The Komodo blockchain protocol has developed a Shiba Inu-focused decentralized exchange (DEX) that allows users to swap Shiba Inu’s SHIB tokens for cryptos from various blockchains.
The platform is called ShibaDEX and is a cross-chain exchange that runs on AtomicDEX rather than a single network like Ethereum or Binance Smart Chain. This allows Shiba Inu (SHIB) tokens to be traded for other assets on multiple networks.
In an email to Coindesk, Komodo CTO Kadan Stadelmann said,
“ShibaDEX is a bridge that links together all the Shiba Inu community tokens and top meme coins….It’s also a bridge that links Shiba Inu to blockchain communities outside of the Shiba Inu sphere and into the wider crypto metaverse.”
The non-custodial ShibaDEX wallet allows users to store and exchange SHIB (ERC-20 and BEP-20 variants), LEASH, BONE, and other cryptocurrencies. ShibaDEX users can trade SHIB natively with BTC, ETH, BNB, MATIC, and a variety of other assets on their respective blockchains.
The introduction of ShibaDEX comes months after Komodo revealed in January that multiple blockchain protocols, including Polygon, Avalanche, and Harmony, would be integrated into its AtomicDEX system.
Advantages of Komodo’s Shiba Inu DEX
Unlike centralized exchanges, DEXs rely on smart contracts and liquidity pools to allow global users to trade cryptocurrencies with one another without requiring permission. DEXs, on the other hand, comes with some inherent dangers, such as temporary loss or malicious developers draining liquidity pools in a “rugpull.”
ShibaDEX claims to solve such problems via atomic swaps. An atomic swap is a cryptocurrency exchange between two blockchains. The exchange is carried out between two entities without the involvement of a third party. The goal is to eliminate centralized intermediaries such as regulated exchanges, giving token owners complete power. Users’ funds are traded via decentralized order books rather than adding or removing funds via a centralized liquidity pool when trading on ShibaDEX.
Using the ShibaDEX platform is fairly simple, and the UI is very user-friendly. The application is now available for download on Komodo’s website.