thecryptobasic.com
The Shiba Inu ecosystem is set to welcome more users after prominent crypto exchange Gate.io integrated advanced support for the Shibarium network.
The Shiba Inu ecosystem is starting the new month on a high. On February 1, Shibarium-based DEX WoofSwap announced that Gate.io has enabled support for the SRC-20 token standard, which allows inscriptions on the Shibarium blockchain.
Great news.@gate_io 🎉🎉🎉#Gateio Launches Navigation Services
Support for SRC20 #Shibarium https://t.co/Kt1Ws6GGjw#Shibinals #SHIBS #SRC20 pic.twitter.com/YjkBnHGRMd— WOOF | Inscription Market (@woofswap) February 1, 2024
This development is significant for Shiba Inu and the Shibarium network as it brings Shibarium inscriptions to the vast audience on Gate.io. The exchange boasts over 12 million users and is constantly one of the largest trading platforms by trading volume.
The new Shibarium integration offers an interface for users to trade or mint inscriptions as SRC-20 tokens. At the time of writing, the listed collections on Gate.io have already recorded 100s of sales.
Notably, the “Trade” button on the interface directs users to the decentralized exchange WoofSwap where they must connect their Web3 wallet to interact with SHIB inscriptions. The link provides an avenue for many of Gate.io’s millions of users to connect to Shibarium and experience its unique features.
Unlike the Ethereum network which has high fees, Shibarium enables low cost and new instant transactions. Shibarium has already recorded 300 million transactions in its short lifespan, making it one of the most widely used blockchains.
Shibarium Prepares to Onboard More Projects
The strength of a blockchain’s ecosystem typically comes from the decentralized applications built on the network and integrations with third-party exchanges. To this effect, Shibarium has been making remarkable progress, as evidenced by the recent Gate.io integration.
Other exchanges have also enabled Shibarium support, with the Shiba Inu team taking additional measures to onboard more projects. The goal for the team is to onboard 1000 projects to Shibarium in the near future.