Shiba

Ethereum

2024

Shiba Inu

Shiba Inu (SHIB) fans are buzzing today because ShibaSwap, the decentralized exchange tied to the SHIB cryptocurrency, just revealed its expansion to the Shibarium blockchain, an Ethereum layer 2 solution developed by the SHIB token team.
The developers behind this move stressed that using Shibarium for transactions more will lead to a faster burn rate for SHIB tokens, ultimately reducing its circulating supply.
ShibaSwap, now on Shibarium, lets users set up new liquidity pools (LPs), allowing investors to swap tokens and get a cut of transaction fees by providing liquidity. According to <a href="https://defillama.com/protocol/shibaswap#information" target="_blank" rel="noopener noreferrer nofollow">data</a>, ShibaSwap had over $25 million worth of locked tokens as of Thursday, with $1.7 million in trading volume over the past 24 hours.
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 ShibaSwap harnesses Shibarium's scalability and cost-efficiency alongside Ethereum's proven security and robustness. This will allow users to optimize their trading strategies and manage liquidity like never before by making the most of both blockchains. We’ve also simplified… <a href="https://t.co/hSuepqjYn5" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/hSuepqjYn5</a>— Shib (@Shibtoken) <a href="https://twitter.com/Shibtoken/status/1790792323288178908?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 15, 2024</a>
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They stated, “The more transactions will run on Shibarium blockchain, the more the protocol will burn base gas fees which will impact the overall burn rate of $SHIB.”
Burns involve permanently removing tokens from circulating supply by sending them to an address that no one controls. Every swap and stake on ShibaSwap contributes to the ecosystem’s growth, as increased trading volumes result in higher fees for stakers and LP providers.
The integration of ShibaSwap with Shibarium offers exciting prospects for SHIB token holders. With increased transaction volume, the burn rate accelerates, potentially reducing circulating supply. However, does this expansion adequately address scalability concerns and ensure the network’s sustainability amidst growing demand?
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/05/08/shytoshis-gif-triggers-speculation-among-shib-enthusiasts/" target="_blank" rel="noopener noreferrer nofollow">Shytoshi’s Cryptic GIF Triggers Speculation Among Shiba Inu Enthusiasts</a>
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Shiba Inu Expands to Shibarium Ecosystem

The Crypto Times

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