While it looks like Shiba Inu (SHIB) has retreated from the headlines, the meme currency and its community are making significant steps. Blockchain protocol Komodo has recently introduced a Shiba Inu-centric decentralised exchange (DEX) that enables users to swap Shiba Inu’s SHIB tokens for cryptos released on multiple blockchains. Called ShibaDEX, the cross-chain exchange pioneers the AtomicDEX technology.
Shiba Inu introduces a new cross-chain DEX.
The Komodo team noted that ShibaDEX is distinct from existing decentralised exchanges and cross-chain bridges in the cryptoverse. ShibaDEX is blockchain agnostic by utilising Komodo’s AtomicDEX API. This implies that the protocol does not depend on a single blockchain such as Ethereum or Binance Smart Chain.
ShibaDEX also deals with the security and centralisation issues of automated market maker (AMM) DEXs. Users would run the risk of impermanent loss and rug-pulls when involved in a centralised liquidity pool, but now they can make transactions on a wallet-to-wallet basis through decentralised order books.
Kadan Stadelmann, Komodo’s CTO and DEX’s co-founder, emphasised ShibaDEX as a bridge connecting all the Shiba Inu community tokens and top meme cryptocurrencies. He went on to add that ShibaDEX links Shiba Inu to blockchain groups beyond the Shiba Inu sphere and into the larger crypto space.
ShibaDEX: the first cross-chain DEX for SHIB. Source: Komodoplatform.com
The non-custodial ShibaDEX wallet enables users to store and exchange LEASH, BONE, SHIB (both the ERC20 and BEP20 versions) and other cryptocurrencies. It is also possible to trade SHIB with BTC, BNB, ETH, MATIC, and other digital assets natively on their respective blockchains.
As the second decentralised exchange within the Shiba Inu ecosystem (the first one is ShibaSwap), ShibaDEX was launched months after Komodo announced its plan to integrate numerous blockchain protocols, including Polygon, Avalanche, and Harmony, into its AtomicDEX system.
SHIB pricing witnesses a significant upswing.
The price of SHIB has been climbing along with the rest of the crypto market. SHIB has gained roughly 2.56% of its value on the day, presently trading at $0.000027. But the crypto asset price has been up 15.8% over the previous 7 days.
In addition to other optimistic signs such as the Shiba Inu metaverse’s takeoff, ongoing whale purchases, and greater token burn, market participants expect SHIB’s price to regain momentum.
In the short term, the technical analysis by FXStreet forecasts SHIB to see an explosive surge to $0.00005. Meanwhile, an automatic analysis by Wallet Investor anticipates a $0.0000539 SHIB price in the next year.