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Shiba Inu Expands Utility With ShibaSwap Upgrade – Key Details

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By on Crypto News
  • ShibaSwap introduced an upgrade with improved liquidity pools, faster transactions, and a better user interface.
  • The Shiba Inu ecosystem saw a 128.22 million token burn in a week, reducing supply and increasing market optimism.

The Shiba Inu development team recently revealed a major upgrade for ShibaSwap aimed at refining the current liquidity pools (LP). Lead developers Shytoshi Kusama and Kaal Dhairya discussed the update on their timelines on X, explaining how it will change the way that liquidity is provided.

The recent updates introduced convenient tools for the management of liquidity pools: users can create, import, and migrate LPs through one interface. The upgrade of the system also enhances the processing of transactions in the backend to make them faster. Liquidity management becomes more intuitive due to the more natural interface of the program’s user-friendly design.

Key Features of the Upgrade

ShibaSwap will implement new filters and sort settings for liquidity providers in its update. With the help of pools, users can arrange their pools by Annual percentage rate (APY), Total Value Locked (TVL), transaction volumes, and emerging trends.

In the same way, real-time tracking metrics enable follow-on liquidity across the ecosystem plan. Users can track TVL throughout the platform and have access to more comprehensive trading volume statistics to better recognize the popular pools. These improvements can now be found on Shib.io, which is the official website for the Shiba Inu network.

The development team highlighted the key benefits of providing liquidity on ShibaSwap. This ensures that users are rewarded for using the ecosystem while contributing to its stability. The upgrade also allows users to manage money appropriately to provide liquidity and enhance the speed of transactions.

As of now, Shiba Inu funds its liquidity pools with a value of $2.97 million locked in 593 liquidity pools. The daily volume of these pools was $1,750 on the preceding day, and fee data for the seven past days was $176.

After its inception in July 2021, ShibaSwap has undergone several changes. The previous year, it became a multi-coin DEX when it linked up with Shibarium. This allowed users to transfer assets easily between Shibarium and Ethereum.

Other enhancements, such as centralized-liquid pools and enhanced migration, were also made. In December 2024, SHIB organizers revealed their plans for liquid staking on ShibaSwap so that customers can retain the liquidity of staked tokens.

Shiba Inu’s Price Outlook and Burn Mechanism

Investors continue to pay attention to the Shiba Inu token even with fluctuations in the broader market. The increase in token burns is also another factor associated with price movement, as investors have shown positive sentiment towards it. Over the past week, the burn rate reached 120.3% through the permanent removal of an additional 128 million SHIB tokens from circulation.

To date, a total of 410.72 Trillion SHIB tokens have been burnt and the current circulating supply stands at 584.30 Trillion. Out of 90 burn transactions that occurred in February, 180.59 million tokens were eliminated. In January, for instance, the community burned 1.16 billion tokens through 124 transactions to make investors optimistic.

SHIB Burn data
Source: Shibburn site

According to market analysts, SHIB is likely to receive an impressive boost from the surging metering technical indicators. The increasing active addresses and whales’ activity contribute to the market’s interest.

 



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