time when the public trust in centralized exchanges is approaching its all-time low. The expanding offering of decentralized products gives crypto enthusiasts a fair selection of both hot & cold cryptocurrency storage solutions.
Read DailyCoin’s trending cryptocurrency news:
KyberSwap Attacker Taunts Protocol With Step-By-Step Guide
Presidential Pardon: Should We Forgive the SEC this Thanksgiving?