Pawswap is the first DEX designed on the Shabarium blockchain where users can trade, and exchange crypto assets in a decentralized manner. The team behind Pawswap was inspired by the Shiba community who also created the Shibarium blockchain as an extension of the possibility of Shiba Inu.
Shiba Inu is a memecoin launched in 2020 before it gained prominence and added more features such as a metaverse and its blockchain, Shibarium. While all these innovations came into the Shiba community with a focus on DeFi, the need to have a decentralized exchange as an easier service platform for community members became eminent.
According to the Pawswap team, already existing DEXes seem very expensive in terms of gas fees making it hard for users to access such services. Thus, they had to start designing Pawswap as a solution to that problem. Thanks to the native blockchain of the Shiba Inu ecosystem – Shibarium – which is acting as the infrastructure for Pawswap.
Features of Pawswap
Pawswap has chart, swap, multichart, and multiswap tools through which users can compare the prices of several assets against other assets. This includes the $PAW token, WETH, and other crypto assets. After comparing prices and making a decision to swap, users can use the swap option to exchange an asset for another with lesser gas fees.
The cheap nature of the Pawswap platform is because of the integration with Fusion protocol powered by 1 inch. 1-inch Swap Engine enhances DeFi transactions in a manner that may require no gas fees. And the 1-inch infrastructure grants access to liquidity across several pools for users.
Apart from the Pawswap option, there is also the Shiba swap, a DEX built on Ethereum and uses the Shib token. There is also access granted to users of Pawswap to the Floor.trade platform where tokens can be bought and sold on different chains as well as swaps carried out too.
With a click, users can access Etherscan at any time from the Pawswap platform. Etherscan, which acts as the search for the Ethereum network, makes it possible to analyze assets on the Ethereum network. So details like the number of transactions and balances can be ascertained using Etherscan.
Pawswap has a token called $PAW which according to the team will have a total supply of 1 quadrillion and act as a governance token for the project as well.
Roadmap of Pawswap and the future of DEXes
According to Pawswap, between Q3 of 2022 and Q1 of 2023, the team will be focused on research and development including building technical structures such as smart contracts, and blockchain integrations. In the latter part of Q1 of 2023, the token will be launched on the Ethereum blockchain.
Alpha testing with a group of users to evaluate the Pawswap platform, receive feedback from them, and improve upon the feedback before it goes live will be the focus from Q2 2023 to Q3 2023. Within this period, the team will introduce a community-driven governance model that will determine the direction of the project. This will allow community members to decide the next move for Pawswap.
Beta testing will come in Q4 of 2023 when more users will be allowed to try the platform, give feedback, and have changes implemented by the team again. There will also be an addition of more tokens as well as trading pairs at this time.
From Q4 2023 to Q1 2024, Pawswap will be publicly launched with additional tokens brought into Iran’s trading pairs.
The future of DEXes
From the incidents that beclouded centralized exchanges such as Celsius and FTX in 2022, the rise of DEXes is taking the stage in the crypto industry. Platforms like Uniswap have added more features to enhance their services and a recent update shows that the community wants version 3 to be launched on the Boba network.
Sushi is also making plans that will involve more Dex operations. According to reports, Sushi, a DeFi platform, will release its first decentralized exchange in the first quarter of 2023 while improving its user experience.
Decentralized exchanges like Pawswap are becoming an alternative for the trading of crypto assets in recent times. The team behind Pawswap also explained that the mission of the project is to create a DEX that empowers individuals to take control of their financial future and provide a safe and user-friendly platform for trading cryptocurrencies.
Read also;
Shiba Inu to release beta version of Shibarium, its L2 blockchain
Is Shiba Inu Still a Memecoin?
