It is a decentralized exchange platform that is operated via Ethereum. The new DEX has managed to generate a total value locked or TVL of more than $1.5 billion in a matter of two days. ShibaSwap is a yield farming project at the core where users can stake their tokens and generate rewards.
The project is headed by a pseudonymous administrator named Shytoshi Kusama. Talking to journalists from Medium, he claimed that two tokens, $SHIB and $LEASH, could be staked on the canine swap and generate $BONE. It is the native token of Shibaswap. The data projections on the swap indicate that the TVL has gone down from $1.54 billion to $1.5 billion at press time.
It should be noted that the main force behind ShibaSwap is Shiba Inu token project. $SHIBA is considered to be one of the most popular meme cryptocurrencies in the industry for now. When Dogecoin got traction, many other meme crypto projects also popped out from every nook and cranny. The introduction of ShibaSwap also unleashed a flood of investors coming to stake their tokens.
This, in turn, increased the transaction volume drastically and contributed to increasing the gas fees for Ethereum. The data on the dedicated ETH aggregator Etherscan indicates that about 1 billion worth of virtual assets were moved from the ecosystem for a small fee of $0.60.
Shiba Inu Continues to Grow to Defy All Odds
There are plenty of meme crypto projects and DEX platforms built on Ethereum that bite the dust within a small amount of time. However, after one year after its launch, the Shiba Inu coin continues to soar forward. Traders are showing more interest in the new Swap as the DeFi space keeps growing and increasing in value. The event is not coincident. Ethereum co-founder Vitalik Buterin burned $6.7 million worth of Shiba Tokens in May. At the time, Buterin also came under fire from the investors for dumping heaps of $SHIBA and driving down the price value by 40%. However, he received the tokens as a gift and went on to donate the proceeds from charity to the COVID-19 relief fund in India.
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