What is ShibaSwap? - and how to use it

Let's find out more about the ShibaSwap platform, its native tokens, and whether this platform is worth your attention.

Ever since Dogecoin caught the attention of investors and mainstream crypto enthusiasts around the world in 2013, similar projects have been popping up left and right in an attempt to replicate the success of DOGE. In a sea of ​​dog-themed cryptocurrencies inspired by Dogecoin, the Shiba Inu token (SHIB) has become a benchmark.

But despite the similar talisman, Shiba Inu bears little resemblance to its predecessor. What started as a frivolous blockchain trial run has now grown into a serious project aimed at creating a multi-faceted ecosystem. The people behind Shiba Inu are currently working on ShibaSwap, a user-friendly decentralized cryptocurrency trading platform.

ShibaSwap: The DEX of the Shiba Inu Ecosystem

So what exactly is ShibaSwap? ShibaSwap is a native decentralized exchange (DEX) of the Shiba Inu coin. The Shiba Inu team has been working on this project since the beginning of 2021, which shows Shiba Inu's ambition to be more than just an altcoin meme.

ShibaSwap is designed to be as easy to use as possible while still offering a wide range of features that will satisfy even the most demanding traders. Like PancakeSwap and Uniswap, ShibaSwap works without a single or central authority.

However, ShibaSwap may have more profit potential than PancakeSwap and UniSwap. After all, it has not one, but four reward functions! These features allow ShibaSwap users to earn rewards in the form of tokens, which can provide a good passive income stream.

ShibaSwap Tokens (SHIB, BONE and LEASH)

ShibaSwap works on more than just one coin. In addition to Shiba Inu (SHIB), the ShibaSwap ecosystem is powered by two more tokens - Doge Killer (LEASH) and Bone (BONE). These three tokens work in synergy to create a liquid, secure and profitable ecosystem.

Let's look at SHIB, LEASH and BONE in more detail.

Shiba Inu (SHIB)

SHIB is the heart of the exchange. It was created in August 2020 by the founder under the name of Ryoshi. The SHIB mascot is the Shiba Inu, the same breed as the Dogecoin mascot. SHIB runs on the Ethereum blockchain, providing maximum security and functionality for its users.

Despite its price, the value of Shiba Inu coins hovers around $26 billion as there are approximately 549 billion coins in circulation. In the beginning, SHIB had almost 1 quadrillion coins allowed. However, about 40% of these coins were burned in May 2021 by Ethereum co-founder Vitalik Buterin.

Bone (Bone)

BONE serves as the governance token for the entire ShibaSwap ecosystem. It allows residents to propose changes to the ShibaSwap protocol and have voting rights through the Shiba Inu Doggy DAO. Theoretically, the more BONE coins an owner has, the more weight their voice has in making future decisions.

At the time of writing (16/06/2022), the trading price of BONE is approximately $0,36 and the token supply is 6,98 million coins, with a maximum supply of 250 million coins.

Doge Killer (LEASH)

Doge Killer (LEASH) is an incentive token in the ecosystem. Initially, LEASH was planned as a rebase token (or “elastic token”) of DOGE. Rebase tokens are similar to stablecoins. Their offer is automatically adjusted by an algorithm that keeps their price in line with other assets. However, LEASH has since been delisted from DOGE and launched as an ERC20 token with a fixed coin supply.

Unlike BONE, LEASH is quite rare, with a total supply of only 107 tokens. Due to this rarity, each LEASH coin is currently valued at $647 per coin. This is how the law of supply and demand affects coins - the smaller the supply, the higher the price.

Earning rewards in ShibaSwap

There are currently four ways to earn rewards in the ShibaSwap ecosystem: Dig, Woof, Bury, and Burn Portal. Here's how each works.

Dig

The first way to earn rewards in ShibaSwap is through a liquidity pool called Dig. The principle of its operation is quite simple: Every user who places their SHIBA tokens in the Dig pool receives free BONE tokens. The reward percentage depends on how many SHIBA tokens you have locked in the pool.

Liquidity providers are compensated in the form of ShibaSwap Liquidity Pool (SSLP) tokens. These tokens represent users' share of the liquidity pool, which they can exchange for BONE tokens whenever they want.

Woof

The second way to earn rewards in ShibaSwap is called Woof. This is actually a yield farm pool that allows users to exchange their BONE rewards with each other by exchanging SSLP tokens. You will be able to receive 33% of the rewards immediately, but the remaining 67% will be locked up for the next six months.

Bury

The user can stake their SHIB, LEASH and/or BONE tokens in the Bury feature to earn high interest. Users will receive xSHIB, xLEASH, or tBONE, depending on the type of token they staked. These tokens are representative tokens that users have staked on. Once a user stakes a certain number of tokens, 33% of the profits can be received weekly, and the remaining amount will be locked for six months.

Burn Portal
As you probably know, “burning” tokens means taking them out of circulation forever, sending them to a wallet from which they can never be retrieved. ShibaSwap has introduced a new burn mechanism that rewards community members who burn the native SHIB token. It allows users to send SHIB tokens to a dead wallet address, and in exchange, ShibaSwap sends them RYOSHI tokens.

Additional features ShibaSwap

Apart from the reward features, the ShibaSwap platform also provides other DEX features in addition to the token swap feature.

Exchange

As mentioned above, the ShibaSwap exchange allows users to exchange tokens for other tokens. They can also exchange one asset for several other assets depending on their value.

Doggy DAO

Doggy DAO is the control system that runs the entire ShibaSwap ecosystem. It is a Decentralized Autonomous Organization (DAO) that gives users a stake in Woof's liquidity pool, as well as the right to vote on certain issues.

NFT

Non-fungicide tokens (NFTs) are still a new concept, but they are becoming more and more popular. ShibaSwap offers their own NFTs called shiboshi. These NFTs will become part of a gaming project called Shiboshi Game. The NFT project features about 10 cartoon fragments with Shiba Inu mascots, similar to the popular CryptoPunks. These NFTs vary in nature, rarity, and value. Shiboshi owners can also customize their own shiboshi, which increases the value of the NFT as well as providing certain unique properties to the game.

bonefolio

Bonefolio, or ShibaSwap Analytics, is a complete analytics page where you can find historical staking data, trading data, and ROI information. The user can find burn and mint amounts here, as well as transaction fees. The feature also features a portfolio tracker with which users can easily track their income rewards.

How to use ShibaSwap

Source: Shibaswap.com

If you are interested in using ShibaSwap, the first thing you need to know are the three compatible crypto wallets offered by the platform – Metamask. Coinbase Wallet and Wallet Connect.

If you have never created a crypto wallet before, you need to know two things: your private key and the deposit.

First, your private key is a long string of numbers and letters that allows you to access your account. If you lose this key, you will lose access to your account and all tokens in it.

Second, you need to deposit enough ETH into your account to cover the gas fees associated with every transaction you make on the Ethereum network, measured in Gwei.

Once you set up your wallet and deposit some ETH into it, you can convert it into SHIB, BONE or LEASH tokens. This can be done using the Swap feature on the ShibaSwap website. Once you receive the tokens, you can participate in various ShibaSwap features.

Is ShibaSwap safe?

ShibaSwap is a decentralized exchange (DEX), which means it is not subject to the same rules as centralized exchanges (CEX). This can be seen as an advantage or disadvantage, depending on your point of view.

One of the advantages of decentralized exchanges is that they are not as prone to hacks, which makes them more secure. CertiK, a blockchain-based security audit company that evaluates platforms based on their security, gave ShibaSwap a security score of 92 out of 100.

ShibaSwap resolved 97% of the 34 issues raised during the audit. This assessment allows ShibaSwap to successfully compete with leading decentralized platforms such as Polygon and Aave.

Of course, before investing in any platform, always DYOR (do your own research). This way, you can make an informed decision about whether a particular platform is right for you.

Сonclusion

So, is ShibaSwap worth your attention? If you are a Shiba Inu user looking for a reliable platform that gives you multiple ways to profit from your investment, ShibaSwap is the platform for you.

ShibaSwap is the first major project of the Shiba Inu team since the launch of the cryptocurrency in 2021. So far, it has been a huge success with thousands of users trading millions of dollars every day.

The funny name of its DeFi terms creates an almost gaming experience that not only allows Shiba Inu to stay true to its brand but also promotes mass adoption. ShibaSwap is being hailed as one of the next generations of DeFi platforms that will allow users to easily enter and intuitively navigate the world of cryptocurrencies.