What is ShibaSwap and How to use it?

Updated on 6 September, 2022 3:54 PM
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    With significant increases in 2021, Shiba Inu (SHIB) has solidified its position as a top humour coin in the cryptocurrency markets. Additionally, the creators of the dog-themed coin created ShibaSwap to broaden the ecosystem of the meme coin and make Shiba Inu more than just a replica of Dogecoin.

    What exactly is ShibaSwap?

    ShibaSwap is a decentralised crypto exchange that enables community trading . As a result, users can directly trade tokens on ShibaSwap without a third-party presence. Compared to the majority of centralised exchanges, ShibaSwap provides a more private and safe platform for users to trade their crypto assets.

    Many of the features found in a contemporary DEX, such as token exchanging, liquidity pools, staking, management, yield farming, and providing an NFT market- “Shiboshis”, are offered by ShibaSwap.


    Origin and Goal Of Shibaswap

    In July 2021, ShibaSwap was introduced and is based on the Ethereum network.Since then it has gained a lot of popularity in the last year.

    ShibaSwap's mission is to offer a secure marketplace for decentralised cryptocurrency trading. Their goal is to continue to scale this ecosystem in order to attract more and more clients to the ShibaSwap platforms.

    The function of Shibaswap – How does it work?

    Users may trade stablecoins, ERC-20 tokens, and a dozen other tokens on ShibaSwap. To generate passive cryptocurrency revenue, users can assign their assets to a number of tasks.

    Shiba Inu's native utility token SHIB and the ERC-20 tokens Bone ShibaSwap (BONE) and Doge Killer serve as the fuel for ShibaSwap (LEASH). We will talk about these in detail in our tokenomics section later on, for now, let us see how they aid ShibaSwap to function.

    There are six features available on the ShibaSwap website that use the three native currencies of ShibaSwap (SHIB, LEASH, and BONE) –

    Dig on ShibaSwap

    On the ShibaSwap platform, digging is the liquidity pool feature. Users can construct their own liquidity pools or deposit crypto assets in pairs into pre-existing liquidity pools on the platform. Liquidity providers are compensated with ShibaSwap tokens for their services (SSLP). These tokens are their portion of the pool's liquidity and entitle owners to free bone tokens upon exchange.


    Customers can stake their SHIB, LEASH, and BONE at the bury to earn high-interest rates that are rewarded out in BONE tokens. The rates were 171%, 266%, and 814%, respectively, at the time of publication. After they have staked, users are given tokens that indicate the amount they have staked in xSHIB, xLEASH, or xBONE.


    The ShibaSwap platform's exchange feature allows users to switch between various assets.

    Woof on ShibaSwap

    On the ShibaSwap platform, "woofing" is the process of exchanging SSLP tokens for BONE rewards.

    NFT Marketplace on ShibaSwap

    Users can exchange 10,000 separate, non-fungible tokens called "Shiboshis," which are digitised Shiba Inu dog animations akin to CryptoPunks with various, some rarer than others, features.


    Users can examine current interest rates and monitor their yield returns on Bonefolio, an analytics dashboard.


    Tokenomics of the three tokens of ShibaSwap

    The main token of Shiba Inu is called SHIB. It is an ERC-20 token with a fixed quantity of one quadrillion tokens. The first token to be posted and rewarded on ShibaSwap was SHIB.

    Bone ShibaSwap(BONE) is the acronym of the ShibaSwap administration token. Through its "Doggy DAO," or Shiba Inu decentralised autonomous organisation, the token enables holders to vote on prospective proposals and modifications to the ShibaSwap protocol (DAO). It has a total of 250 million coin supply overall.

    The Doge Killer (LEASH) token was initially introduced as a rebase token, also referred to as an elastic token, which is a sort of token akin to an algorithmic stablecoin where the availability fluctuates automatically through the use of a computer algorithm to maintain its price linked to another asset. Initially, its supply had been adjusted to track the price of DOGE at a rate of 1/1,000. Due to its low supply of only 107,647 tokens, LEASH has changed into the site's shareholders' main store of value coin.

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