What if you find that one of the meme coins you hold has the potential to grow into an entire ecosystem? This is what is happening with the popular meme coin Shiba Inu. And, ShibaSwap is one of the first cornerstones that started turning the Shiba Inu meme coin into an empire of many projects. 

Unlike the existing meme coins with no particular real-time use case, Shiba Inu is gradually growing into an entire ecosystem of blockchain projects. ShibaSwap is one of the crucial and early projects in this space. Here, we are going to learn about this platform and its features in detail. 

What is ShibaSwap?

ShibaSwap is one of the first steps in building the infrastructure that turned Shiba Inu from a meme coin to an entire ecosystem. It is the native decentralized exchange of Shiba Inu that focuses on providing an easily accessible and safe platform for swapping Shiba tokens. Besides, ShibaSwap rewards users for contributing to the platform through staking, liquidity providing, and farming. 

Similar to the developments like Shibarium and others, ShibaSwap was also introduced in 2021. It is a fork of Sushiswap, a decentralized exchange that itself is a fork of the original DEX, Uniswap. The DEX is built on the Ethereum blockchain and supports several ERC-20 tokens. As per its documentation, the platform also supports the Shibarium Layer 2 network. 

Features of ShibaSwap Decentralized exchange 

Apart from providing the existing token swapping, staking, and liquidity-providing services, the ShibaSwap platform offers some new features. The “Swap” feature allows users to trade tokens on the DEX securely and supports multiple ERC 20 tokens. Shiba Burn Portal and NFT minting are some of the new features along with its analytics features Bonefolio. Let us discuss how these features function on this exchange platform. 

• BURY – Staking

The BURY feature allows users to stake tokens and earn passive rewards in exchange. You can stake any token from the Shiba Inu ecosystem and get rewards in the form of BONE tokens. With this secured staking feature, users can earn rewards proportional to the amount of SHIB, LEASH, and BONE tokens they staked. 

• DIG – Liquidity Providing

“DIG” is the liquidity-providing feature of the ShibaSwap platform. In exchange for providing liquidity to the platform, users can earn rewards in the form of ShibaSwap liquidity pool (SSLP) tokens. These tokens represent their share of liquidity in the pool. They can redeem SSLP tokens to earn their share of trading fees generated by the platform.  

• WOOF – Yield Farming 

The “WOOF” feature allows users to farm their SSLP tokens and earn even more rewards. When a user deposits a liquidity pair to the pool using the DIG feature, he receives SSLP tokens. Thus, they can stake these SSLP tokens and farm the rewards for liquidity. 

• Bonefolio

“Bonefolio” is an analytics feature that helps users track their yield returns and liquidity rewards. They can access all the information related to their investments, stakes, liquidity providing, and farming in one place. Besides, users can also enter their Eth address to get information about staked tokens on ShibaSwap. 

• Shib Burn Portal

The platform is currently working on developing a new Shiba Burn Portal that is different from the existing burn portal. The new mechanism burns SHIB tokens every time a transaction takes place on the Shibarium layer2 network. We are yet to see more details of this new feature in the upcoming announcements. 

• NFT Minting

The ShibaSwap platform also supports the minting, customization, and trading of NFTs. The native non-fungible tokens on the platform are called “Shiboshis”. They are a collection of 10,000 NFTs that represent Shiba Inu mascot cartoons. Instead of just being an art, Shiboshi NFTs find various applications in the Shiboshi Game project. 

In conclusion, ShibaSwap offers users a secure and user-friendly platform along with providing many features. It also incentivizes users to participate by providing rewards through staking, liquidity providing, and farming. As the Shiba Inu ecosystem grows, the DEX will become an important platform for swapping, trading, and other token-related activities. 

What are Bone ShibaSwap (BONE) and Doge Killer (LEASH)?

Apart from the main SHIB token, the platform uses other two tokens called Bone Shibaswap (BONE) and doge killer (LEASH). 

Despite being a governance token at the time of its launch, BONE has found some major utilities in the upcoming Shibarium project. The layer 2 network uses BONE to reward the validators and delegators that contribute to the network. 

Out of its total 250 million supply, the community reserved 20 million tokens to reward validators. As it is a governance token, BONE token holders can participate in DoggyDAO and vote on making changes to the platform. 

On the other hand, the community introduced LEASH as a rebase token to surpass Dogecoin. It is similar to algorithmic tokens and stablecoins whose supply depends on predefined criteria. 

For instance, USDT stablecoin is always pegged to the value of 1 US dollar. In this case, the price of LEASH is linked to DOGE at a rate of 1/1000. As a result, when the price of one DOGE becomes $1, the price of one LEASH will become $1000. Unlike Shiba Inu, Leash has a limited supply of 107,647 tokens.

FAQs

Is ShibaSwap Safe?

According to CertiK, a blockchain-based security audit company, ShibaSwap has a security score of 91 out of 100. The platform has also resolved 34 issues that were raised during the audit. However, the security core may vary based on the audit company.

How Does Staking Work on ShibaSwap?

You can stake any token (SHIB, LEASH, BONE) of the Shiba Inu ecosystem on the ShibaSwap exchange. In exchange, you would receive rewards in the form of BONE tokens. You can claim one-third of the staking rewards on a weekly basis. And, the remaining will be locked for a six-month period.

Does ShibaSwap Burn Coins?

Shiba Inu Ecosystem has a Burn Portal that burns SHIB to decrease the supply of Shiba Inu tokens. The team proposed a new burn mechanism that burns coins every time a transaction takes place on ShibaSwap and the Shibarium layer2 network.