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Cardano Set to Unlock Bitcoin’s $1.3T Market by Becoming the Smart Contract Layer for Bitcoin

Sam Wisdom Raphael
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Cardano Set to Unlock Bitcoin’s $1.3T Market by Becoming the Smart Contract Layer for Bitcoin

Cardano is set to make a major breakthrough in blockchain interoperability, looking to unlock Bitcoin’s $1.3 trillion market by becoming a smart contract layer for the Bitcoin network. 

This will happen through partnership with BitcoinOS (BOS), a system that integrates smart contracts into Bitcoin’s ecosystem. EMURGO, one of Cardano’s main development entities, revealed this in a press release today. 

The announcement, which came up following a disclosure at the ongoing Cardano Summit 2024, highlighted that Cardano would now offer decentralized finance (DeFi) developers access to Bitcoin’s liquidity and assets without needing intermediaries. 

Trustless Bridging Between Bitcoin and Cardano

Interestingly, the collaboration will leverage the BOS Grail bridge, a protocol that will facilitate a secure and trustless link between Bitcoin and Cardano. 

As it taps BitcoinOS’s zero-knowledge (ZK)-based BitSNARK verification system, this bridge ensures that Bitcoin transactions and assets can be seamlessly integrated into Cardano’s ecosystem. This means that developers on Cardano can now utilize Bitcoin’s liquidity.

BitcoinOS has been pioneering scalability and programmability on Bitcoin’s network. Its use of ZK proofs allows developers to directly embed data from other blockchains into Bitcoin transactions.

In May 2024, BOS made headlines when it verified the first ZK proof on Bitcoin, demonstrating that rollups on Bitcoin were now possible.

Cardano strengthens its position in the DeFi space by enabling the trustless flow of Bitcoin assets into its ecosystem. Notably, projects like Fluid Tokens will benefit from this, as users can now securely use Bitcoin assets through Cardano dApps.

The collaboration with BitcoinOS seeks to enhance cross-chain interoperability. This marks an important moment for Cardano, as it becomes the first Layer-1 blockchain to leverage BOS’s technology. The move allows Cardano to integrate with Bitcoin without altering the core architecture of either chain.

Industry Reactions

Ken Kodama, founder and CEO of EMURGO, noted that the partnership could strengthen Cardano’s ecosystem. Cardano will fuel further innovation in decentralized finance by giving users and developers direct access to Bitcoin’s capital.

Cardano’s environmentally friendly, proof-of-stake network has already attracted over 1,370 Web3 projects, including several DeFi platforms. With this new development, the platform could see even more growth as projects gain the ability to integrate Bitcoin without third-party intermediaries.

Edan Yago, CEO and Co-founder of BitcoinOS, emphasized that this integration with Cardano shows what is now achievable on Bitcoin. 

Sheldon Hunt, Head of the Cardano Ecosystem at EMURGO, noted the groundbreaking nature of the partnership in a post on X. He revealed that native, trustless interconnectivity would link ADA and BTC, allowing Cardano to serve as the smart contract layer for Bitcoin.

This move comes a month after a Bitcoin developer unveiled a bridge that would allow the interoperability of the Bitcoin and Cardano networks. In June, RosenBridge also introduced a bridge connecting Bitcoin, Ergo and Cardano ecosystems.

Shiba Inu: Shibarium Hits Record 3.24M Daily Transactions

Albert Brown
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Shiba Inu: Shibarium Hits Record 3.24M Daily Transactions

The Shiba Inu network’s Shibarium is experiencing a massive surge in daily volume, recording over 3.2 million transactions in one day.

Shiba Inu’s Layer-2 blockchain solution, Shibarium, has gained notable momentum after a slowed growth over the past few months. In recent days, key performance indicators have risen sharply, signaling a promising turnaround for the blockchain.

Previously, the Shibarium network has struggled to keep pace with rivals like Ethereum-based protocols such as Base, Optimism, and Arbitrum. However, this recent resurgence could enable Shibarium to strengthen its presence in the increasingly competitive Layer-2 market.

Shibarium Reaches Transaction Milestone

According to data from Shibarium’s official account, the Layer-2 blockchain hit 2,133,111 transactions as of October 23.

Meanwhile, the updated record shows that users’ activities continue to climb, and the transaction volume is now at 3.24 million as of this report. Accordingly, Shibarium has processed over 423 million transactions across 1.86 million wallets.

Shiba Inu Shibarium statistics
Shiba Inu Shibarium statistics

These figures underscore increased user confidence in Shibarium’s capabilities, particularly in efficiently handling decentralized applications (dApps). The boosted network activity could drive higher demand for SHIB as a utility token within the ecosystem amid the meme coin’s weekly decline of 2.7%. 

Today, Shiba Inu’s price is $0.00001758, with a 24-hour trading volume of $419 million, reflecting a 1.14% drop over the past day.

Shibarium’s TVL Record 

Approximately three weeks ago, Shibarium achieved a significant milestone. Lucie, Shiba Inu’s marketing specialist, announced that the network’s Total Value Locked (TVL) reached an all-time high (ATH) of $7.03 million (ATH). She noted that the TVL set new ATHs daily, indicating growing investor commitment to Shibarium-based DeFi applications.

This consistent growth in TVL signals ongoing capital inflows, suggesting sustained interest and trust from investors in Shibarium’s DeFi ecosystem.

However, while the TVL metrics highlight the network’s growth potential, the protocol remains under pressure to maintain these figures. As of this writing, the Total Value Locked has since fallen back to levels near $3 million.

Rug-Pull on Shibarium

While Shibarium’s growth has been notable, it recently faced a negative incident with the BEAST token rug pull. Last month, the BEAST team closed all communication channels after draining investor funds.

The BEAST token was listed on the Shibarium-based ChewySwap on September 20. It was initially paired with Wrapped BONE (WBONE), adding 7 million BEAST and 2,950 WBONE in liquidity. Shortly after, investors committed between $20 and $300 to the token, but liquidity was suddenly withdrawn two hours later, resulting in a sharp price crash.

Expert Says Ripple Risks Losing Its XRP and Other Assets If This Happens

Lele Jima
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Expert Says Ripple Risks Losing Its XRP and Other Assets If This Happens

The pseudonymous founder of the DOQ token, DOQ Holiday, suggests that the U.S. government could seize Ripple’s XRP and other assets if the company is guilty of corruption or human rights abuse. 

The expert made the assertion recently on X, citing Executive Order 13818, which allows the United States Department of the Treasury to seize the assets of any company involved in human rights abuse and corruption. 

For context, former U.S. President Donald Trump signed the executive order in 2017 to “block” the properties of entities engaged in gross corruption and human rights abuse. 

US Government Could “Seize Ripple’s Assets” 

In his post, DOQ suggested a hypothetical scenario in which the relevant authorities could seize Ripple’s assets. Specifically, the expert indicated that if the authorities prove that a “cabal” created Ripple or XRP as part of a master plan to harm U.S. citizens, Trump’s EO 13818 mandates the Treasury Department to seize everything, especially the company’s assets. 

Ripple Is Not Involved in Corruption of Human Rights Abuse Scandal 

It is worth clarifying that the statement only highlights a hypothetical scenario in which the United States government could seize Ripple’s assets. It does not suggest that Ripple is involved in corruption or a human rights abuse scandal. 

Moreover, the SEC v. Ripple lawsuit does not allege fraud or human rights violations. The major focus of the lawsuit is Ripple’s violation of federal securities laws through its past sales of XRP to U.S. investors. 

Notably, the lawsuit recently ended in a district court in New York, with Ripple securing a partial victory against the SEC. However, Ripple was fined $125.03 million for illegally selling XRP to institutional clients. 

Meanwhile, the case is back and entering an appeal phase. While the SEC believes the judge erred in ruling on programmatic sales and other distributions of XRP, a reversal of these verdicts would not result in the seizure of Ripple’s assets.

According to Attorney Jeremy Hogan, the SEC is only appealing the ruling to “get more money” from Ripple. Besides that, the SEC is not seeking to seize Ripple’s assets, as there is no evidence of fraud. 

Pundit Says Solana and Ethereum Will Outdo Bitcoin on a Donald Trump Win

Elendu Benedict
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Pundit Says Solana and Ethereum Will Outdo Bitcoin on a Donald Trump Win

Seasoned market pundit and Asgard Market’s partner Alex Kruger has asserted that altcoins like Ethereum and Solana are the trades to take in the case of a Donald Trump win.

Speaking at the Bits and Bips podcast, the popular economist noted that the “Trump trade” is not Bitcoin but altcoins. He sees Solana and Ethereum outperforming crypto’s firstborn, Bitcoin, if the Republican nominee wins the November election.

Solana, Ethereum to Thrive Under Trump

Popular market consensus believes that crypto would do better under Trump than with Democratic candidate Kamala Harris. Brokerage firm Bernstein predicted that Bitcoin would trade at $90,000 if pro-crypto Trump wins and $30,000 if Harris emerges victorious.

With that established, Kruger believes that altcoins will outpace Bitcoin’s strides with Trump’s win. He noted that he would prefer to bet on Solana and Ethereum over the largest crypto asset by market cap.

Notably, the duo has performed differently in the current market scenario following Bitcoin’s short-lived push to $69,000. For context, Bitcoin has outperformed Ethereum, with the ETH/BTC pair hitting a 42-month low of 0.03772. 

Also, Bitcoin has grown 5.10% in the past month, while Ether has performed conversely with a 4.62% depreciation.

However, Solana has mirrored Kruger’s assertions, outgrowing Bitcoin substantially. The fifth-largest crypto asset has outperformed Bitcoin’s monthly performance by three folds, with its latest surge above $170.

It bears mentioning that Standard Chartered’s head of digital asset research, Geoff Kendrick, shares a correlating assertion with the Asgard partner. The market expert predicted Solana and Ethereum would outgrow Bitcoin if Trump wins.

Kendrick speculated a fivefold surge in Solana, a fourfold uptick in Ethereum, and twofold returns for Bitcoin. Notably, he expects the likely approval of the Solana spot exchange-traded funds under Trump to catalyze the asset’s fivefold bullish uptrend.

Kruger Says Solana Will Flip Ethereum’s Market Cap

Meanwhile, Kruger recently asserted that Solana would flip Ethereum’s market cap in the near future. In another Bits and Bips episode, he noted that he is long-term bullish on the SOL/ETH pair.

The market expert also noted that Solana has all it takes to overtake Ethereum, and he believes in its feasibility. He said that Solana has “nothing to prove“ and has “everything they need to make it happen.”

Notably, Kruger is not the first to pick Solana over Ethereum. Multi-billion asset manager VanEck stated in a September report that Solana was superior to the second-largest crypto asset and sees the “Ethereum killer” reaching half its market cap.

For context, half of Ethereum’s current market cap is $151 billion, a 75% uptick from Solana’s $86 billion. Notably, a surge of that magnitude will push Solana to $300 per coin.

Bitcoin Correction Nearly Over as US Election Edges Closer

Albert Brown
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Bitcoin Correction Nearly Over as US Election Edges Closer

Bitcoin rises above $67K again amid U.S. election-driven optimism, as analyst says the latest minor correction is close to over.

Bitcoin’s recent uptick above $67,000 has triggered fresh investor interest, positioning BTC near the $70,000 threshold. Notably, a market watcher suggests that Bitcoin’s upward trend aligns with macroeconomic events expected to unfold, including the start of a critical election period.

Bitcoin’s Correction Almost Over

Michaël van de Poppe, a crypto analyst, confirmed that Bitcoin briefly dipped to the $65,000 range before reversing upward. He indicated that the current minor price correction may be ending. 

Notably, the upcoming U.S. elections are likely to influence market conditions, potentially driving interest in digital assets. The analyst also noted the possibility of declining yields, which could bolster the broader crypto market. As Bitcoin’s price hovers around $67,000, investor sentiment appears cautiously optimistic.

Uptober Not Yet Over

Adding to the optimism, October, historically dubbed “Uptober” due to consistent gains, is delivering moderate growth this year. Bitcoin’s price has increased by 7.21% so far, which remains below the historical average of 22.59%, according to data from Coinglass, as cited by an analyst on X.

The median gain for October stands at 21.20%. Previous strong Octobers, such as 2021’s 39.93% gain and 2017’s 47.81% rise, highlight potential for more upside this month if historical patterns hold. With more than a week left in October, further gains could still emerge if the market aligns with past performance.

November and Long-Term Projections

Looking ahead, historical trends suggest that November could be another strong month for Bitcoin. The cryptocurrency has an average return of 46.81% in November, with a median gain of 8.81%, adding to the positive sentiment. 

Meanwhile, analysts at Bernstein maintain a long-term bullish stance on Bitcoin, forecasting a target of $200,000 by 2025. Bernstein’s crypto lead, Gautam Chhugani, cited Bitcoin’s potential as a “store of value” amid economic uncertainties, such as the rising U.S. national debt and inflation risks.

For investors seeking indirect exposure, notable options include companies like MicroStrategy, Robinhood, and U.S.-listed Bitcoin mining firms like Riot Platforms and CleanSpark, which are expanding their resources to support operations.

Pundit Notes Why XRP Could Outshine Bitcoin in the Future

Sam Wisdom Raphael
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Pundit Notes Why XRP Could Outshine Bitcoin in the Future

Market pundit Mickle cited comments from developer Matt Hamilton as arguments for why XRP could outshine Bitcoin in the future.

In an interview on the Mr. M Podcast, Matt Hamilton, Senior Developer Advocate at Arbitrum and former Ripple developer, discussed why XRP may have a competitive edge over Bitcoin. Mickle recently shared a clip from this interview on X.

Bitcoin Limited Despite Being a Pioneer

Hamilton discussed XRP’s superior features in comparison to Bitcoin, focusing on its scalability, energy efficiency, and practical application in financial transactions. The Cardano founder Hoskinson has also cited these to argue that Cardano is superior.

Hamilton first acknowledged Bitcoin’s importance as the first cryptocurrency. He praised the foundational principles outlined in Satoshi Nakamoto’s whitepaper, which aimed to create a decentralized financial system. 

However, he pointed out several limitations of Bitcoin, particularly its slow transaction speed and energy-intensive mining process. According to Hamilton, these issues hinder Bitcoin’s ability to scale as global demand for faster and more efficient financial systems grows.

XRP Offers Faster, More Scalable Transactions

XRP was developed with these concerns in mind. Unlike Bitcoin, XRP was designed to solve scalability issues and promote quicker, cheaper transactions. 

Hamilton explained that the creators of XRP, who were early Bitcoin developers themselves, recognized the challenges Bitcoin faced and sought to address them by creating a more efficient platform. This resulted in the development of the XRP Ledger.

A key benefit Hamilton highlighted is XRP’s ability to process transactions faster than Bitcoin. While Bitcoin transactions can take minutes to confirm, XRP typically completes its transactions in seconds. 

Additionally, XRP is able to handle a much larger volume of transactions at a lower cost, making it more scalable and suited for global financial systems.

Environmental Concerns and Inflation

Another area where XRP outshines Bitcoin is energy efficiency, according to Hamilton. Bitcoin relies on a proof-of-work (PoW) mechanism that consumes a vast amount of electricity. Personalities such as Elon Musk have criticized the environmental impact.

By contrast, XRP uses a consensus protocol that requires significantly less energy, making it a more environmentally sustainable option. This makes XRP more attractive to businesses that are concerned about sustainability and the carbon footprint of their operations.

Regarding supply and inflation, Hamilton noted that XRP has a fixed supply, unlike Bitcoin, which is deflationary but not capped in the same way. XRP’s limited supply helps to prevent inflation, which may give it an advantage as a store of value over time. 

Beyond these technical advantages, Hamilton stressed XRP’s broader use case. The XRPL is also a platform for decentralized trading and tokenization of real-world assets. The network recently attracted $1 billion in tokenized equity.

Here’s Why Shiba Inu Price Might Swing Opposite to Crowd Sentiment

Albert Brown
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Here’s Why Shiba Inu Price Might Swing Opposite to Crowd Sentiment

Amid market corrections, Shiba Inu (SHIB) sees significant sentiment swings and rising large-holder inflows, hinting at the potential bullish activity.

With the ongoing market downturn in the crypto and equity sectors, Shiba Inu stands out as one of the potential outliers, according to a recent analysis by Santiment. SHIB demonstrates notable upside potential despite increasing crowd speculation that the earlier broader market bull rally may be fading. 

Specifically, after an extended period of optimism, market sentiment has shifted, with traders showing doubt. As fear, uncertainty, and doubt (FUD) begin to dominate, Shiba Inu is emerging as one of the projects poised for gains, particularly for those willing to challenge the broader bearish outlook.

Shifting Sentiment and Market Reactions

Santiment’s analysis indicates that crypto assets remain highly speculative, even for established projects like Shiba Inu. It highlighted that historically, markets tend to move in the opposite direction of crowd expectations.

With popular market sentiment becoming cautious and taking on a bearish undertone, Santiment noted that this pattern could present opportunities for investors who resist the urge to follow the general trend.

For instance, Shiba Inu has experienced a 719.81% drop in 1-day sentiment, reflecting an overwhelming degree of investor negativity. This decline emerged as Shiba Inu crashed substantially from its Monday peak of $0.00001929 to just below the $0.000017 mark.

This increased negativity has weakened Shiba Inu’s 7-day sentiment, which now sits at a 2,827% positive change. The change is even more pronounced over a 30-day period, with SHIB’s weighted sentiment remaining positive at just 339.12%.

Despite these large fluctuations in sentiment, 1-day trading volume has decreased by 5.23%, suggesting that traders may be cautious about acting on these rapid sentiment changes.

Negative Sentiment Across Crypto

Shiba Inu’s fluctuations occur alongside a broader trend of negative sentiment within the crypto market. Other high-profile projects, such as ChainLink (LINK), Bitcoin (BTC), and Dogecoin (DOGE), have also seen significant declines in 1-day sentiment.

ChainLink saw a -371.73% drop, while Bitcoin and Dogecoin registered declines of -226.24% and -157.81%, respectively. Even popular meme coins like Pepe (PEPE) were not immune, with Pepe’s 1-day sentiment plummeting by -574.71%.

This widespread negativity signals that many traders may be anticipating further downside risk, although Santiment’s findings suggest that such bearish sentiment can sometimes lead to contrary market movements.

Inflows Indicate Strategic Accumulation

In contrast to the negative crowd sentiment, Shiba Inu has seen significant activity among large holders. Over the past 90 days, large holder inflows have surged by +554.88%, indicating sustained accumulation, suggesting that certain key players are preparing for a potential upward shift.

Shiba Inu Large Holder Inflows
Shiba Inu Large Holder Inflows

The 30-day change also reflects a significant +163.23% increase, further suggesting that large holders may be strategically positioning themselves in anticipation of future price movements.

Notably, even in the short term, 7-day inflows have risen by +1.29 %, signaling stable interest from large investors.

If Bitcoin Breakout is Genuine, Price Will At Least Double to $130K: Top Analyst

Abdulkarim Abdulwahab
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If Bitcoin Breakout is Genuine, Price Will At Least Double to $130K: Top Analyst

The price of Bitcoin is on track to at least double if the current breakout proves to be genuine, according to a new analysis by Ecoinometrics.

Bitcoin battled bearish momentum on Wednesday, which saw its price tank to $65,188 after trading at a three-month high of $69,500 on Monday. Meanwhile, a recovery is already in progress. Bitcoin has posted a mild 0.3% gain today, trading at $67,132.

While opinions vary on whether Bitcoin will surpass $70,000 or drop below $60,000, Ecoinometrics has provided a bold analysis suggesting that Bitcoin’s price must at least double in the next 12 months.

Why Bitcoin Could Experience “At Least” 100% Price Growth

The bullish projection assumes that both Bitcoin and the broader stock market will maintain strong positive momentum over the next year. Under this scenario, the median expectation is for Bitcoin to gain about 100%, potentially pushing its value into the $130,000 range by late 2025.

However, the 5th percentile in the simulation indicates a more conservative outlook, projecting a potential loss of 26% if momentum falters over the next 12 months.

Conversely, the 95th percentile in the simulation suggests even more aggressive gains. Specifically, it projects cumulative returns reaching up to 465% if momentum surges beyond expectations.

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Crucial Support Bitcoin Must Maintain to Confirm a Sustainable Uptrend

The analysis also acknowledged signs of market overheating, which may pose challenges to this projection.

Bitcoin has been in an uptrend since September 18, following the Fed’s interest rate cut. Since then, the leading asset has increased by over 20% from $57,628. Although it briefly revisited the $59,000 level earlier this month, the retracement led to a stronger rebound to $69,500 by October 21.

Bitcoin continues to struggle around this threshold, with market participants on edge for the next decisive movement.

Ecoinometrics emphasized that Bitcoin’s ability to sustain itself above $65,000 is crucial for maintaining a strong long-term outlook. Analyst Rekt Capital expressed similar optimism. He noted that Bitcoin’s prospects remain promising as long as it stays above $66,000 by the end of the week.

While Ecoinometrics argues for the $130,000 level as Bitcoin’s minimum target in a continued bull run, analysts at Bernstein have released a fresh analysis suggesting that even $200,000 will be Bitcoin’s conservative price outlook by 2025.

Ripple CEO Says He Was Debanked Due to His Crypto Ties

Elendu Benedict
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Ripple CEO Says He Was Debanked Due to His Crypto Ties

Ripple CEO Brad Garlinghouse has shared his personal encounters with US banks, noting a pattern of skepticism due to his involvement with cryptocurrencies.

In a virtual interview with Bloomberg at DC Fintech Week, he noted that he and other individuals strongly affiliated with the crypto industry have faced discriminatory treatment from banks while pursuing their personal businesses. Notably, he stated that financial institutions have debanked him several times due to his crypto ties.

Garlinghouse Shares Recent Encounter with Citigroup

The Ripple CEO revealed that his recent debanking scenario happened with one of the largest American banks, Citigroup. Garlinghouse noted that the leading financial institution told him to move his funds elsewhere after 25 years of banking with them.

According to him, Citigroup gave him three days to withdraw his funds, citing his strong involvement with the crypto industry. The Ripple boss noted that the bank took this action to avert excessive regulatory scrutiny by US regulators.

Notably, Garlinghouse stated he was not the only crypto leader facing the dilemma. He stressed that “individuals within the crypto industry are being de-banked,” as federal regulators have instructed financial institutions to sever their ties with digital assets and players involved in the nascent sector.

Ripple CEO Bemoans the Current US Regulatory Cloud

Furthermore, Ripple blamed the current dark US regulatory cloud on the White House. He argued that President Joe Biden has encouraged regulation by enforcement on the crypto sector, encouraging regulators to go after the digital assets industry.

Garlinghouse also called out the US Securities and Exchange Commission chair, Gary Gensler, for facilitating innovation scuffing in the States. He further blamed the hash crypto regulatory climate on the Treasury Department and offices regulating the banking sector.

Meanwhile, Garlinghouse expressed confidence that the unrest will be over soon, pointing to the November presidential election. He stated that the crypto industry will be better regulated regardless of the polling outcome.

Regulation Discouraging Crypto Start-ups

When quizzed about what he would advise crypto startups to do, the Ripple boss encouraged them to move abroad, where there is better regulation. He said that the unclear enforcement in the US could stiffen these startups’ growth.

Notably, Garlinghouse ruled out the possibility of a Ripple initial public offering in the US last month, citing the same regulatory tussle. However, he noted he and his company will keep fighting until the coast is clear.

Meanwhile, the Ripple boss also told Bloomberg that an XRP ETF was inevitable. He cited the growing institutional adoption of XRP and the impending regulatory shift as reasons behind his insistence.

Shiba Inu Confirms Imminent Launch of ShibaSwap 2.0 

Lele Jima
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Shiba Inu Confirms Imminent Launch of ShibaSwap 2.0 

The team behind the Shiba Inu decentralized exchange (DEX), ShibaSwap, confirms that ShibaSwap 2.0 will be released sooner than expected. 

ShibaSwap’s team confirmed the development today in an X post. In the post, the team shared a clip teasing the imminent launch of ShibaSwap 2.0 with the caption, “sooner than you expect.” 

This indicates that the development of ShibaSwap 2.0 is nearing completion and will soon be released for public use. 

ShibaSwap 2.0 Imminent Launch Excites Community 

As expected, the announcement triggered excitement within the Shiba Inu community. Shiba Inu investors expressed enthusiasm that the highly anticipated ShibaSwap 2.0 launch is imminent. 

Some users suggested that ShibaSwap 2.0’s imminent launch will provide users with a fun-filled experience. Other community members are more interested in the exact date that ShibaSwap 2.0 will make its debut. 

The team did not specify an exact date but maintained that the launch would happen sooner than people expected. 

ShibaSwap Update 

For context, ShibaSwap made its official debut in July 2021, allowing users to perform trading activities like staking and swapping assets. The DEX initially launched on the Ethereum blockchain and subsequently transitioned to Shiba Inu’s L2 scaling solution, Shibarium. 

This migration occurred on May 15, 2024. Following the migration, ShibaSwap combines the strengths of both the Ethereum and Shibarium blockchains. While the Ethereum network gives ShibaSwap enhanced security and robustness, Shibarium provides the DEX with cost-efficiency and scalability. The migration also added new features to the DEX, including creating new liquidity pools on Shibarium. 

The upgraded version of Shiba Inu’s native decentralized exchange is expected to roll out significant improvements, such as enhanced security and sleek user interface (UI). 

According to Shiba Inu’s marketing lead, Lucie, ShibaSwap 2.0 will have a dedicated crypto portal featuring crypto-related news, trends, stats, and charts, among other things.  

ShibaSwap Stats 

In the meantime, ShibaSwap is ranked as the 78th-biggest decentralized exchange on CoinMarketCap, with a daily volume of $356,436. It currently has 24 markets, such as SHIB/WETH, TREAT/SHIB, and BONE/WETH. 

Data from DeFiLlama identifies ShibSwap as the largest decentralized finance (DeFi) protocol on Shibarium. Notably, ShibaSwap accounts for $2.33 million of the $3.49 million total value locked (TVL) on the L2 blockchain. 

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