Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
  • bitcoinBitcoin(BTC)$27,847.00
  • ethereumEthereum(ETH)$1,790.20
  • tetherTether(USDT)$1.01
  • binancecoinBNB(BNB)$327.57
  • usd-coinUSD Coin(USDC)$1.01
  • rippleXRP(XRP)$0.447395
  • cardanoCardano(ADA)$0.377390
  • dogecoinDogecoin(DOGE)$0.077919
  • staked-etherLido Staked Ether(STETH)$1,781.44
  • matic-networkPolygon(MATIC)$1.13
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > VOC Explained > ShibaSwap Demystified: How it Works and How to Get Started?
VOC Explained

ShibaSwap Demystified: How it Works and How to Get Started?

Voice of Crypto
Last updated: 2023/03/14 at 12:45 PM
Voice of Crypto Published January 27, 2023 March 14, 2023
Share
ShibaSwap Demystified: How it Works and How to Get Started?

The Doge Killer Shiba coin was nothing but a memecoin to knock the efforts of its counterpart Dogecoin, by market capitalization. It was launched in August 2020 by the pseudonym ‘Ryoshi.” It was a huge success right from the start. 

An Ethereum-based dog-themed meme coin that features the Japanese breed of hunting dog as its main mascot is Shiba Inu. It is a memecoin. In easier terms, it is a cryptocurrency associated with a meme- in this case- the Shiba Inu dog. Usually, it doesn’t even have much utility but is just an inside joke shared between investors in the crypto market. 

Due to its nature, Shiba Inu quickly gained momentum and value, witnessing a wave of new investors. This especially happened after the Twitter popularity of Elon Musk and Vitalik Butterin. In October 2021, a year after its launch, Shiba Inu’s price shot up to $41 billion, a ratio more than tenfold.

Though in the recent past, the news related to the cold crypto market due to various factors has affected the memecoins, including Shiba Inu, there is still some hope left for its long-term benefits. 

Following the development post its high demand, ShibaSwap was launched in July 2021; ShibaSwap is a popular DEX i.e. decentralized crypto exchange that evolved off the Shiba Inu ecosystem. 

The system allows users to trade cryptocurrency without needing a third party or intermediary. This means that all the transactions done using the mechanism of ShibaSwap are done on a peer-to-peer basis. This makes it more private, discreet and secure than a third-party mechanism. This helps to carry out any digital asset transactions easier as well. 

Many of the features offered by other contemporary cryptocurrency exchanges, such as PancakeSwap and UniSwap, are also available on ShibaSwap, including governance, liquidity pools, non-custodial digital currency swaps, a market for non-fungible tokens (NFTs), staking, and yield farming.

In simple terms, it enables users to exchange tokens without using a counterparty, middleman, or centralized authority. Instead, it automates tasks using smart contracts and can run independently as long as users provide liquidity.

The Role of Tokens in the Shibaswap Ecosystem: SHIB, BONE, and LEASH

It was built atop the Ethereum network. The main tokens or coins used by ShibaSwap are the ones from the Shiba ecosystem. These include Shiba Inu coins like SHIB, BONE, LEASH, etc. 

These three primary tokens are the main coins that help function the entire ecosystem of ShibaSwap. 

One quadrillion SHIB were distributed during the initial currency offering, with half going to Vitalik Buterin, co-founder of Ethereum. Later, Buterin sent 450 trillion SHIB to a dead wallet and gave 50 trillion SHIB to an Indian COVID-19 relief fund. Post-this, the remaining 500 trillion SHIB were locked in Uniswap.

As suggested by its name, Doge Killer (LEASH) was a part of SHIB’s campaign to undermine Dogecoin. DOGE has lost its position as the most valuable memecoin. The token’s first 1:1000 peg to the price of DOGE was unsuccessful. The coin has long ditched its purpose and depends on scarcity to show its value. LEASH has a fixed quantity of 107,647 tokens and operates as an ERC-20 token.

A governance token in the ShibaSwap ecosystem is called Bone (BONE). To put it another way, BONE holders can utilize the Shiba Inu Doggy DAO to vote and propose improvements to the ShibaSwap protocol. The total supply of BONE is 250 million coins. The platform’s governance token is called BONE. The numerous proposals on the ShibaSwap platform are up for voting by holders. One’s vote has a greater impact on the outcome of the choice the more tokens one possesses.

What Is the Role of Shibaswap?

ShibaSwap is a hard fork of SushiSwap, which is also a hard fork of Uniswap. It offers many of the same features as these two platforms and those of other decentralized exchanges.

If you visit the website of ShibaSwap, you will find the following functions, which are common in other decentralized platforms as well. Users can perform the six main functions: DIG, NFTs, BURY, SWAP, Doggy DAO and WOOF. However, the name is fancy and related to its Shibu dog theme. These are nothing but doggy-themes names for standard services. For example- DIG is nothing but liquidity pools, and BURY is staking. While WOOF is a funny term for yield farming, and Doggy DAO is the main governance page. Two of the functions without any themed names are NFTs and SWAP. They are self-explanatory. 

Users can stake SHIB, BONE, or LEASH through the staking mechanism to produce high-interest yields paid in BONE tokens. Users of DIG can add cryptocurrency pairs to already-existing liquidity pools or start brand-new ones. Either way, they will receive ShibaSwap liquidity pool tokens as payment (SSLP). Through the WOOF (yield farming) feature of ShibaSwap, these SSLP tokens can be exchanged for BONE.

Users can buy, sell, and trade Shibo, a 10,000-strong NFT collection of pixelated Shiba Inu cartoons, on ShibaSwap’s NFT platform. Every cartoon has unique qualities and rarities. Finally, SWAP enables users to trade a variety of coins.

Users can track their returns and view the most recent interest rates on the DIG and BURY functionalities using ShibaSwap’s BONEFOLIO tool. Users can willingly dispose of their SHIB, BONE, or LEASH on the platform through a burn gateway.

Besides the above functions increasing the value, nature and rarity of the Shiboshis, their holders can also customize them. There is also an analytical page called Bone Folio. This page comprises all the historical data on return on investment (ROI), staking data, and transaction fees. Users can also use it to keep track of their yield rewards using Bone Folio. 

ShibaSwap is a decentralized exchange, which means it is not governed by the same laws as centralized exchanges, making it potentially safer than conventional trading platforms since no single company is holding your funds. The assessment of the exchange’s code further suggests that it might be a secure trading platform.

The Future of ShibaSwap: Opportunities and Challenges

According to a security score performed by CertiK, a blockchain-based security assessment business, ShibaSwap has a security score of 92/100. The DEX platform has also addressed 34 problems that were brought up during its assessment. ShibaSwap can claim the top spot among decentralized exchanges because this equates to 97% of the issues raised.

ShibaSwap has been a huge success so far, with many customers or users on board. It has a daily trading volume of nearly $3 million and almost $20 million locked on the platform. These are great numbers for a system or platform launched recently. The platform also saw more traction when it migrated to the Shibarium. It is now in the news due to the rumoured launch of layer one blockchain in Shiba Inu. 

Though the platform is safe, the decisions must be made carefully considering all the factors. Even while investing in any of the tokens mentioned above, there is a need to understand the dynamics and ecosystem of the ShibaSwap in detail. Before buying or trading in cryptocurrency, it is imperative always to conduct your own research. That will make the process safer, easier and more convenient for the user.

You Might Also Like

Networkverse: NFT & Web3 & Metaverse – Open Mic & Networking

Aftereffects of Meta Ending NFT Support for Instagram and Facebook

Dogecoin Whales Make Massive Moves – Where Is DOGE Headed?

3 Things About Crypto you Need to Know Before the FOMC meeting

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry

TAGGED: Blockchain, Crypto Exchange, Dogecoin, Ethereum, NFT, Shiba Inu
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article VOC, VoiceofCrypto, CBDC, Stablecoin Visa CEO Bullish About Stablecoins and CBDCs
Next Article VOC, House of lords Leading Experts in Web3, Crypto and Blockchain Gather at the House of Lords in London
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
web3 event London VOC
Networkverse: NFT & Web3 & Metaverse – Open Mic & Networking
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?