ShibaSwap, the decentralized exchange (DEX) aligned with the Shiba Inu ecosystem, has rolled out a major upgrade and moved away from Ethereum to the Shibarium blockchain. 

According to a recent press release, the move will offer a “variety of new decentralized exchange and decentralized app (DApp) utilities” for users.

The press release detailed new features including a new dashboard, improved user experience, discovery charts “for new and trending tokens,” and the onboarding process of news tokens on the DEX. 

Source: Shytoshi Kusama

Shiba Inu (SHIB) lead developer, Shytoshi Kusama commented on the upgrade, stating:

The new ShibaSwap empowers DEFI innovators looking for the next hit on Shibarium to find, swap, and interact with community tokens in an entirely new way! It is the redesigned beating heart of a freshly forked Shibarium, where community tokens can flourish. We invite the community to try our new swap and invite current Shibarium tokens to port over to our swap with ease. Finally, rest assured, this new UX is still an early ShibaSwap version, with more updates in the pipeline for the product.

The upgrade will utilize “part of the transaction fees portion” to improve the value of liquidity pools (LPs) in swap transactions. This will result in increased LP token value for users and benefiting the yield farmer community, according to the press release.

Relate: Over 1 million new crypto tokens have been launched since April

Fellow pseudonymous SHIB developer and contributor Kaal posted on X explaining that this upgrade rollout will be “focused on discovery” and that more “updates and upgrades” should be expected. 

Source: Kaal

According to the press release, this upgrade is focused on minimizing gas fees and fast transactions. 

Shibarium also supports the other growing segments of the Shiba Inu Ecosystem, including the $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, the ShibaSwap DEX, and the Shiba Eternity game.

The layer 2 (L2) Shibarium mainnet went live in August 2023 — featuring the creation of 21 million wallets, and was trialed by millions of users. The debut introduced a new consensus mechanism dubbed proof-of-participation (PoP) that works by selecting validators based upon their holdings of the associated cryptocurrency.

At the time of writing SHIB price was $0.0002548 — up almost 7% in the last 24 hours and holds the 11th largest market cap, according to CoinMarketCap.