Shiba Inu’s popular decentralized exchange, ShibaSwap, intends to improve its trading functions by incorporating Shibarium, the platform’s Layer-2 network. Today, Lucie, the Marketing Head of SHIB Token, announced that ShibaSwap would coexist on the Ethereum and Shibarium networks concurrently. This statement settled any rumors of the digital currency exchange completely liquidating Ethereum.
The migration process allows for the direct exchange of cryptocurrencies between different tokens within the Shiba Inu ecosystem inside Shibarium, such as Bone, Shiba, Leash, and future tokens TREAT and SHI. This is in line with a recent statement by Shytoshi Kusama, the head developer of Shiba Inu, who informed everyone that he has a planned hard fork for the Shibarium network on May 2, 2024. This modification aims to improve network stability and fee predictability during extended periods of activity.
The migration from ShibaSwap to Shibarium is a transformation process that also serves as a dual-purpose strategy for the company. There may be different functionalities available between ShibaSwap on Shibariun and the planned ShibaSwap 2.0, where the latter focuses on becoming a comprehensive crypto center with real-time blockchain information, financial intelligence study materials, and advanced trading tools.
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Shibarium’s implementation of the decentralized exchange will allow it to have better security measures in place and more flexibility to cater to the various tokens involved. Additionally, Layer 1 conducts regular token deployment and administration.
Still, the introduction of low-level Layer 2 solutions such as Shibarium can significantly increase network throughput and stability. For example, BONE from Shibarium enables Shibarium’s gas fee system on Layer-2, whereas it offers yield farming capabilities on the Ethereum L1 version of ShibaSwap.
Despite significant progress, there is still ongoing work to transition to Shibarium and fully implement the ShibaSwap decentralized exchange on its Layer 2 platform. The extended version will be due in a few months. Additionally, the anticipation of TREAT tokens in the upcoming sessions has led to the emergence of fraudulent tokens with similar names, which have circulated on the decentralized platforms, thereby putting innocent investors at risk.
The shift to a new platform demonstrates Shiba Inu’s pledge to continuous improvement and a technologically advanced blockchain. The development team is not only looking forward to their Layer-2 implementation update but also to a Layer-3 network that utilizes Fully Homomorphic Encryption (FHE).
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This advancement positions Shiba Inu at the forefront of blockchain technology, which is vital for facilitating the mainstream adoption of these trading platforms and bolstering the overall progress of cryptocurrencies. They provide the enhanced speed, security, and efficiency of trading experiences that are necessary to accommodate the growing user base.
