ShibaSwap is one decentralized exchange which allows users to exchange with each other in a peer-to-peer manner. It aims to be there next evolution of the decentralized ecosystem .
It aims to solve the problem of centralized cryptocurrency exchanges eliminating the need for third-party interventions and intermediaries . ShibaSwap offers traders more privacy, security and control over their funds than the most popular centralized exchanges today.
And yes, if you’ve been following the news, you would already know or guess that ShibaSwap is a response to Shiba Inu (SHIB) owners . Visit the official website linked here to read the WoofPaper (their imaginative way of saying Whitepaper).
A bit of its history …
You’ve heard of Dogecoin ? It is a popular virtual currency (similar to Bitcoin) that was created and started out as a joke . IS inspired by an adorable dog breed called the Shiba Inu , making it the face of their virtual currency. I bet you’ve seen many of the memes of him becoming popular on the internet, gaining hundreds of thousands of fans and supporters. He was even supported by the billionaire himself Ellon Musk , and teased people if Tesla were to accept DOGE. He made it even more popular.
Over time, it has gained a lot of momentum and value in the market.
They didn’t know that would have inspired a new cryptocurrency which is now known as Shiba Inu, or SHIB . It was created by a pseudonymous founder called Ryoshi in August 2020 . It also started as a joke, but the interesting thing is that they promote it as ” Doge Killer ”Because it can exceed Dogecoin’s price growth even without exceeding a cent. The price of SHIB tokens is so low that investors can own billions or even trillions of tokens .
At the time of this writing, the value of SHIB increased 12 times in just a week and is still stable. And there is a SHIB whale that he initially purchased SHIB worth $ 8000 which now has a value of approx $ 5 billion .
If you’re interested in news or memes, join the / r / shib subreddit.
Why is SHIB important?
SHIB is the fundamental currency of ShibaSwap , as well as the Shiba army (as they are called). It is said to have a quadrillion tokens in circulation today. To help you visualize it better, this is 1,000,000,000,000,000. That’s a lot of zeros, huh. Million, followed by Billion, Trillion and then Quadrillion. The latest price for each token is $ 0.000066 at the time of this writing. So now you see how it is possible for people to own millions, billions and even trillions of this token.
Now, this brings us back to ShibaSwap …
ShibaSwap is decentralized
ShibaSwap is part decentralized financial ecosystem built on the Ethereum network . Why Ethereum? Ryoshi, the founder, saw that it is already secure and established and allows them to remain decentralized. Their priority is to ensure that the project is free to change and evolve without external regulations hindering it. Ethereum was the way to go to achieve this.
But what does a decentralized system mean?
By keeping the system completely decentralized, people have more freedom on their assets . A decentralized exchange, or DEX, is an exchange that does not rely on a third party to hold funds or information, but allows users to trade directly with each other. ShibaSwap is an example of this type of platform.
A key advantage of DEXs over their centralized counterparts like Binance and Coinbase is the lack of reliance on trusted third parties (TTPs). No more “gatekeepers” nosy or say no to your transactions, no governments or managers prohibiting you from doing anything and no approval or authorization needed, no limits whatsoever. You decide what to do with the assets you own.
Okay, but in simple terms, what is the purpose of ShibaSwap?
ShibaSwap is a trading platform in where users can trade ECR20 tokens such as ETH (and Wrapped ETH or wETH), DAI, USDC, USDT, AXS, MATIC, and of course SHIB, along with dozens of others.
Within ShibaSwap you can exchange one currency for another but you can also aim your SHIB for rewards .
But first, if you don’t know him yet, Staking basically means that you are “locking” your token in the pool to help provide security in it and as a return you can earn interest in based on how much token you are aiming for.
In any case…
The 3 ShibaSwap Flagship Tokens
You must know the 3 major ShibaSwap flagship tokens . SHIB , LEASH And BONE .
SHIB is the ticker for Shiba, the main token, and I’ve mentioned that repeatedly, but it’s always good to know. LEASH and BONE, on the other hand, are tokens designed to incentivize SHIB holders.
I’ve already mentioned SHIB so we’ll just talk about BONE and LEASH.
What is BONE?
The token is said to be BONE is a sort of middle ground between the SHIB and LEASH tokens, with a maximum supply of 250,000,000 BONE coins worth approx $ 2.69 each at the time of writing. It is also a governance token which allows the holder to vote on important issues in the coming year. And the more BONE the owner has, the more weight the vote will have on future decisions.
What is LEASH?
THE token LEASH instead, they have a different approach. With a maximum supply of only 107,646 in circulation today, each token has a value of approx $ 3,100 . Due to the scarcity of supply, it is normal for it to be so expensive. After all, air wouldn’t be free if it were scarce, right? This is how the law of supply and demand affects its price. The lower the supply based on its demand, the higher the price will be.
The three tokens mentioned are the origins of the Shiba Inu ecosystem. They have the ambition to grow and develop ShibaSwap and other parts of the system. The potential of this project is difficult to imagine. It will certainly revolutionize the functioning of the current traditional system.
Now, for these tokens, you can do two things to earn rewards .
Two token features
Tokens in the Shiba Inu ecosystem can be buried or excavated .
The function BURY it’s basically staking the token. To elaborate further, “staking” means blocking or hiding a portion of your tokens for a period of time as a way to contribute to a blockchain network. In this way, holders or stakers will be able to earn rewards, in the form of additional tokens. You could also call it “interest”.
When you bury or disassemble your tokens, you will receive tokens representing your share of the pool. Burying the SHIB token will give you xSHIB , burying LEASH will give you xLEASH then tBONE for when you bury i token BONE .
The reverse of the medal the function DIG or digging is a way to cultivate tokens .
When you dig you will receive a ShibaSwap LP (SSLP) token . Digging SHIB he will give you Shib-Eth SSLP dig LEASH he will give you Leash-Eth SSLP then Bone-Eth SSLP for when mine BONE tokens .
These pools will then distribute the rewards proportionally to the holders of the aforementioned token pools.
Again, on the rewards system:
- SHIB Token – Burying these tokens will allow you to earn 3% of all BONE per block accumulated in xSHIB.
- xSHIB will also receive it 0.3% of all Ethereum Swap transaction fees that occur on the ShibaSwap exchange. This method is called “double return pup pool”.
- LEASH token – When you bury the LEASH (xLEASH) tokens, the people who hold the xLEASH receive the 0.5% of all BONE per block. And during the excavation, the excavator gets a share of the LEASH-ETH SSLP.
- Token BONE – When burying Bone Tokens (tBones), the holder will be part of a pool that provides members with 1% of the whole BONE per block. And during the excavation, the excavator receives a share of the BONE-ETH SSLP.
I know, that’s a lot of information, but if you check the DEX right now and dig a little deeper while armed with the information you just read above, you’ll be flying to the moon in no time!
The cryptocurrency is still in its infancy, but it is clear that it will soon (hopefully) replace the old system we currently have. It is inevitable. As our technologies improve, we find ways that help us get things done much faster and more cost-effectively. That said, ShibaSwap’s growth and development potential is optimistic.
Disclaimer: This is not financial advice, it is for educational purposes only. Cryptocurrency trading is highly volatile and difficult to predict. Invest at your own risk and be sure to do thorough research before going in right away.