Meme coin and dogecoin rival ShibaInu coin’s native decentralized exchange (DEX) is called ShibaSwap. It has been rising in popularity over the last 18 months. There is no need for an intermediary or counterparty in DEXs, unlike centralized platforms such as Binance and Kraken.
Decentralized exchanges like Uniswap offer many of the same functions as ShibaSwap, but with additional features like staking, governance, and an NFT marketplace called “Shiboshis.” ShibaSwap will be launched in July 2021.
There are three different tokens that make up fuel ShibaSwap: Shibainu coin (SHIB), bone shibaSwap (BONE), and doge killer (DOGE) (LEASH). It’s not clear what BONE and LEASH stand for, so I’d like to know more about them.
A total of 250 million Bone shibaSwap (BONE) tokens will be issued to serve as the platform’s governance token. ShibaSwap’s “Doggy DAO” allows token holders to propose and vote on changes to the protocol. As a form of incentive, it’s given to users who help the platform’s liquidity pool stay full.
LEASH, the Doge Killer: As a rebase token (also referred to as an elastic token), this was initially launched as an algorithmic stablecoin, where the supply automatically increases and decreases via a computer algorithm to keep its price tied to another asset. In this instance, the supply of LEASH was adjusted by 1/1,000 to follow the price of DOGE.
Supply of doge killer would change (mint new tokens or destroy coins in circulation) to adjust LEASH to $50 in the event that the price of dogecoin was $0.05.
Due to the “unleashing,” the price of DOGE does not track LEASH tokens anymore. LEASH has become the primary value coin store for the project’s investors, with a limited issuance of just 107,647 tokens available.
What Shiba Swap Is All About
SHIB, LEASH, and BONE are ShibaSwap’s three native coins. They are all available in six different ways on the homepage.
- The ShibaSwap platform’s liquidity pooling feature is called “digging.” On the platform, users can deposit crypto assets in pairs to pre-existing liquidity pools or create new ones.
- Liquidity providers are rewarded with ShibaSwap liquidity pool tokens as compensation (SSLP). Holders of these tokens will be rewarded with free bone tokens upon redemption of their liquid assets.
- ShibSwap’s “Woofing” function is used to redeem BONE rewards by exchanging SSLP tokens for BONE tokens.
In order to generate high-interest yields in BONE tokens, users can stake their SHIB, LEASH, and BONE in the Bury. The rates were 171%, 2660%, and 8140%, respectively, at the time of publication. Tokens represent staked xSHIB, xLEASH, or xBONE amounts, and are awarded to users upon stake completion.
33 percent of BONE rewards from staking are immediately available, while the remaining 66 percent are locked up for six months before being released.
The ShibaSwap platform has an exchange feature called “Swap” that allows users to swap between different assets.
An analytics dashboard, Bonefolio allows users to explore current interest rates and track their yield returns.
CryptoPunks-style Shiba Inu dog cartoons known as “Shiboshis” are available for trade here; these non-fungible tokens are pixelated versions of CryptoPunks’ Shiba Inu cartoons.
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ShibaSwap: A Quick Guide to Getting Started
Set up one of three compatible crypto wallet services before using ShibaSwap to get started.
- Wallet for Coinbase
Create your own wallet by visiting the official landing pages and clicking “Get Started” or “Download.”
Once your wallet is set up, you’ll need to do two things. Make a copy of the secret phrase, which is also referred to as a seed phrase or a recovery phrase, before continuing.
This phrase should not be copied digitally, such as by taking a screenshot or emailing it to yourself. If your device is hacked, hackers will be able to access this information. Write down the phrase instead, as is always recommended.
Keeping multiple copies of the exact phrase in a safe place is the best way to ensure maximum security.
To begin staking or providing liquidity, you’ll need to fund your wallet with ether to cover transaction fees and convert it into SHIB, BONE, or LEASH tokens, as described above.
By clicking “Connect” in the top right corner of the official ShibaSwap website, you can connect your wallet by selecting the appropriate wallet service. This will allow you to use ShibaSwap’s services by connecting your wallet to the platform.
Is Shiba Swap Safe to Use?
It has a safety rating of 93/100 from the CertiK blockchain security ranking service, which found that the ShibaSwap platform addressed 97% of the 34 issues raised during its extensive audit. To put this in perspective, ShibaSwap is better than Defi heavyweights Aave and Polygon, both of which scored 92 out of a possible 100 points.
In addition, 96% of CertiK users voted that ShibaSwap was a safe service, according to the results. However, this metric should not be used as a sole factor in determining the safety of a platform.
It’s always a good idea to do your own research before investing in Defi platforms to make sure you understand the potential downsides.
What Is Shibaswap?
Users of The Shibaswap Program Are Left to Figure out How to Make Use of The Service on Their Own.
For Its Part, Users Expect that The App Will Perform on Par with Other Similar Ones. There Are Three Different Coins in Shibaswap: The Shib (coin), Leash (coin), and Bone (coin).
- Before Using the Shibaswap App, You Will Need to Create a Wallet.
- To Exchange Shiba Coins for Other Cryptocurrencies, You’ll Need to Create a Meta Mask Wallet.
- After the Metamask Wallet Has Been Set Up, You Can Add Ethereum to It.
- It Is Possible to Exchange Your Ethereum Coins for Shibs Once They Have Been Transferred to Your Wallet.
In Addition to These Features, the Wallet Can Be Used to Control a Number of Others. a Wide Range of Options Is Available to You, Including Digging, Burying, Swapping, Woofing, and More.
How Do I Get the Shibaswap App?
- Google Play Store if You’re Using an Android Phone, While the Apple App Store if You’re Using a Mac or Ios Device.
- Now Type Shibaswap Into the Search Bar and Press Enter.
- Select the ‘install’ Button on Android Smartphones, While on IOs, Select the ‘get’ Button.
- Downloading the Shibaswap App to Your Android or IOs Smartphone Will Only Take a Few Minutes.