The Shiba Inu (SHIB) development team is reportedly set to improve the yield farming features on ShibaSwap

Updated: June 7, 10:35 UTC

Shiba Inu (SHIB) is reportedly planning to improve yield farming capabilities on its decentralized exchange ShibaSwap.

The development was announced via a community feedback forum created by the Shiba Inu team on their Discord channel.

According to images shared by popular Shiba Inu official team member MILKSHAKE, the team behind the project has created a new forum on Discord and invited the community to submit suggestions that will determine whether the project will add new features to its already ongoing Yield will introduce farming.

According to the screenshot shared by MILKSHAKE, the yield farming proposal has already started and will end on Thursday 9 June 2022 at 00:00 UTC.

“The @Shibtoken Discord opens a forum and community feedback channel for farming proposal feedback for #ShibaSwap. The deadline for feedback on the channel is Wednesday 5pm PST // 8pm EST,” MILKSHAKE tweeted.

📢The @Shibtoken Discord opens a forum and community feedback channel for farming suggestion feedback for #ShibaSwap.

Deadline for feedback on the channel is Wednesday 5pm PST // 8pm EST

More information about the attached images: pic.twitter.com/x0KuZEnYBJ

— MILKSHAKE (@shibainuart) June 6, 2022

reason for the initiative

Analyzing the screenshots shared by the Shiba Inu enthusiast, the SHIB team observed the operation and functionality of its decentralized exchange, ShibaSwap.

Since the launch of the decentralized trading platform, it has performed numerous functions including distributing rewards to beneficiaries on numerous occasions.

However, the Shiba Inu team believes that ShibaSwap has yet to realize its full potential and can be even more successful in other areas, including yield farming.

“Based on the characteristics above, we are working on a new proposal for the community, but would also like to hear any supportive comments, encourage feedback for yield farming so we can make some of the ideas a reality,” an excerpt of the announcement reads.

Possible upcoming proposal

Additionally, the Shiba Inu team suggested three features they would like to implement on ShibaSwap and these include:

“Cumulative WOOF for all rewards instead of individual woofing – single button, 2. External projects can provide rewards themselves for their pairs in the form of their own tokens, [as well as] improved gas structure.”

Still, suggestions have been made. As per the announcement, the Discord admin said that all input will be passed to the dev team, who will now make a suggestion based on the suggestion received.

The proposal will be channeled through Doggy DAO, which launched earlier this year to allow the community to vote on whether the new Yield Farming Initiative features go live.

More ways to earn passive income

The initiative, if implemented, will expand the numerous ways Shiba Inu enthusiasts can earn passive income.

Yield farming allows users to earn rewards via decentralized finance. Yield farming allows members of the SHIArmy to borrow and lend Shiba Inu ecosystem tokens and earn rewards.

Meanwhile, other ways to earn passive income have been introduced to the Shiba Inu community, including burning SHIB and locking LEASH and Shiboshi in the dedicated tools.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. Crypto Basic is not liable for financial losses.

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