The ‘ShibaDEX’ by Komodo and Shiba Inu Trades

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SHIB may have faded from the public eye, but meme currency and its supporters are still making progress. SHIB tokens may now be traded on the Komodo decentralized exchange (DEX) for other crypto tokens published on other chains. AtomicDEX, the technology behind ShibaDEX, has been pioneered by the cross-chain exchange. So, what would be the best time to buy Shiba Inu than now?

Shiba Inu introduced a new cross-chain DEX

ShibaDEX is separate from other decentralized exchanges and cross-chain bridges already in existence in the cryptoverse, according to the Komodo team. ShibaDEX is independent of any particular blockchain, since it uses Komodo’s AtomicDEX API. For example, a blockchain like Ethereum or Binance Smart Chain is not required for the protocol.

Automated market maker (AMM) DEX security and centralization are also dealt with by ShibaDEX. In a centralized liquidity pool, users would be in danger of temporary loss and rug-pulls, but now they may perform wallet-to-wallet transactions using decentralized order books.

ShibaDEX is a connection between the Shiba Inu community tokens and the most popular meme cryptocurrencies, according to Kadan Stadelmann, Komodo’s CTO and ShibaDEX’s co-founder. That’s not all, he said, pointing out that ShibaDEX ties Shiba Inu to other blockchain organizations outside of Shiba Inu.

ShibaDEX is the first DEX for SHIB that crosses chains. Information obtained from Komodoplatform.com

SHIB, LEASH, BONE, and other cryptocurrencies may be stored in the ShibaDEX wallet, which is noncustodial. Other digital currencies like BTC and ETH may also be natively traded on the SHIB blockchain.

ShibaDEX, the Shiba Inu ecosystem’s second decentralized exchange (after ShibaSwap), was released months after Komodo revealed its intention to merge multiple blockchain algorithms, notably Harmony, Polygon, and Avalanche, into its AtomicDEX platform.

Benefits of the Shiba Inu DEX from Komodo’s

Blockchain networks and liquidity pools enable worldwide users to make some extra money with one other without needing authorization on DEXs, unlike on controlled exchanges. A “rug pull” is a rogue developer depleting a liquidity pool in a “deadlock,” although DEXs have certain inherent hazards.

Atomic swaps, according to ShibaDEX, are the solution to such issues. Atomic swaps are two blockchains exchanging cryptocurrency. There is no third-party participation in the transaction between the two parties. The idea is to remove any centralized middlemen, like regulated exchanges, and give token holders full control. ShibaDEX uses decentralized order books instead of a centralized liquidity pool to trade users’ money rather than add or delete funds.

The ShibaDEX platform’s user interface (UI) is intuitive and straightforward. On Komodo’s website, the program may be downloaded.

The SHIB market is seeing a considerable price increase.

SHIB’s price has risen with the remainder of the crypto market’s value. SHIB is now trading at a value of $0.000027, having gained 2.56 percent in value over the day. However, the price of crypto assets has risen by 15.8% in the last seven days.

Market participants predict SHIB’s price to recover momentum and other positive signals, like the Shiba Inu metaverse’s launch, continuous whale buying, and increasing token burn.

SHIB is expected to soar to $0.00005 shortly, according to the technical analysis provided by FXStreet. On the other hand, Wallet Investor predicts a SHIB price of $0.0000539 in the following year.

Key Takeaways

  • Users may now trade SHIB tokens for other cryptocurrencies on Komodo’s Shiba Inu-centric decentralized exchange (DEX).
  • Instead of using a single network like Ethereum or Binance Smart Chain, the cross-chain exchange is ShibaDEX and operates on AtomicDEX. In this way, Shiba Inu tokens may be traded for other commodities on other networks.
  • In an email to CoinDesk, Komodo Chief Technology Officer Kadan Stadelmann said, “ShibaDEX is a bridge that ties together most of the Shiba Inu community tokens and prominent meme currencies.” Several blockchain communities are beyond the Shiba Inu, and this bridge connects Shiba Inu to them.
  • Unlike centralized exchanges, DEXs employ consensus protocol and liquidity pools to allow worldwide users to swap cryptocurrencies without authorization.
  • A “rug pull” by unscrupulous developers or temporary losses on DEXs are two hazards that come with the territory.
  • ShibaDEX promises to employ atomic swaps to solve these problems. Instead of adding or deleting cash from a single liquidity pool, ShibaDEX traders exchange their funds using decentralized order books.
  • Non-custodial ShibaDEX wallet allows users to store and exchange SHIB (ERC-20 and BEP-20 variants), LEASH, BONE, etc. Users of ShibaDEX may trade SHIB with BTC, BNB, ETH, MATIC, and several other commodities locally throughout their particular blockchains, including the Shiba token.

 

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