In a significant stride towards enhancing user accessibility and utility within the Shibarium network, Marswap, the decentralized exchange (DEX) based on Shibarium, has announced the successful development and live demonstration of an on/off-ramp protocol. This revolutionary feature was showcased by Marswap’s CEO, Ian (@ICawrey), in a recent live broadcast on the project’s community Telegram group.
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SHIBARIUM ON/OFF RAMP!!@thecryptobasic MARSWAP HAS JUST SUCCESSFULLY BOUGHT #SHIBARIUM #BONE WITH FIAT! STRAIGHT FROM A BANK ACCOUNT!!
Then……
SOLD IT BACK TO A @PayPal ACCOUNT!!
THIS HAS NEVER BEEN DONE BEFORE!!
AND YOU WILL BE ABLE TOO SOOON! 🔥🔥🔥🔥@ShytoshiKusama… pic.twitter.com/JXpFS0MsNQ
— MARSWAP – Shibarium DEX & DeFi Platform (@MARSWAP1) November 10, 2023
During the live demonstration, Ian demonstrated the capability to seamlessly purchase BONE tokens on the Shibarium network using a bank card. What sets this development apart is the subsequent sale of the acquired tokens back to fiat, with the funds being transferred directly to Ian’s PayPal account—all accomplished through the Marswap platform. This marks Marswap as the first on/off-ramp protocol tailored specifically for the Shibarium network.
Marswap decided to integrate the On/Off-Ramp Capability for the Shibarium Network
The Marswap team had earlier communicated their intention to integrate this feature, highlighting its seamless nature and the absence of cumbersome Know Your Customer (KYC) procedures. An on-ramp allows users to purchase cryptocurrencies with fiat, while an off-ramp enables the selling of assets for fiat currency. The introduction of an on/off-ramp service for Shibarium represents a pivotal moment for the expanding layer-2 protocol, simplifying the process of moving between traditional financial systems and the decentralized Shibarium network.
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Notably, the Marswap team’s announcement on social media platform X garnered attention from key figures within the Shiba Inu community, including lead developer Shytoshi Kusama. Kusama expressed excitement with a “Heart on Fire” emoji, signalling approval and anticipation for the groundbreaking development.
❤️🔥
— Shytoshi Kusama™ (@ShytoshiKusama) November 13, 2023
In a swift response to market demands, Marswap has already integrated the PayPal payment option into its platform. Users interested in leveraging this service can visit the official Marswap platform, where they are prompted to enter the USD equivalent of the BONE tokens they wish to purchase, followed by straightforward on-screen instructions.
Marswap, launched earlier this year, has quickly established itself as a Shibarium-based DEX, offering a range of decentralized finance (DeFi) services, including token swaps, staking, gaming, and non-fungible tokens (NFTs). The project actively supports the Shiba Inu ecosystem by implementing a 2% burn of SHIB with every transaction, contributing to the token’s deflationary mechanism.
Marswap feature gains traction
As the Marswap on/off-ramp feature gains traction within the community, it is expected to contribute significantly to the adoption and usability of the Shibarium network, providing users with a seamless bridge between traditional finance and the decentralized world of blockchain.
The integration of PayPal further expands the payment options available to users, making the Marswap platform even more versatile and user-friendly. The development marks a positive step forward in the ongoing evolution of decentralized finance protocols and their integration with traditional financial systems.