ShibaSwap - Swap - ShibaSwap - shibshibaswap.gitbook.io
ShibaSwap - Swap. Shibaswap is a decentralized trade that utilizes liquidity pools (LPs) to make markets rather than a common request book. These pools are …
Last updated
ShibaSwap - Swap. Shibaswap is a decentralized trade that utilizes liquidity pools (LPs) to make markets rather than a common request book. These pools are …
Last updated
ShibaSwap is an extension of the Shiba Token ecosystem. It is a decentralized platform where users can earn rewards, track their portfolios and get access to any associated launches of NFT projects.
The shiba inu coin (SHIB) emerged as a competitor to the more popular dogecoin, a dog-themed meme coin that rose to prominence when Elon Musk started tweeting about it in 2019. Its popularity grew over the pandemic as interest in cryptocurrency exploded. Currently, SHIB is the most popular non-stable coin for newly funded wallets.
Building Wealth
ShibaSwap differs from centralized trading platforms like Binance in several key ways. Site users can buy and sell cryptocurrency directly to each other. The website doesn’t require the use of a middleman. Since its inception in 2021, ShibaSwap has grown to encompass multiple functions. Users can stake their cryptocurrency and engage in liquidity pools.
Understanding the ShibaSwap rewards system requires some specialized terminology. Here’s a list that breaks down each term and what it means.
Dig: This is the term used for providing liquidity to the Shiba ecosystem. In exchange for providing liquidity, users earn rewards in BONE. To claim those rewards, users have to toggle over to the “Woof” section.
Woof: “Woof” or “Woofed” refers to claiming rewards. To start earning Dig returns, users must deposit ShibaSwap liquidity provider tokens into the correct allocated pair box. After this, users will start earning straight away. If this step is not completed, users will not earn any rewards for providing liquidity.
Bury: This is the process of staking crypto on ShibaSwap. Longer staking periods result in better rewards overall. In return for staking tokens, the staker receives xSHIB, xLEASH or xBONE, representative tokens of each individual’s share in a staking pool. One-third of the staking reward is claimable on a weekly basis, while the remainder will be unlocked after a six-month period.
There are three core tokens associated with earning rewards on the ShibaSwap exchange:
Doge killer (LEASH)
Bone (BONE)
Shiba inu is the foundational cryptocurrency of the Shiba ecosystem and began its life as a meme token. Although the utility and actual value of SHIB is up for debate, in contrast to the majority of cryptocurrencies, SHIB has actually seen real-world adoption for payments. Over 40,000 merchants now accept SHIB, including giants such as Whole Foods and Nordstrom.
Building Wealth
SHIB can be staked and exchanged for other tokens on the ShibaSwap app.
LEASH was once used as a rebase token — a token that adjusts its total circulation relative to price fluctuations. However, it has since changed. Now, its total supply has been limited to 107,646 tokens with the promise of exciting rewards in the future. Right now, though, it demonstrates little utility other than its scarcity.
Similar to SHIB, LEASH can earn users rewards through staking and can be swapped for other cryptos on the ShibaSwap app.
BONE is the native governance token of the Shiba network. It can be used for liquidity staking to earn rewards. Holders of BONE also get to voice their opinions on the future direction of the platform by voting on proposals using BONE tokens.
In addition to SHIB, LEASH and BONE, users can swap between hundreds of other tokens on the platform. Here are some of the most popular tokens that can be exchanged:
