SHIB Core Team Drops Major ShibaSwap 2.0 Update Amid Growing CEX Mistrust

A member of the Shiba Inu core team dropped a major update about the highly-anticipated ShibaSwap 2.0 amid the ongoing exodus of retail investors from top centralized cryptocurrency exchange platforms.

The spectacular implosion of the once second-largest crypto derivatives centralized exchange platform in the world, FTX, dragged the crypto winter and created a crisis that investors have never seen. It also discouraged many retail investors from placing their crypto assets on centralized crypto exchange platforms.

Although major CEX platforms have disclosed their respective proof of reserves, industry watchers believe that FTX has done deeper damage in the sector and it would take a lot more than showing PoR to convince retail investors to trust exchanges again. But while fear, uncertainty and doubt (FUD) plague the crypto market these days, the Shiba Inu team is hard at work, pushing projects in the pipeline to boost the ecosystem and help investors.

A Twitter user who goes by the handle @initializable, whose bio revealed that they are a part of the Shiba Inu core team, shared a major update about ShibaSwap 2.0, the upcoming version of the Shiba Inu decentralized exchange. The comment came after a former Shiba Inu Growth Breed member and social media influencer with the Twitter handle @LucieShib tweeted about ShibaSwap 2.0 on Sunday.

In her tweet, she noted that she remembered Shiba developer "Eric M" talking about the upcoming version as a "crypto portal with charts, crypto sentiment, heat maps and news." The social media influencer added that while the version might not arrive "right away," she is "looking forward" to its launch.

The core team member commented that there are "lots of fresh features on the horizon, new user interfaces are looking amazing." While they did not mention anything more, it is believed that the comment made by @initializable suggested that the team is already testing the ShibaSwap 2.0 version.

The Shiba Inu team launched ShibaSwap in July 2021 and had amassed a total value locked (TVL) of over $1 billion within 24 hours of launching. Certik, a security-focused ranking platform that analyzes and monitors blockchain protocols and DeFi (decentralized finance) projects, gave the Shiba Inu decentralized exchange platform a security score of 92, a 93 trust score in July 2021 and a 93 trust score in March 2022.

Shiba Inu developer who goes by the name Eric M, previously said in Discord that "ShibaSwap 2.0 won't be just a swap platform but a crypto portal." This was further later confirmed by Shiba Discord moderator Queenie during the AMA in Twitter Spaces in February where she said, "we are essentially turning it into a crypto portal, where we're going to encompass stats and trends, news, charts, and basically anything that the community would love to see."

The Shiba Inu team has not yet provided the release window for the ShibaSwap 2.0 update. But if they are currently testing the platform, the Shib Army might see it before the year ends or in the first quarter of 2023.