Shiba Inu has been one of the most popular cryptocurrencies in the world ever since its dramatic rise in 2021. In recent times, the coin’s value has been on the increase, thereby attracting the interests of merchants.
A new decentralised exchange (DEX) is now available for users to conveniently trade Shiba Inu tokens for other cryptocurrencies on different blockchains. Komodo, a top blockchain platform, launched the trading protocol ShibaDEX. It runs on Atomic DEX instead of being hosted on a single network like Binance Smart Chain and Ethereum.
According to Komodo’s CTO, Kadan Stadelmann, the DEX serves as a bridge to all Shiba Inu tokens, including BONE, SHIB and LEASH, and other highly-rated coins like Dogecoin (DOGE) and Baby Dogecoin (BABYDOGE).
He added: “ShibaDEX is also a bridge linking Shiba Inu to blockchain communities outside the Shiba Inu sphere and into the wider crypto metaverse.”
Now, Shiba Inu holders, who make up a large percentage of the SHIB community, can swap the native token for BNB (Binance Coin), BTC (Bitcoin) and ETH (Ethereum)
The exchange announced on its official page:
“Users can store and trade SHIB (ERC-20 and BEP-20 versions), LEASH, BONE, and more from the non-custodial ShibaDEX wallet. In addition, shibaDEX users can trade SHIB with BTC, ETH, BNB, MATIC, and many other assets natively across their respective blockchains.”
In addition to the exchange services ShibaDEX offers, users can also store their tokens using non-custodial wallets on the exchange.
Komodo Create Better DEX Solutions
ShibaDEX, created by Komodo, stands out from other decentralised exchanges associated with many downsides. Some of these negatives include impermanent loss and rug pull. However, to preserve users’ trust, ShibaDEX developers launched the exchange on Atomic, allowing merchants to swap their SHIB tokens for other cryptocurrencies on different blockchain frameworks.