Komodo’s ‘ShibaDEX’ Lets Users Trade Shiba Inu for Tokens on Other Chains

‘ShibaDEX’ is said to be the first cross-chain exchange for the millions of Shiba Inu community members.

AccessTimeIconMar 30, 2022 at 8:36 a.m. UTC
Updated Mar 30, 2022 at 2:26 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Blockchain protocol Komodo has launched a Shiba Inu-centric decentralized exchange (DEX) that allows users to trade Shiba Inu’s SHIB tokens for cryptos issued on different blockchains.

  • Called ShibaDEX, the cross-chain exchange runs on AtomicDEX instead of a single network, such as Ethereum or Binance Smart Chain. This allows for the trading of Shiba Inu tokens for other assets on different networks.
  • “ShibaDEX is a bridge that links together all the Shiba Inu community tokens and top meme coins,” Komodo Chief Technology Officer Kadan Stadelmann wrote in an email to CoinDesk. “It’s also a bridge that links Shiba Inu to blockchain communities outside of the Shiba Inu sphere and into the wider crypto metaverse.”
  • DEXs rely on smart contracts and liquidity pools to let global users exchange cryptocurrencies with each other in a permissionless manner, unlike centralized exchanges.
  • However, DEXs have certain inherent risks such as impermanent loss or rogue developers emptying liquidity pools in a “rug pull.”
  • ShibaDEX uses atomic swaps to tackle such issues, it claims. When trading on ShibaDEX, users' funds are swapped via decentralized order books rather than adding or removing funds via a centralized liquidity pool.
  • 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 launch comes months after Komodo announced the integration of several blockchain protocols to its AtomicDEX protocol in January, including Polygon, Avalanche and Harmony.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.