More memecoins are diversifying their focus from being just a pure fun token to those with defined utility. Drawing on this, Baby Doge Coin (BABYDOGE) a Shiba Inu rival has launched its Decentralized Exchange (DEX) platform dubbed BabyDogeSwap.
BabyDogeSwap and the Competition to Beat
The launch of the BabyDogeSwap platform can be tagged a watershed moment for the memecoin community with broad services now open to all. As the protocol revealed, users can now swap their tokens using its aggregator.
Beyond token swapping, users can also functionally create farms and pools on demand, and also utilize the DEX’s free token locker, and also checkout the Non-Fungible Tokens (NFTs) hosted on the trading platform.
https://t.co/UAopqn3msj is live!
-Users can swap using our aggregator
-create farms & pools on demand,
-use our free token locker,
-checkout our NFTs,
-get a #Babydoge virtual crypto card to spend your crypto,
-use our burn portal to burn your baby doge to get lower buy… pic.twitter.com/hrYrnZtiic— Baby Doge (@BabyDogeCoin) June 18, 2023
While launching its DEX makes BabyDoge special, thelandmark has been pioneered by Shiba Inu which has the ShibaSwap exchange. The ShibaSwap exchange has earned itself a place among the most used trading platforms in the Decentralized Finance (DeFi) world and observers will be looking at whether or not the BabyDogeSwap platform will be beating its distant rival.
At the moment, ShibaSwap maintains close to a million dollars in daily trading volume according to data from CoinMarketCap.
Pursuing Additional Utility
While it will be focusing on building out its new trading platform, BabyDoge, the memecoin that attempted to break the Guinness World Record for the largest pet donations in the world is also planning to capitalize on existing innovations designed to empower its community members and add to the valuation of its token.
One of these innovations is its token burn program and it said users who use its burn portal to burn their BabyDoge will get lower trading fees on the new exchange. Additionally, a Virtual Crypto Card will be made available to let people spend their crypto while also integrating an on-ramp feature to allow users withdraw funds to their accounts.
Having built a community with more than 1.9 million followers on Twitter, the launch of the BabyDogeSwap is bound to help boost sentiment on the prospects of the protocol in the long term. While doing all it can to differentiate its growth path from Shiba Inu and Shibarium, the new exchange launch can help reverse the current bearish course of the memecoin which is changing hands at $0.0000000014 at the time of writing.
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Source: https://coingape.com/shiba-inu-rival-launches-decentralized-exchange/