On June 4, Shibariumscan data spotted a 3,436% increase in new account users on the Shibarium network. The Shiba Inu’s layer 2 blockchain platform saw a boost in user engagement, with newly created accounts rising at full speed. Following concerns about declining activity on Shibarium, this recent data indicates a trend reversal.
Meanwhile, the network’s transaction volume soared by 80% from 4,751 to 8,527 transactions, while active accounts grew by 1,243 within the same period. This significant spike in activity was reportedly linked to the recent 5% rise in SHIB, its meme-inspired cryptocurrency price, with bulls crazily anticipating the coveted $0.001 price point.
Increased network activity usually precedes price movements of associated tokens. However, Shibarium’s price rise appears to have triggered a surge in user engagement and transactions.
Shibaswap Migrates to Shibarium: Enhancing DeFi Capabilities and Token Interactions
The SHIB development team recently announced the move of Shibaswap’s decentralized exchange (DEX) to the Shibarium blockchain. Shytoshi Kusama, the team’s lead developer, revealed that users can now access the Shibaswap trading platform on the Ethereum and Shibarium networks.
“The new Shibaswap empowers [decentralized finance] 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.” Kusama stated.
Shibaswap, which caters to SHIB tokens, now operates on Shibarium, a layer two (L2) network utilizing a custom consensus algorithm known as proof-of-participation (PoP). Specifically, this algorithm validates transactions and adds new blocks to the blockchain. Alongside the native token SHIB, Shibaswap and Shibarium support other tokens. This includes the governance token BONE, the rebase token LEASH, the stablecoin SHI, and the reward token TREAT.
Shibaswap now includes features like a new dashboard and improved deposits, staking, liquidity addition, and withdrawal processes.
“Finally, rest assured, this new UX is still an early Shibaswap version, with more updates in the pipeline for the product,” Kusama added.
Moreover, the development team emphasized the advantages of using Shibaswap on Shibarium. They also noted that some transaction fees would be allocated to enhance the value of liquidity provider (LP) tokens involved in swaps. The SHIB team believes this strategy will increase the value of LP tokens, benefiting the entire yield farming community.
Besides, Kusama urged community members to explore the new swap while encouraging current Shibarium tokens to transition to Shibaswap.
