ShibaSwap cryptocurrency exchange was launched in 2021 as an exchange platform for the Shiba Inu coin. It was designed as one of the mechanisms to transform the Shiba Inu coin from being a meme token to one with utility. ShibaSwap is a decentralized exchange, which means that users are able to swap assets without the involvement of an intermediary or third party. Thus no entity has control over or ownership of user assets. It provides similar features as other DEXs like PancakeSwap, such as non-custodial cryptocurrency swaps and yield-generating opportunities for users.
ShibaSwap crypto exchange is open to everyone and there's no KYC verification needed. All you have to do is to connect your existing crypto wallet and you are set.
ShibaSwap eliminates the need for an order book or middleman to quickly complete asset swaps. When a user requests an asset exchange, the protocol looks at one of its own liquidity pools to get the required pair of tokens and then carries out the token swap. Thus, there's no ShibaSwap spot market in a traditional sense. However, as of writing this, there are over 300 ShibaSwap trading pairs with the major markets being BONE, SHIB, LEASH, and WETH.
ShibaSwap exchange fees are charged on swaps done by users. A portion of these fees go back into the ecosystem and are distributed as rewards to stakers and liquidity providers. The ShibaSwap crypto price on swaps, deposits, and withdrawals is determined by the blockchain in question.
SHIB is the primary currency of the Shiba Inu ecosystem and one of the most well-known meme coins in the cryptocurrency world. It is an ERC-20 token, with a total supply of 999,9 trillion tokens. In August 2020, the SHIB tokens was launched with a 1 quadrillion supply. Ryoshi, the anonymous co-founder of SHIB, sent 50% of these tokens to Vitalik Buterin's (founder of Ethereum) cold wallet without any clear explanation. After receiving them, Buterin destroyed 80%, which had a worth of $6.7 billion at that time. The remaining 20% was donated to charity organizations.
ShibaSwap crypto exchange offers two primary methods of generating passive income, namely providing liquidity and staking. Additionally, the BURN portal can be leveraged as a way to earn money, even though it is not typically considered a yield-generation tool.
ShibaSwap cryptocurrency exchange’s liquidity-supplying feature is called "DIG," as users can gain more BONE tokens in return for supplying their Shiba Inu coins. Those who offer liquidity to existing trading pairs or create their own are rewarded with returns based on the fees generated by the pool. To provide liquidity, an equal amount of both cryptocurrencies from a pair must be locked into the pool. For example, if you want to supply ETH and AAVE to a paired pool, you would need to lock in an equivalent value of each cryptocurrency. Liquidity providers can claim 33% of their rewards on a weekly basis, while the remaining 67% will be time-locked for 6 months.
ShibaSwap's staking function is nicknamed "BURY", which is a reference to how Shiba Inu puppies hide (stake) their coins in order to receive BONE tokens as rewards at a later stage. People can stake all three of the platform's tokens, namely SHIB, LEASH, and BONE, but with different annual percentage yields (APYs), depending on the amount that has been staked and for what length of time. The longer users keep their assets locked up in the pool, the more they stand to earn. Stakers get back the same amount of their stake, which can be in either xSHIB, xLEASH, or tBONE tokens. This is like the DIG rewards that are given out on a weekly basis. 33% of their "Woof Returns" can be claimed each week, while the other 67% will stay locked for six months.
The BURN portal allows users to exchange SHIB for burntSHIB, which results in a decrease in the token's overall supply. These tokens are sent to a burn address and destroyed forever, thus increasing the scarcity of this digital asset. Participants who take part in burning their SHIB are eligible for “RYOSHI rewards” which entitle them to 0.49% of all RYOSHI transactions.
Finally, The Shiba Inu community has its own non-fungible token (NFT) collection, SHIBOSHIS. This is a set of 10,000 one-of-a-kind NFTs that were created on the Ethereum network. The launch date was October 14th, 2021 and each NFT portrays an animated Shiba Inu puppy with exclusive qualities that will also be used in the upcoming Shiboshi game. You can purchase these NFTs without any fees from ShibaSwap.
About the Company
The Shiba Inu Coin's origin story is quite remarkable. Its "WOOF paper" was released in April 2020, three months prior to the launch of SHIB tokens in August of that same year. Subsequently, on July 6, 2021, the ShibaSwap crypto exchange was launched with the goal of providing more utility for SHIB than just being a meme coin. Shiba Inu was initiated by the anonymous Ryoshi, who launched it as a trial in decentralization. There has been no financial backing from venture capital companies for Shiba Inu or its accompanying platform ShibaSwap.
The Doggy DAO, a decentralized autonomous organization, was created to manage and monitor the ShibaSwap ecosystem. Those who store their BONE tokens are rewarded with tBONE in exchange, granting them the ability to vote on proposals that affect the system's development. Each tBONE is worth one vote and a user's voting power is determined by how many tBONE tokens they possess.
In February 2023, the ShibaSwap trade volume ranged around $12 million. If you care to see the current ShibaSwap volume, take a look above.