Share this article
Komodo’s ‘ShibaDEX’ Lets Users Trade Shiba Inu for Tokens on Other Chains
‘ShibaDEX’ is said to be the first cross-chain exchange for the millions of Shiba Inu community members.
Updated May 11, 2023, 4:41 p.m. Published Mar 30, 2022, 8:36 a.m.
Make us preferred on Google
Blockchain protocol Komodo has launched a Shiba Inu-centric decentralized exchange (DEX) that allows users to trade Shiba Inu’s SHIB tokens for cryptos issued on different blockchains.
- Called ShibaDEX, the cross-chain exchange runs on AtomicDEX instead of a single network, such as Ethereum or Binance Smart Chain. This allows for the trading of Shiba Inu tokens for other assets on different networks.
- “ShibaDEX is a bridge that links together all the Shiba Inu community tokens and top meme coins,” Komodo Chief Technology Officer Kadan Stadelmann wrote in an email to CoinDesk. “It’s also a bridge that links Shiba Inu to blockchain communities outside of the Shiba Inu sphere and into the wider crypto metaverse.”
- DEXs rely on smart contracts and liquidity pools to let global users exchange cryptocurrencies with each other in a permissionless manner, unlike centralized exchanges.
- However, DEXs have certain inherent risks such as impermanent loss or rogue developers emptying liquidity pools in a “rug pull.”
- ShibaDEX uses atomic swaps to tackle such issues, it claims. When trading on ShibaDEX, users' funds are swapped via decentralized order books rather than adding or removing funds via a centralized liquidity pool.
- Users can store and trade SHIB (ERC-20 and BEP-20 versions), LEASH, BONE and more from the non-custodial ShibaDEX wallet. ShibaDEX users can trade SHIB with BTC, ETH, BNB, MATIC and many other assets natively across their respective blockchains.
- The launch comes months after Komodo announced the integration of several blockchain protocols to its AtomicDEX protocol in January, including Polygon, Avalanche and Harmony.
More For You
More For You
From 2016 hack to $150M Endowment: the DAO’s second act focuses on Ethereum security
Ten years after the famous hack, the DAO Security Fund has decided to stake the untouched ETH and use the yield to fund Ethereum security initiatives, honor claims indefinitely, and professionalize governance and key management.
What to know:
- In the summer of 2016, the Decentralized Autonomous Organization, known as the DAO, became the defining crisis of Ethereum’s early years.
- Now, nearly a decade later, that story has taken an unexpected turn. What was lost, or rather, left untouched, is being repurposed as a ~$150 million (at today’s prices) security endowment for the Ethereum ecosystem.
- The fund will distribute capital through decentralized mechanisms such as quadratic funding, retroactive public goods funding, and ranked-choice voting for proposals.
Top Stories
