Shiba Inu's (CRYPTO: SHIB) ShibaDEX decentralized exchange (DEX) launched on the Komodo (CRYPTO: KMD) blockchain allows its users to exchange Shiba Inu for cryptos native to multiple blockchains.
What Happened: A Wednesday article published by crypto news outlet Coindesk reveals that ShibaDEX allows its users to trade tokens coming from numerous blockchains against Shiba Inu. This is possible because the DEX in question is a cross-chain exchange that also serves as a bridge between multiple blockchains.
Komodo Chief Technology Officer Kadan Stadelmann said that "ShibaDEX is a bridge that links together all the Shiba Inu community tokens and top meme coins." He added that the DEX also “links Shiba Inu to blockchain communities outside of the Shiba Inu sphere and into the wider crypto metaverse.”
ShibaDEX uses decentralized order books to exchange funds hosted on multiple blockchains in what are called atomic swaps. Assets supported by the exchange include Shiba Inu — both Ethereum's (CRYPTO: ETH) ERC-20 and BNB's(CRYPTO: BNB) BEP-20 versions — Leash (CRYPTO: LEASH), Bone (CRYPTO: BONE), Bitcoin (CRYPTO: BTC), Ethereum, BNB, Polygon (CRYPTO: MATIC) and many others.
Of course, the exchange also supports memecoins such as Dogecoin (CRYPTO: DOGE), Floki Inu (CRYPTO: FLOKI), Doge Dash(CRYPTO: DOGEDASH), GM WAGMI (CRYPTO: GM) and more.
Origin Of ShibaDex Tech: The technology behind the system is not exactly new, and it debuted in 2019 in Komodo's AtomicDEX. In a late 2019 interview, Stadelmann claimed at the time that the solution addressed the lack of decentralization of competing decentralized exchanges.
Both AtomicDEX and ShibaDEX stand to profit greatly from the partnership, as he explained at the time that any protocol using Komodo's DEX application programming interface will share liquidity, improving the service's usability.
Price Action: At press time, Shiba Inu was trading at $0.00002765, up 2.91% in the past 24 hours.
