ShibaSwap, a Decentralized Exchange (DEX) platform of the popular meme coin, the Shiba Inu coin project, is gearing up for a significant upgrade with the launch of liquid staking. This feature will allow its users to stake their tokens without locking in, while liquidity can be maintained. However, the launch date of Liquid Staking on ShibaSwap has not been disclosed yet.
What is ShibaSwap?
ShibaSwap was launched as a part of the expansion of the Shiba Inu Universe, and it became one of the crown achievements of the meme coin. ShibaSwap is a decentralized exchange platform launched to boost the utility of Shiba Inu Tokens, and it features passive income-generating services like staking and liquidity pools in its ecosystem.
ShibaSwap makes it possible for the users to trade cryptocurrencies without the need for any third party, thereby enabling peer-to-peer transactions. ShibaSwap facilitates a more private and secure environment to carry out digital asset transactions.
ShibaSwap is built on the Ethereum network and it was launched in 2021. It utilizes the Shiba Inu coin that goes with the ticker (SHIB), along with two secondary tokens named Bone ShibaSwap (BONE) and Doge Killer (LEASH).
What is Liquid staking?
Liquid staking is an innovative approach in the crypto space that revolutionizes the way developers and crypto enthusiasts participate in the blockchain network, and this approach combines traditional staking with enhanced liquidity. Liquid staking allows users to stake their tokens while maintaining liquidity. In traditional staking, the tokens are locked, while liquid staking provides a tokenized representation of staked assets, known as Liquid Staking Tokens (LSTs).
These tokens can be employed as collateral and traded or deployed in various decentralized finance applications. Liquid staking offers flexibility and capital efficiency, and this has made them popular among traders, developers, and crypto enthusiasts. It supports the security of proof-of-security in addition to other yield opportunities.
Liquid Staking in ShibaSwaps
ShibaSwap is set to launch liquid staking, and this feature is aimed at enhancing the decentralized finance experience for its users. This upgrade promises users that they can stake their assets and earn rewards on them without locking in while maintaining liquidity.
This functionality will allow the users of ShibaSwap to stake their tokens while maintaining access to their funds, and in return, the users will be rewarded with liquid tokens such as veTREAT, which can be used for trading and also as collateral on DeFi Platforms. The veTREAT tokens also grant governance power, thereby allowing holders to influence the liquidity mining reward allocation.
The official launch date of the liquid staking on ShibaSwap remains undisclosed, but the feature can be accessed by users on a Shibarium-based platform called K9 Finance.
Other Upgrades in ShibaSwap
ShibaSwap has welcomed many significant changes since its launch in 2021. It was recently shifted to Shibarium, making it a multi-chain decentralized exchange; as a result, users were allowed to swap their tokens between Ethereum and Shibarium.
In October, the Shiba Inu ecosystem launched the much-anticipated ShibaSwap 2.0, where new features like seamless migration and centralized liquidity pools were introduced.
Additionally, a Karma Point System is also being introduced by the ShibaSwap, where users can earn points by engaging in various activities. These points will help in increasing the voting power within the upcoming Shib Doggy DAO, which is expected to be live by the end of 2024.
Conclusion
As a Decentralized Exchange, ShibaSwap is a safer platform compared to traditional trading platforms since there is no third-party involvement, and Peer-to-Peer transaction is allowed. Moreover, its code has been audited, making it a safe platform for trading, and it has a safety score of 93/100.
The launch of liquid staking in ShibaSwap will allow its users to stake their tokens while maintaining liquidity and earning rewards without locking the tokens. ShibaSwap also welcomed other upgrades like its recent shift to Shibarium and the launch of ShibaSwap 2.0, and all these upgrades marked significant advancements in expanding its capabilities. Although the platform performs well, the decision to use the platform for trading or investing is completely up to the user.