Shiba Inu marketing lead, Lucie has announced plans that would see ShibaSwap, a Decentralized Exchange (DEX) on the Ethereum blockchain expanding 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.

ShibaSwap Is Going Multi-Chain

While the Shiba Inu ecosystem is still celebrating the completion of the Shibarium hardfork, Lucie has dropped a new mega development, announcing that ShibaSwap will be going multichain, operating on both the Ethereum network and the Shibarium Layer 2 network.

According to a new edition of The Shib Magazine, the integration of ShibaSwap on two prominent chains will represent a significant milestone for the Shiba Inu ecosystem, as 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.

This new integration will also enable ShibaSwap to overcome the limitations of a single blockchain network, ensuring a seamless and more reliable trading experience for its growing community. Additionally, the expansion into Shibarium’s L2 network will have immense benefits on Shibarium’s ecosystem token, BONE.

Maximus, a seasoned moderator at Shiba Inu’s Tech disclosed that ShibaSwap’s integration into Shibarium will potentially reduce BONE’s substantial supply, totaling more than 249.9 million, with a circulating supply of 229.9 million.

He further clarified how the planned transition will supposedly decrease BONE’s 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 the token’s supply is expected to improve the value of BONE, and possibly SHIB over time.

Shiba Inu Token Set For New Gains

Following the completion of Shibarium’s hard fork on April 29, the price of SHIB witnessed significant gains, surging by approximately 3.78% in the past 24 hours. The cryptocurrency is currently trading at $0.000022, according to CoinMarketCap.

The announcement of ShibaSwap’s upcoming expansion into the Shibarium network alongside the conclusion of Shibarium’s upgrade could potentially drive new adoption and interest into the Shiba Inu ecosystem. This in turn could fuel a price increase for SHIB, enabling the popular meme coin to soar to new highs.

While speaking to The Shib Magazine, Maximus disclosed that he expects a significant increase in volume in BONE, as the transition is a change that most community members have been excited for. He revealed that Shiba Inu ecosystem tokens could potentially experience a price increase, concluding that a favorable price action will benefit the community and the ecosystem in the long run.

Shiba Inu price chart from Tradingview.com

SHIB price at $0.000023 | Source: SHIBUSDT on Tradingview.com

Featured image from Crypto News Flash, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *