This week, the Shibarium Builder Spotlight shines on WoofSwap, a promising decentralized exchange aiming to redefine DeFi within Shiba Inu's layer-2 ecosystem. The project aims to provide "a powerful and efficient platform for DeFi liquidity."
Helmed by a team of developers—one of whom is publicly known as "Jim"—WoofSwap seeks to mitigate common issues such as "high transaction costs and scalability issues," presenting users with a more "cost-efficient and user-friendly platform." By integrating with Shibarium, the project harnesses the layer-2 solution's rapid transaction speeds and substantially lower fees.
Shibarium Builder Spotlight: WoofSwap Reinvents the DEX Model with ve(3,3)
WoofSwap is a decentralized exchange where users can directly trade digital tokens. It utilizes a unique economic model called "ve(3,3)," derived from an earlier project, Ve33 Finance. This model sets the project apart, as the team emphasizes the "ve(3,3) tokenomics, which aligns incentives through vote-escrowed tokens and fee rewards, merging seamlessly with Shibarium's technology for ultra-low fees and high-speed transactions."
Users can lock the platform's native token, $WOOF, to gain voting rights and receive rewards from trading fees. The team elaborates on their choice of network, stating, "We selected Shibarium for its layer-2 scaling solution, which provides fast, low-cost transactions, aligning with our goal of making DeFi accessible."
They further highlight Shibarium's "lively Shiba Inu community and focus on meme coin utility create the ideal ecosystem to foster WoofSwap's growth."
WoofSwap has been developing on Shibarium since approximately mid-2023. Key features already realized include permissionless liquidity pools, the ve(3,3) tokenomics system, and support for tokens like $BONE in addition to its own $WOOF token. The team also reveals the launch of shibarium.fun as part of their effort to boost ecosystem growth.
