DeFi
Shiba Inu’s ShibaSwap receives support from this leading DeFi platform
TL;DR
- DexTools has added support for ShibaSwap, providing advanced DeFi analytics to the SHIB community.
- The decentralized exchange allows users to trade, stake, and mine cryptocurrencies, especially those that are part of the Shiba Inu ecosystem.
ShibaSwap is now live here
DexTools – a popular decentralized finance (DeFi) platform that offers a wide range of tools and resources to help users navigate the ecosystem – has added support for Shiba Inu’s ShibaSwap. According to announcement on X, the development unlocks “advanced DeFi analytics” for the SHIB army.
ShibaSwap is a decentralized exchange that is part of the Shiba Inu ecosystem. It allows users to trade cryptocurrencies including SHIB, LEASH and BONE without relying on a central authority.
Besides trading, participants can stake their tokens on ShibaSwap to earn rewards, while yield farming options are also available.
Earlier this year, the decentralized exchange migrated to the layer 2 scaling solution – Shibarium – in the form of ShibaSwap 2.0. The upgrade includes new features such as improved user processes for adding and reducing liquidity, staking, and trend analysis.
“[ShibaSwap 2.0] “is the reimagined beating heart of a freshly minted Shibarium, where community tokens can thrive. This new UX is still an early release for Shibaswap, with more updates in the works for the product,” Shiba Inu lead developer Shytoshi Kusama said at the time.
How is the Shibarium?
The L2 blockchain solution has made headlines several times since its official launch in August last year due to the achievement of countless milestones. At the end of May, the total number of blocks processed on the network exceeds the level of five million, while before that the total transactions exceeded 400 million.
The main role of Shibarium is to improve the functionality and scalability of the Shiba Inu ecosystem. It aims to reduce transaction fees, improve speed, and provide infrastructure for decentralized applications on the network. Those interested in learning more about the protocol, feel free to take a look at our dedicated video below: