In an important development for the Shiba Inu community, the long-awaited upgrades to ShibaSwap 2.0 were showcased in new details, and NFT marketplace Pawzaar announced a new approach to SHIB burning that aims to link tokens from Shibarium to Ethereum. Here’s the latest Shiba Inu news.
New features for ShibaSwap 2.0
The Shiba Inu ecosystem is filled with anticipation as marketing lead Lucy has hinted at innovative features for the upcoming release of ShibaSwap 2.0. in statement Catching the attention of cryptocurrency enthusiasts, Lucy said:
Shibaswap 2.0 is more than just a regular DEX; It’s a complete portal experience. As for why it cannot be produced like other DEX platforms in a week, it involves complex development and features. In addition, the Shiba Name Service is one of our leading features. Next week another feature is coming. #Shibarium × Bone × Sheep
Expected to revolutionize the decentralized exchange scene, ShibaSwap 2.0 is still under development, though the exact launch date is still shrouded in secrecy. Despite speculative signs of an October release (which turned out to be false), the team’s strategic silence on the official date underscores their cautious approach to community expectations.
Former Lucy comments In April, it was highlighted that ShibaSwap 2.0 would not only facilitate token exchanges, but would also act as a cryptocurrency gateway – a one-stop platform offering news, statistics, charts and trends. In addition to the information portal, the DEX platform will boast new designs that have not yet been revealed. This level of development indicates a quantum leap aimed at enhancing user engagement and providing value-added services within the Shiba Inu ecosystem.
Pawzaar applies a new approach to SHIB burning
Moving on to the discussion of SHIB burning, Pawzaar, a thriving NFT platform on Shibarium, Announce Major operational upgrade today:
We have finished upgrading our platform! All SHIB burns now go to the wallet that will link tokens from Shibarium to Ethereum. As Lucy directed, we have complied with the Ethereum burn request. We’ll start adding groups to the platform!
The platform is in line with Lucy’s guidance, ensuring that burns contribute to reducing the total SHIB supply on the Ethereum Layer 1 network. This clarification came after the inaugural SHIB burn of the Shib CoOp on Shibarium sparked heated debate, focusing on the need for a protocol that precisely impacts SHIB supply. Shibburn, a community-led burn tracker, explained the technicalities, “If you burn a token like SHIB on the L2 chain, you’re not actually burning the original token on the L1 chain.”
Lucy also explained the burn process across both layers, emphasizing that the burn must occur on the Ethereum network to truly impact the supply of the native SHIB token. She explained that Shibarium projects that want to burn tokens must ensure that the SHIB is returned to the Ethereum network and then sent to the dead wallet.
Pawzaar’s implementation of this directive is the first of its kind at Shibarium and demonstrates their commitment to community consensus on symbolic burns. Interestingly, the NFT platform was only launched on October 24 and witnessed a massive influx of users thanks to the SHIB Dreams group. The high demand was too much for the node provider and prompted the Pawzaar team to stop minting new NFTs for a while.
Recently, Baozar too Announce: “We will be adding collections and providing details about the upcoming PAWPASS. Expect announcements about some upcoming partnerships and PAW (PAWZONE) tools on the platform. Keep building Shibarium NFT Generators and support SHIB Burns collectors! The fun is about to begin.”
At press time, the Shiba Inu is trading at $0.000008, just above its 20-week EMA (at $0.00000798).
Featured image from Shutterstock, chart from TradingView.com