Shiba Inu Can Now Be Exchanged For Different Cryptocurrencies On Other Chains

Shiba Inu, the dog-themed meme coin, now makes it possible for holders and investors to swap SHIB for other cryptocurrencies issued on various blockchains through the newly launched ShibaDEX decentralized exchange (DEX) on the Komodo blockchain.

ShibaDEX is the first cross-chain DEX powered by AtomicDEX and built on top of the Komodo protocol. The decentralized exchange claims to have the widest cross-chain support covering 99% of crypto assets.

It essentially allows for Shiba Inu tokens to be traded for other digital assets, a feat other decentralized exchanges are not capable of providing or allowing. The launch of ShibaDEX brings the utility argument of Shiba Inu back to life.

ShibaDEX co-founder and Komodo chief technology officer Kaan Staelman described the decentralized exchange as "a bridge that links together all the Shiba Inu community tokens and top meme coins." Additionally, he said it "links Shiba Inu to blockchain communities outside of the Shiba Inu sphere and into the wider crypto metaverse."

The exchange is "an example of using the AtomicDEX tech to create tailored, personalized DEXs that don’t compromise on the underlying technology." ShibaDEX offers several advantages over the traditional Automated Market Maker (AMM)DEXes available in the industry today like third-party facilitation.

Atomic swaps process token exchange peer-to-peer or wallet to wallet with a smart contract overseeing the operation, making it more decentralized and eliminating third-party facilitating the exchange.

"ShibaDEX is designed with usability in mind so users can set up a wallet and trade within minutes. All updates to the underlying AtomicDEX protocol will automatically apply to ShibaDEX too, ensuring it remains as efficient, secure, and advanced as possible," Komodo said.

Shiba Inu token holders can now trade their SHIB with BTC, ETH, BNB, MATIC and many others. AtomiDEX also rolled out an update in mid-March, adding 37 new digital assets, which allows Shiba Inu holders to have their pick of tokens.

"Users can store and trade SHIB (ERC-20 and BEP-20 versions), LEASH, BONE, and more from the non-custodial ShibaDEX wallet. ShibaDEX users can trade SHIB with BTC, ETH, BNB, MATIC, and many other assets natively across their respective blockchains," the exchange wrote.

Shiba Inu was trading down 8.87% at $0.00002529 with a 24-hour volume of $1,483,054,528 as of 3:20 a.m. ET on April 1 based on the data from CoinMarketCap.