Shiba Inu’s ShibaSwap Receives Support by This Leading DeFi Platform

TL;DR

• DexTools has added support for ShibaSwap, providing advanced DeFi analytics for the SHIB community.
• The decentralized exchange allows users to trade, stake, and farm cryptocurrencies, particularly those 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 – added support for Shiba Inu’s ShibaSwap. According to the announcement on X, the development unlocks “advanced DeFi analytics” for the SHIB Army.

WOOF! @DEXToolsApp now supports #ShibaSwap. Unlock advanced #DeFi analytics for the #SHIBARMY pic.twitter.com/E25mHS6tzS

— ShibaSwapDEX (@ShibaSwapDEX) June 11, 2024

ShibaSwap is a decentralized exchange part of the Shiba Inu ecosystem. It enables users to trade cryptocurrencies, particularly 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 redesigned beating heart of a freshly forked Shibarium, where community tokens can flourish. This new UX is still an early Shibaswap version, with more updates in the pipeline for the product,” Shiba Inu Lead Developer Shytoshi Kusama said at the time.

How is Shibarium Doing?

The L2 blockchain solution made the headlines numerous times since its official launch in August last year due to blasting through countless milestones. At the end of May, the number of total blocks processed on the network surpassed the five million level, while prior to that total transactions exceeded 400 million.

Shibarium’s main role is to enhance the functionality and scalability of Shiba Inu’s ecosystem. It aims to reduce transaction fees, improve speed, and provide infrastructure for decentralized applications on the network. Those willing to learn more about the protocol, feel free to take a look at our dedicated video below: