In a significant development for the Shiba Inu community, the highly anticipated upgrades for ShibaSwap 2.0 were announced with new details, and NFT marketplace Pawzaar announced a new approach to SHIB burns that aims to link tokens from Shibarium to Ethereum. Here is the latest news on Shiba Inu.
New features for ShibaSwap 2.0
The Shiba Inu ecosystem is abuzz as Marketing Manager Lucie hinted at innovative features for the upcoming release of ShibaSwap 2.0. In a statement which caught the attention of crypto enthusiasts, Lucie said:
Shibaswap 2.0 is more than just a classic DEX; it’s a complete portal experience. As for why it can’t be produced like other DEXs in a week, it involves complex development and features. Additionally, Shiba Name Service is one of our pioneering features. Next week another feature is coming. #shibarium x BONE
Expected to revolutionize the decentralized exchange landscape, ShibaSwap 2.0 remains under development, with the specific launch date still shrouded in secrecy. Although speculative mentions of an October release emerged (which turned out to be false), the team’s strategic silence on an official date highlights their cautious approach to community expectations.
Lucie’s precedent comments in April, it was revealed that ShibaSwap 2.0 would not only facilitate token swaps, but also serve as a crypto portal – a comprehensive platform offering news, statistics, charts, and trends. Alongside the information gateway, the DEX will feature new models that have not yet been revealed. This level of development suggests a qualitative leap, aimed at strengthening user engagement and providing value-added services within the Shiba Inu ecosystem.
Pawzaar implements new approach for SHIB burns
Regarding the SHIB burn debate, Pawzaar, a growing NFT platform on Shibarium, declared a key operational upgrade today:
We have finished updating our platform! All SHIB burns now go to a wallet that will link Shibarium tokens to Ethereum. As Lucie answered, we have granted the burn request on Ethereum. We will start adding collections to the platform!
The platform aligns with Lucie’s advice, ensuring that burns contribute to the total supply reduction of SHIB on Ethereum’s Layer 1 network. The clarification came after Shib CoOp’s first SHIB burn on Shibarium. sets off a much-discussed debate, highlighting the need for a protocol that has a precise impact on SHIB supply. Community burn tracker Shibburn laid out the technical details: “If you burn a token like SHIB on an L2 chain, you’re not actually burning the original token on the L1 chain. »
Lucie further explained the burn process on both layers, emphasizing the need for burns to occur on the Ethereum network to truly affect the original supply of SHIB tokens. She explained that Shibarium projects that want to burn tokens must make sure to link the SHIB to the Ethereum network and then send it to the dead wallet.
Pawzaar’s implementation of this directive is a first on Shibarium and shows its commitment to community consensus on symbolic burns. Remarkably, the NFT platform only launched on October 24 and has seen a huge influx users thanks to the SHIB Dreams collection. The high demand was too much for the node provider and prompted the Pawzaar team to stop creating new NFTs for a while.
Recently, Pawzaar also announcement: “We will add collections and provide details on the next PAWPASS. Expect announcements of some upcoming partnerships and PAW Utilities (PAWZONE) on the platform. Keep creating Shibarium NFT creators and supporting SHIB burn collectors! The fun is about to begin.
At press time, Shiba Inu was trading at $0.000008, just above the 20-week EMA (at $0.00000798).
Featured image from Shutterstock, chart from TradingView.com