What is ShibaSwap?
ShibaSwap is the latest development in the SHIB ecosystem. It is a decentralized exchange for the Shiba Inu coin. So buyers and sellers can hop in and start trading SHIB. ShibaSwap does not have its own blockchain, so it runs on the Ethereum (ETH-USD) network blockchain. The launch of the exchange on the 6th July 2021 was oversubscribed, with the SHIB community transacting over $1 billion in volumes within 24 hours of the launching.
ShibaSwap, the DEX of the Shiba Inu Ecosystem
ShibaSwap takes the crypto community back to the original tenet of crypto, which is decentralization. It provides a platform where SHIB investors can transact with each other in a peer-to-peer manner. There are no third parties involved in these transactions and ShibaSwap exchanges only ras transaction fairness overseeing. It’s necessary to note that SHIB is not the only coin traded on this platform. You can buy and sell several ERC20 tokens like USDT, USDC, DAI, and WBTC. NFTs collectors can sell, buy and trade in over 10,000 unique NFTs, called Shiboshis too.
That’s not all. Investors holding SHIB might probably earn when the value of the coin rises. But what if there were other ways of making money with this token? That’s where ShibaSwap comes in. The exchange has more benefits than just the usual crypto exchange platform. The Shiba Inu family is made up of SHIB (the founding token), LEASH (the Dogecoin Killer), and BONE (the governance coin). Users of ShibaSwap can earn rewards from SHIB, LEASH, and BONE by either burying or digging.
Is it starting to sound creepy? Well, these are just terms that are native to the ecosystem, meaning staking and pooling. You receive xSHIB when you bury SHIB. LEASH gives you xLEASH and lastly, burying BONE earns you tBONE. On the other hand, digging SHIB will have you rake SHIB SSLP, LEASH brings home LEASH SSLP, and finally, BONE SSLP is the reward for digging BONE.
What Makes ShibaSwap Unique?
SHIB LEASH and BONE have the vision to revolutionalize ShibaSwap into a futuristic decentralized exchange. Currently, the platform is one of the few that can boast about having its own native tokens. Apart from that, most exchanges lack additional functions beyond buying and selling the supported coins. ShibaSwap users, on the other hand, can stake native tokens or participate in a liquidity pool for extra benefits. Lastly, this platform introduces to the NFTs market Shiboshis, a set of unique NFTs only found on ShibaSwap.
Who Founded ShibaSwap?
Shiba Swap is a product of Shiba Labs Company, the firm behind Shiba Inu. The exact team that worked on ShibaSwap is not known. We however came across information about one of the developers, Eric M. in the community discord channel talking about Shiba Inu’s layer 2. We don’t have information regarding the rest of the team.
How to get started with ShibaSwap
You need a ShibaSwap compatible wallet to get started. There are no lengthy registration procedures here. If you already have a wallet, simply go to ShibaSwap’s website and press the “Connect Wallet” button. Select “WalletConnect” or “Coinbase,” depending on your wallet, then click “Continue.” You will be asked to log in and grant the app permission to connect with your wallet. You’re now good to go.
There’s however no problem if you don’t have any of these wallets. You can open a Coinbase or WalletConnect account within minutes. Coinbase is the most user-friendly platform for beginners. Feel free to try it out.
Development activity, team credentials, security, and investors
There is very little public knowledge about the credentials of the team or development activities around Shiba Swap. The only reliable source we found was the white paper which states that “The goal is ShibaSwap is to provide a safe place to trade your valuable crypto while remaining decentralized.” The white paper further talks about scaling up the ecosystem in the future, even though it doesn’t give exact details of what we should expect. In terms of security, the platform relies runs on Ethereum security protocols which are generally known to be reliable.
The Social Signal is a metrics indicator that helps the crypto community analyze the interests in different decentralized exchanges. Although it doesn’t give the exact number of users on a platform, provides data on exchange volumes. The Social Signal estimates that ShibaSwap is transacting over $1.8 million daily, with total usage of more than 2000 investors. Information from ShibaSwap’s website shows a liquidity of $73,987, 652 as of May 5th, 2022, with a past 24-hour volume of $1,864, 607. SHIB-ETH is the most liquid with an estimated total volume of $17.9 million and a 24-hour volume of about $861K. The most-traded coin on the platform is Ethereum
App Case Uses
If you’re still wondering why we think ShibaSwap is an awesome, application, stay tuned to learn the application’s use cases. The main ones are digging, burying, swapping, and analytics. If you managed to check the website already, you may have noticed that these functions are listed on the home page. More use cases will be added in the future. Let’s take a detailed look into each of them.
As already mentioned, burying can be likened to staking, which simply refers to holding your tokens in the blockchain network to earn some benefits. Investors who stack SHIB, BONE, or LEASH earn weekly rewards, out of which a third can be claimed instantly, and the rest is re-invested for 6 months.
Digging happens when you invest in liquidity pools. By doing so you’re providing the coin pairs with the liquidity needed to stay afloat, which is similar to loaning the network. So in the end you take home up to 0.3% per trade in interest according to the amount of your investment. Rewards are issued in the form of SSLP tokens.
Swapping is the primary use case for ShibaSwap, as it can be seen in the name. Users are free to swap or exchange any ERC20 tokens with another, as long as they are supported on the platform.
ShibaSwap application has a full analytics function under the BONEFOLIO section. Here you can create reports such as platform fees, as well as burn and mint amounts. The reports can be annual analytics or broken down to as low as weekly.
These are just a few ShibaSwap app uses. The website has a list of more functionalities such as NFTs and Woofing alongside a detailed explanation.
Cryptocurrencies are constantly competing and so users should brace up for better days ahead. Even meme coins like Shiba Inu are proving to be a force to reckon with. ShibaSwap appears to be one development that will be a game-changer in the decentralized exchange sector. Only time will tell.