Shiba Inu Tops Gas Usage on ETH Network as DeFi Coins Surge

Divya  |  Jul 8, 2021

Shiba Inu (SHIB)  is riding the wave of excitement triggered by the launch of its decentralized crypto exchange ShibaSwap. The Dogecoin-inspired currency’s trading volumes have increased sizeably with the ShibaSwap contract becoming the highest-ranked gas guzzler on the Ethereum(ETH) network.

Shiba Inu Records Significant Increase in Trade Volumes and Gas Usage 

The team behind SHIB announced the launch of their decentralized exchange ShibaSwap on Twitter yesterday. Shiba Swap is a crypto exchange platform that allows users to swap their tokens for other cryptocurrencies.

Shortly after ShibaSwap went live, SHIB’s trading volume recorded a sharp upswing, which is evidenced by Ethereum’s gas tracker. At one point, the exchange topped the network in terms of transaction fees, with Shiba Migrator in the second spot and the Shiba Inu token in the fifth spot. Elsewhere, xSHIB and  LEASH tokens ranked in 6th and 17th place respectively. All these assets fall under the SHIB ecosystem.

Although numbers have shifted slightly since yesterday, ShibaSwap remains one of the top ten gas guzzlers with more than $1 billion locked on the platform within its first day. The exchange holds more value as of press time than Quickswap (QUICK) and Mdex (MDX).

Shiba Inu’s rise has coincided with a surge in other DeFi coins like Uniswap which grew by 11% and Aave and Compound that were up 20%. The biggest gainer among Defi tokens was KuCoin, which jumped over 42% in value.

An Overview of the Shiba Inu Ecosystem

Shiba Inu is a decentralized token that slowly emerged into an ecosystem with three tokens -- SHIB, BONE, and LEASH. The meme token started trading with a supply of 1 quadrillion from which 50% was locked in Uniswap. The other 50% was handed over to Ethereum co-founder Vitalik Buterin, who burnt his holdings for a charity.

Many expected that SHIB would disappear with time like other meme coins, but the token has doubled down on its progress with its exchange service, yield farm, and an upcoming DAO structure.

In May, Ben Casselin, the head of research and strategy at AAX, shed light on SHIB’s potential and explained why it’s worth serious consideration:

“Rather than simply dismissing the hype outright, it’s important to realize that what we’re seeing is the mass movement of traders new to crypto moving into the space.”

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