2 years ago
Blockchain protocol Komodo has launched a Shiba Inu-centric decentralized speech (DEX) that allows users to commercialized Shiba Inu’s SHIB tokens for cryptos issued connected antithetic blockchains.
Called ShibaDEX, the cross-chain speech runs connected AtomicDEX alternatively of a azygous network, specified arsenic Ethereum oregon Binance Smart Chain. This allows for the trading of Shiba Inu tokens for different assets connected antithetic networks.
“ShibaDEX is simply a span that links unneurotic each the Shiba Inu assemblage tokens and apical meme coins,” Komodo CTO Kadan Stadelmann wrote successful an email to CoinDesk. “It’s besides a span that links Shiba Inu to blockchain communities extracurricular of the Shiba Inu sphere and into the wider crypto metaverse.”
DEXs trust connected astute contracts and liquidity pools to fto planetary users speech cryptocurrencies with each different successful a permissionless manner, dissimilar centralized exchanges.
However, DEXs person definite inherent risks specified arsenic impermanent nonaccomplishment oregon rogue developers emptying liquidity pools successful a “rugpull.”
ShibaDEX uses atomic swaps to tackle specified issues, it claims. When trading connected ShibaDEX, users' funds are swapped via decentralized bid books alternatively than adding oregon removing funds via a centralized liquidity pool.
Users tin store and commercialized SHIB (ERC-20 and BEP-20 versions), LEASH, BONE, and much from the non-custodial ShibaDEX wallet. ShibaDEX users tin commercialized SHIB with BTC, ETH, BNB, MATIC, and galore different assets natively crossed their respective blockchains.
The motorboat comes months aft Komodo announced the integration of respective blockchain protocols to its AtomicDEX protocol successful January, including Polygon, Avalanche, and Harmony.
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Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
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