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- Shiba Inu has recently launched its ShibaDEX asserting it to be better than other DEXs.
- ShibaDEX would operate on atomic swap technology and is powered by AtomicDEX.
- It is to see if the introduction of Shiba Inu’s first cross-chain DEX would help the token’s performance.
The fact that the year 2022 would bring massive changes to the crypto industry was long assumed by crypto experts and enthusiasts. And it somewhat proved true. For instance, the Russia Ukraine war brought significant changes globally for the asset class.
Lighthearted meme coins like Shiba Inu (SHIB) have seen a downfall lately. But the recent surge in the overall market has somewhat gained the folks’ confidence. It had a significant impact on Shiba Inu also.
At the time of writing, this considerable meme currency is trading at $0.00002766 with a market cap of $15,185,538,749. However, the current price is still far below its All-Time High, which it witnessed in October 2021 when it hit $0.00008845.
What’s Up With Shiba Inu Recently?
The token has recently launched its ShibaDEX with a vow to open up a whole SHIB Ecosystem for the community. And it would be interesting to see if the token can restore the Investors’ confidence in itself.
According to its website, their motto is a home for all Shibas. And that the ShibaDEX supports not only SHIB but also the vast and vibrant Shiba token ecosystem. Store and trade your BONE, LEASH and more in one place.
This first cross-chain DEX by Shiba Inu is backed by AtomicDEX, built atop the Komodo protocol. And via this, it asserts to have vast cross-chain support covering a majority of crypto assets.
According to a Press Release, Co-Founder of ShibaDEX and Komodo CTO Kadan Stadelmann highlighted that ShibaDEX is a bridge that links all the community tokens of Shiba Inu and top meme coins. ShibaDEX will act as a bridge between Shiba Inu and external blockchains to facilitate the cross-community partnership.
And because it would operate on an atomic swap technology, this ShibaDEX provides some merits over the traditional Automated Market Maker (AMM) DEXs. The one using the latter technology, like Uniswap, depends upon the centralised liquidity pools to fill orders that rely on liquidity providers. This whole process is a bit risky as the possibility of impermanent loss and rug pulls hovers around.
Whereas in atomic swaps, they enable peer-to-peer token exchange with a smart contract looking after the operation. And this is a feature that makes them more Decentralised, and being peer-to-peer, there is no requirement of an intermediary.
ShibaDEX is expected to benefit from all the upgrades of the AtomicDEX protocol. And upgrade not only in respect to security and efficiency but also in the availability of tokens to swap.
If we talk about the tokens traded, AtomicDEX recently added new assets, including GALA, PRCY, etc. Earlier, Shiba Inu token holders could swap their SHIB with BTC, BNB, ETH, MATIC, etc.
The team has also recently unveiled details about its much anticipated SHIB: The Metaverse. The crypto industry and the related concepts are continuously growing by leaps and bounds. It is to look forward to how the overall crypto market performs in the coming days. And how this introduction of a DEX by Shiba Inu and its Metaverse would help in the token’s performance.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
