In an announcement made on May 1st using the X (formally Twitter) social network, Shiba Inu marketing lead Lucie announced plans that would see ShibaSwap, a decentralized cryptocurrency exchange (DEX) which is currently on the Ethereum blockchain, expand to a new chain. This new development could significantly transform the Shibarium ecosystem, potentially fueling a price leap for Shiba Inu’s native token, SHIB and Shibarium’s BONE. With the integration, Shibaswap would operate on both the Ethereum (ETH) and Shibarium networks.
Since its launch in 2021, ShibaSwap has been functioning on the Ethereum blockchain as a DEX. It offered services like staking, liquidity pools, and yield farming. According to DeFiLlama data, ShibaSwap has handled trades worth more than $17 billion as of this writing. In the last 24 hours, the trading volume more than doubled to $2.55 million. Shibarium was due for a hard fork on the 2nd of May, in a bid to make the network faster and more cost-effective. The improved network performance could provide just the right ecosystem for ShibaSwap to grow even further.
ShibaSwap Is Going Multi-Chain
According to a new edition of The Shib Magazine, the integration of ShibaSwap on two prominent chains will represent a significant milestone for the entire Shiba Inu ecosystem. ShibaSwap will be “enhancing rather than replacing its foundational Ethereum connections.” The decentralized exchange had initially operated solely on the Ethereum blockchain, however with the upcoming transition, ShibaSwap will be accessible on both chains, potentially improving its overall functionality and drastically reducing gas fees.
The new integration will also give ShibaSwap the ability to overcome limitations of a single blockchain, ensuring a seamless and more reliable trading experience for its growing community. On top of that, the expansion into Shibarium’s L2 network will have immense benefits on Shibarium’s native token, $BONE.
Maximus, a seasoned moderator at Shiba Inu’s Tech disclosed that ShibaSwap’s integration into Shibarium will potentially reduce the overall supply of BONE, which currently totals more than 249.9 million, with a circulating supply of 229.9 million. He further clarified how the planned transition will supposedly decrease BONE supply, explaining that “both builders and users will need some BONE to use Shibarium while projects will acquire BONE to add liquidity for their tokens, and lock this liquidity, or even burn the liquidity tokens, locking BONE forever.” This reduction in token supply is expected to improve the value of BONE, and possibly SHIB over time.
SHIB Token Set For New Gains
Following the completion of the Shibarium hard fork on April 29, the price of SHIB saw significant gains, surging by approximately 7.74% in the past 24 hours. The cryptocurrency is currently trading at $0.000024, according to CoinMarketCap.
The announcement of ShibaSwap’s upcoming expansion into Shibarium alongside the conclusion of Shibarium’s upgrade could potentially drive new adoption and interest into the Shiba Inu ecosystem. This could then fuel a price increase for SHIB, enabling the popular cryptocurrency to reach new highs. While speaking to The Shib Magazine, Maximus disclosed that he expects a significant increase in the volume of BONE, as the transition is a change that most community members have been excited for. He revealed that Shiba Inu ecosystem tokens could potentially see a price increase, concluding that a favorable price action will benefit the community and the ecosystem in the long run.