- Shiba Inu’s decentralized exchange, ShibaSwap, is migrating to Shibarium.
- A full version with crypto research tools will follow the 1.75 version.
- Shibarium L2 expects a key chain upgrade at the beginning of May 2024.
Shiba Inu’s (SHIB) ShibaSwap decentralized crypto exchange is migrating to Shibarium. Lucie, the Marketing Lead of SHIB Token, announced the news today and assured us that, contrary to popular belief, ShibaSwap will continue to run on Ethereum (ETH) simultaneously.
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The migration opens the doors for crypto traders to swap between Shiba Inu Ecosystem coins directly on Shibarium L2, including Bone ShibaSwap (BONE), Shiba Inu (SHIB), Doge Killer (LEASH), and the upcoming TREAT and SHI tokens.
These developments come seven days after Shiba Inu’s lead developer, Shytoshi Kusama, disclosed plans to hard fork Shibarium’s Layer-2 network. Slated for May 2, 2024, this hard fork on Shiba Inu’s blockchain is set to enhance Shibarium’s network stability during high traffic demand, thus making the gas fees more predictable.
ShibaSwap’s Bi-Fold Vision Explained
Bringing ShibaSwap’s main features to Shibarium adds another layer of security to the decentralized exchange. According to Kusama’s cryptic message last week, the initial ShibaSwap DEX version on Shibarium will likely differ from ShibaSwap 2.0, which is envisioned as a crypto hub with real-time on-chain data, financial literacy education, and trading tools.
Besides security, Shibarium support adds new interoperability for all involved tokens. On-chain building services like token deployment and management usually occur on Layer-1, while Layer-2s and Layer-3s have an edge in speed and network stability. For example, Shibarium’s BONE empowers Shibarium’s gas fee system on Layer-2 while providing yield farming on ShibaSwap’s Ethereum L1 version.
On the Flipside
- The migration is still in development, while the full version of ShibaSwap DEX on Shibarium L2 is expected to be released later this year.
- While the TREAT token has yet to be released, many counterfeit tokens exploiting TREAT’s name have emerged on decentralized platforms.
Why This Matters
Shiba Inu’s developer team is pioneering several innovations in blockchain technology, including an upcoming Layer-3 network with a Fully Homomorphic Encryption (FHE).
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