ShibaSwap is a breakthrough from Shiba Inu (SHIB). For investors investing in the SHIB coin, this is indeed something that is highly anticipated.
Shiba Inu is one of the most famous coin memes in the world. They are also known to have started implementing a decentralized exchange (DEX) called ShibaSwap. Built on the Binance Smart Chain Mainnet network, this decentralized exchange platform is good news for crypto investors.
On the other hand, the popularity of the Shiba Inu can skyrocket due to updates that continue to be presented via social media. For those who want to try out this platform, but don’t know how to use it, here’s a full review that you can check out.
What is Shibaswap?
As mentioned above, ShibaSwap is a decentralized exchange (DEX) project owned by Shiba Inu (SHIB) which was first launched on July 6, 2021, on the Binance Smart Chain Mainnet network.
There are various DEX-like functions on this platform in the form of token exchange and liquidity pool with other features, including staking, governance, and NFT or Non-Fungible Tokens.
With the existing features, users of this platform can provide liquidity, exchange different tokens while obtaining BONE token governance, and a number of other benefits.
ShibaSwap itself is known to have several unique tokens, for example, the Fueling ShibaSwap and two other tokens made with the blueprint of ERC-20 Ethereum, namely Bone ShibaSwap (BONE) and Doge Killer (LEASH).
Inventor of Shibaswap
Until now, the true identity of the inventor of ShibaSwap is still unknown, as is the case with the inventor of Shiba Inu.
However, the Shiba Inu community is known to have helped develop this project to increase the usability of the SHIB token.
For information, SHIB was created in August 2020 by an anonymous person or group using the pseudonym “Ryoshi.”
History of Shibaswap
Historically, ShibaSwap was launched on July 6, 2021, as a breakthrough project from Shiba Inu (SHIB) in the form of a decentralized exchange (DEX).
The platform is known to run on the Binance Smart Chain Mainnet network. It is also important to note that the Shiba Inu team has been working on this project since early 2021. This was done as a breakthrough for the ambition of the Shiba Inu, who did not want to be just an altcoin meme.
How Does Shibaswap Work?
Regarding how it works, we should first look at the other two tokens of the platform, namely Bone ShibaSwap (BONE) and Doge Killer (LEASH). That’s because ShibaSwap offers several functions that combine the three native tokens, including SHIB.
How it works can be seen from the explanation related to its features below.
The following are the features available on this platform and how they work that you need to know about.
Functioning as a liquidity pool on this platform, users can deposit crypto assets in pairs to the existing liquidity pool on the forum or create their own.
This ShibaSwap APK feature is used to exchange BONE prizes. Through this Woof or Woofing, users can cash out SSLP tokens on the ShibaSwap platform into fiat currency.
The function of this feature is used for staking SHIB, LEASH, and BONE to generate high-interest yields—paid with BONE tokens. Later, after staking, users can get tokens that represent the number of tokens staked.
- Doggy DAO
This decentralized autonomous organization for the Shiba Inu community aims to enhance the development of the SHIB token. Through Doggy DAO, community members can submit votes and trading pairs from Woof’s liquidity pool.
There are more than 10 thousand NFT collections presented by ShibaSwap, called Shiboshi—Shiba Inu dog cards, with different characteristics and rarity levels. Each NFT will be traded at various prices.
How to Use Shibaswap
If you want to use the suite of features in ShibaSwap, then make sure you have a compatible crypto wallet. Here, you can use MetaMask, WalletConnect, or also Coinbase Wallet.
Next, follow the tutorial below:
- Please open your crypto wallet, MetaMask, WalletConnect, or Coinbase Wallet.
- Next, you can deposit Ethereum (ETH) according to your needs.
- Then, swap ETH to Shiba, Bone, or Leash.
- Continue by going to the ShibaSwap site.
- Next, please connect your wallet by clicking Connect.
- Then select the desired Shibaswap features and services.
That’s the review about ShibaSwap that you need to know. Also, check out other interesting information about crypto assets, blockchain, and others only at Indodax Academy.