ShibaDEX, the first cross-chain exchange for Shiba Inu, may boost SHIB adoption

Read CoinChapter.com on Google News

YEREVAN (CoinChapter.com) – Popular meme cryptocurrency Shiba Inu (SHIB) has joined the list of altcoins with a decentralized cross-chain exchange (DEX).

In a move that could give a boost to the token’s adoption, blockchain protocol Komodo announced the launch of ShibaDEX, a Shiba Inu-centric DEX that allows users to trade Shiba Inu’s native token SHIB across different blockchains. 

According to the official announcement, AtomicDEX will power the newly-launched ShibaDex. AtomicDEX is a non-custodial cryptocurrency wallet and decentralized exchange rolled into one application,

Besides SHIB (ERC-20 and BEP-20 versions), users can store and trade other tokens of the Shiba Inu ecosystem. This includes both Doge Killer LEASH as well as Bone ShibaSwap BONE. Subscribers can use their ShibaDEX wallet to exchange SHIB with BTC, ETH, BNB, MATIC, natively across their respective blockchains.

Komodo confirmed the news of its latest release on Twitter. Interestingly, the company has adopted the slogan “A Home for All Shibas” for the ShibaDEX.

“ShibaDEX is a bridge that links together all the Shiba Inu community tokens and top meme coins. It’s also a bridge that links Shiba Inu to blockchain communities outside of the Shiba Inu sphere in the wider crypto metaverse. Our goal with this project is to show that cross-community collaboration is both fun and mutually beneficial,” 

ShibaDEX Co-Founder and Komodo CTO Kadan Stadelmann said. 

Unlike traditional Automated Market Maker (AMM) DEXs, such as Uniswap, ShibaDEX uses a peer-to-peer technology called atomic swaps.

This helps eliminate the need for centralized liquidity pools to fill orders, making the process much safer. Automated market makers (AMM) DEXs come with inherent risks such as impermanent loss for liquidity providers and rug pulls. 

SHIB spike ahead?

Shiba Inu (SHIB) turned heads and dropped many a jaw when its price soared more than 44,600,000% during the past year. However, investors expect it to grow even further in 2022.

Recommended: SHIB And Dogecoin Make Inroads As US-Based Logistic Company Adopts Coins

Dubbed as Dogecoin (DOGE) killer, SHIB has established a utility value in various fields. Holders can now shop for groceries in WholeFoods using the meme token or can buy stationery and office accessories from the giant, Office Depot. Pet stores like PetCo have also adopted SHIB, while cinema giant AMC Theatres announced they will accept payments in the popular altcoin. 

SHIB also remains a whale favorite. Days back, a Shiba Inu Whale increased their holdings after buying 200 billion SHIB tokens for $4.9 million. Such massive purchases indicate that investors are still bullish on the popular meme token. 

After facing strong corrections in the Bear Market, SHIB has now recovered on the weekly charts. According to data available on CoinMarketCap, the price of the Shiba Inu token sits at $0.0000269. This is around 30% higher than the token’s price last week. 

With ShibaDEX now a reality, we can expect to see an increase in the number of wallets holding the meme cryptocurrency.

Please leave this field empty

Subscribe Today
for our Weekly Newsletter

Email Address *

Free Weekly Crypto News without the spam.

Check your inbox or spam folder to confirm your subscription.