In a significant development for the Shiba Inu community, the much-anticipated upgrades for ShibaSwap 2.0 have been teased with fresh details, and NFT marketplace Pawzaar has announced a new approach to SHIB burns that aims to bridge tokens from Shibarium back to Ethereum. Here’s the latest Shiba Inu news.
New Features For ShibaSwap 2.0
The Shiba Inu ecosystem is abuzz with anticipation as the marketing lead Lucie hinted at innovative features for the upcoming release of ShibaSwap 2.0. In a statement that caught the attention of crypto enthusiasts, Lucie said:
Shibaswap 2.0 is more than just a regular DEX; it’s a complete portal experience. As for why it can’t be produced like other DEXs in week, it involves intricate development and features. Additionally, Shiba Name Service is one of our pioneering features. Next week coming another feature. #shibarium x BONE X SHIB
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 have emerged (which turned out false), the team’s strategic silence on an official date underscores their cautionary approach to community expectations.
Lucie’s previous comments in April brought to light that ShibaSwap 2.0 will not only facilitate token swaps but also serve as a crypto portal — a comprehensive platform offering news, statistics, charts, and trends. Alongside the informational gateway, the DEX will boast new designs that are yet to be unveiled. This level of development suggests a qualitative leap, aiming to enhance user engagement and provide value-added services within the Shiba Inu ecosystem.
Pawzaar Implements New Approach To SHIB Burns
Turning to the SHIB burn debate, Pawzaar, a burgeoning NFT platform on Shibarium, declared a key operational upgrade today:
We have finished upgrading our platform! All SHIB burns now go to a wallet that will bridge the tokens from Shibarium to Ethereum. As addressed by Lucie, we have complied to the request for burns to take place on Ethereum. We will begin adding collections onto the platform!
The platform is aligning with Lucie’s guidance, ensuring burns contribute to the SHIB’s total supply reduction on Ethereum’s Layer-1 network. The clarification came after Shib CoOp’s inaugural SHIB burn on Shibarium sparked a hotly discussed debate, emphasizing the need for a protocol that accurately impacts the SHIB supply. The community-driven burn tracker, Shibburn, laid out the technicalities, “If you burn a token like SHIB on an L2 chain, you are not actually burning the original token on the L1 chain.”
Lucie further explained the burning process across both layers, emphasizing the necessity for burns to occur on the Ethereum network to affect the original SHIB token supply genuinely. She explained that Shibarium projects which wish to burn tokens, have to make sure to bridge the SHIB back to the Ethereum network and then send it to the dead wallet.
Pawzaar’s implementation of this directive is a first on Shibarium and showcases their commitment to the community’s consensus on token burns. Remarkably, the NFT platform launched only on October 24 and saw a massive influx of users thanks to the SHIB Dreams collection. The high demand was too much for the node provider and prompted the Pawzaar team to stop minting new NFTs for a while.
Recently, Pawzaar also announced: “We will be adding collections and providing details on the upcoming PAWPASS. Expect announcements of some upcoming partnerships and PAW (PAWZONE) utilities on the platform. Keep building Shibarium NFT creators and supporting SHIB burns collectors! The fun is about to begin.”
At press time, Shiba Inu traded at $0.000008, just above the 20-week EMA (at $0.00000798).
Featured image from Shutterstock, chart from TradingView.com