Shibarium-based decentralized exchange (DEX) and DeFi platform Marswap has integrated an on/off-ramp feature to enable investors purchase Shiba Inu ecosystem token BONE using bank card and PayPal.
The team behind Marswap announced the development in a recent post on X. Notably, according to the team, Ian (@ICawrey), Marswap’s CEO, demonstrated this new capability in a live broadcast on the project’s community Telegram group.
In the broadcast, he successfully purchased BONE tokens on the Shibarium network using his bank card, and then sold the tokens back to fiat, having them transferred to his PayPal account. All these transactions occurred using Marswap.
SHIBARIUM ON/OFF RAMP!!@thecryptobasic MARSWAP HAS JUST SUCCESSFULLY BOUGHT #SHIBARIUM #BONE WITH FIAT! STRAIGHT FROM A BANK ACCOUNT!!
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
Notably, the Marswap team earlier confirmed their intention to integrate this feature as the first on/off-ramp protocol tailored for the Shibarium network. They noted that the process would be seamless, with no need for cumbersome KYC procedures.
For context, an on-ramp feature helps market participants purchase crypto assets with fiat. Whereas, an off-ramp protocol allows individuals to sell their assets for fiat. The introduction of an on/off-ramp service for Shibarium is a pivotal moment for the expanding layer-2 protocol.
The innovative feature has caught the attention of several notable Shiba Inu community figures, including lead developer Shytoshi Kusama. Kusama replied to the Marswap team’s announcement on X with a simple “Heart on Fire” emoji, signaling excitement.
— Shytoshi Kusama™ (@ShytoshiKusama) November 13, 2023
Interestingly, a quick look at the Marswap platform indicates that the development team has already integrated the PayPal payment option. Individuals looking to leverage the service must head to the official Marswap platform, enter the USD equivalent of the BONE they wish to buy, and follow the on-screen prompts.
The Marswap Platform
Marswap’s Sustained Support
Marswap launched earlier this year as a Shibarium-based DEX catering to several DeFi offerings, including token swaps, staking, gaming, and NFTs. The project supports the Shiba Inu ecosystem by burning SHIB with 2% with every transaction.
The Crypto Basic reported in August that the project had burned 4.5 billion SHIB since its launch. Interestingly, the team claimed to have exceeded the 7 billion Shiba Inu burn threshold in a disclosure last month.
Amid the sustained support, Kusama confirmed his trust for the Marswap CEO when asked about his opinion on the platform on the Shibarium Telegram group. However, he charged investors to always carry out proper due diligence.
As one of the prominent projects on Shibarium, Marswap’s success will impact the layer-2 network. The recent on/off-ramp feature could bolster more demand for BONE, Shibarium’s gas token, as it eliminates the stress of purchasing the asset. Marswap is the top DEX on Shibarium, boasting $341,358 in TVL.
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