Shibarium, the recently launched Layer-2 protocol of the Shiba Inu (SHIB) network, is making some solid moves.
Shibarium is an Ethereum Layer-2 network backed by Shiba Inu’s SHIb tokens and built atop the Ethereum blockchain. This layer aims at working on top of existing blockchain networks, which paves the way for faster, cheaper, and more private transactions to be processed off-chain while still relying on the security of the underlying blockchain.
Within two days after the launch, the number of daily transactions doubled, and the number of wallet addresses went to over 330,000+ from just 100,000. Shibarium has also amassed $1.4 million in assets locked within its system.
Projects Building Within Shabarium
At the moment, eight distinct projects have been built on Shibarium. Every project, in its way, adds its unique value to the network, which spans a range of functionalities: decentralized exchanges, staking, yield farming, and liquidity mining.
One of the projects is DogSwap, a decentralized exchange empowering users to trade in various tokens in the Shibarium network. Also, MARSWAP, another DEX in the mic, provides liquidity and trading opportunities for the SHIB community. Another similar project is WoofSwap, which enables trading services and liquidity pools.
On the other hand, Woof Finance extends its scope beyond DEX services, including staking and yield farming for SHIB token holders.
There is also Shibex, a DEX dedicated to enhancing the network’s trading infrastructure. LeetSwap is also not left behind, contributing to liquidity enhancement and trading capabilities like other DEX projects. On the other hand, BoneDex, yet another project, plays a crucial role by facilitating token trading and liquidity provision within the Shibarium ecosystem.
Lastly, ChocoInu distinguishes itself by offering a unique value proposition, expanding the network’s capabilities beyond traditional DEX services.
With different investors getting the gist of what the network offers, they may be drawn by such moves, which may propel the price of SHIB.
In the choice of what project to invest in, it is vital to conduct through due diligence, which prevents anyone from fraud and disappointment.