ShibaSwap is a platform used in the decentralized finance (DeFi) world, it was launched in July 2021, and it is a decentralized exchange (DEX) of the native Shiba Inu token, and can do pretty much all that other decentralized exchanges can do, such as token swapping, staking, liquidity pools, governance voting, expect that ShibaSwap gives you the ability to Dig, bury and woof (not literally though).
ShibaSwap also offers a pretty good NFT marketplace Shiboshis. Fueling the decentralized exchange, ShibaSwap is the project’s main token, Shiba Inu, and some other tokens named BONE and the doge killer LEASH. Both of these tokens are built using Ethereum’s ERC-20 blueprint.
What Is ShibaSwap BONE And Doge Killer LEASH?
BONE is a token specifically designed for the ShibaSwap platform to act as the governance token, with a total supply of 250 million tokens. Holders of the token, BONE, have the authority to propose and vote on changes that should be made to the ShibaSwap protocol via its “Doggy DAO.” This token can also be minted and given to users as a reward for providing liquidity on the ShibaSwap platform.
LEASH is also a token specifically designed as a type of rebase token (also known as an elastic token), similar to an algorithmic stablecoin. LEASH as an algorithmic stablecoin instead, is designed to mimic the price of Dogecoin. By adjusting its supply as an algorithmic stablecoin, LEASH supply is adjusted to track the price of DOGE at a rate of 1/1,000.
That is, let’s say the price of Dogecoin is $0.04, the supply of the doge killer LEASH would change, either by minting new tokens or destroying tokens in circulation to adjust the price of LEASH to $40. However, LEASH is no longer leashed as it no longer tracks the price of DOGE. Now with a scarce supply of just 107,647 tokens, LEASH can stand on its own as a coin.
How Does ShibaSwap Work?
The ShibaSwap homepage has six functions available to work with ShibaSwap’s three native tokens – SHIB, LEASH, and BONE, the functions are:
Dig: This function acts as the liquidity pool of the ShibaSwap platform. With this function, users can do what other decentralized exchange (DEX) liquidity pools can, which is, deposit crypto assets in pairs to existing liquidity pools on the platform or create their own. BONE is given as a reward to liquidity providers of the ShibaSwap platform.
NFTs: This is an NFT marketplace where users can trade the 10,000 pixelated unique non-fungible tokens – Shiba Inu dog cartoons with different traits, some rarer than others.
Bury: This function acts as the staking option where users can stake their SHIB, LEASH, and BONE to generate high-interest yields paid in BONE tokens.
Swap: This function acts as the exchange place where users can swap between multiple tokens on the ShibaSwap platform.
Bonefolio: This function acts as an analytics dashboard where users can check out their current interest rates and track their yield returns.
Woof: This function is for the redeeming of BONE rewards by cashing out SSLP tokens on the ShibaSwap platform.
How To Use ShibaSwap?
Using ShibaSwap is pretty much easy for everyone. First, make sure you’ve prepared an amount of ETH that would cover your gas fee, and if you’d like to stake or provide liquidity straight up, convert it into SHIB, LEASH, and BONE tokens.
Next, get your compatible crypto wallet and connect, that is it! It’s as simple as that. After you’ve connected, you can then go ahead and explore all the features of the ShibaSwap platform.
The Three Crypto Wallets Compatible with ShibaSwap:
• Metamask
• Coinbase Wallet
• WalletConnect
