Shiḇaswap

ShibaSwap is the native decentralized exchange (DEX) of the shiba inu coin project; a popular meme coin and leading competitor of dogecoin that has risen to fame over the last 18 months.

ShibaSwap is the native decentralized exchange (DEX) of the shiba inu coin project; a popular meme coin and leading competitor of dogecoin that has risen to fame over the last 18 months. DEXs operate differently from centralized platforms such as Binance and Kraken by allowing users to swap tokens without the need for an intermediary or counterparty.

Launched in July 2021, the ShibaSwap exchange provides many of the same functions you would find on Uniswap and other decentralized exchanges, such as token swapping and liquidity pools, with the addition of other features such as staking, governance and a “Shiboshis” non-fungible token (NFT) marketplace.

What is bone shibaSwap (BONE) and doge killer (LEASH)?

Bone shibaSwap (ticker: BONE): BONE is designed to function as the platform’s governance token, with a total supply of 250 million coins. That means holders of BONE tokens are able to propose and vote on changes to the ShibaSwap protocol via its “Doggy DAO.” It’s also minted and rewarded to users who provide liquidity on the platform.

Doge killer (ticker: LEASH): This was originally launched as a rebase token (also known as an elastic token), a type of token similar to an algorithmic stablecoin where the supply automatically increases and decreases via a computer algorithm to keep its price pegged to another asset. In this case, LEASH’s supply was adjusted to track the price of DOGE at a rate of 1/1,000.

For example, if the price of dogecoin was $0.05, the supply of doge killer would change (mint new tokens or destroy coins in circulation) to adjust the price of LEASH to $50.

LEASH tokens have since been “unleashed,” and now no longer track the price of DOGE. With a scarce supply of just 107,647 tokens, LEASH has instead become the main store of value coin for the project’s investors.

How ShibaSwap works

On the ShibaSwap homepage, there are six functions available that incorporate ShibaSwap's three native coins, SHIB, LEASH and BONE.

Dig: Digging is the liquidity pool function on the ShibaSwap platform. Here, users can deposit crypto assets in pairs to existing liquidity pools on the platform or create their own. As a reward, liquidity providers receive ShibaSwap liquidity pool tokens (SSLP). Those tokens represent their share of liquidity in the pool and entitle holders to receive free bone tokens upon redemption.

Woof: “Woofing” is the function for redeeming BONE rewards by cashing out SSLP tokens on the ShibSwap platform.

Bury: This refers to where users can stake their SHIB, LEASH and BONE in order to generate high-interest yields paid in BONE tokens. At press time, the rates were 171%, 266% and 814%, respectively. Once staked, users receive a token that represents their staked amount in xSHIB, xLEASH or xBONE. Thirty-three percent of BONE rewards from staking are available immediately, while the remaining 66% are locked up for six months.

Swap: This is the exchange feature of the ShibaSwap platform where users can swap between multiple assets.

Bonefolio: This is an analytics dashboard where users can explore current interest rates and track their yield returns.

NFTs: Here, users can trade 10,000 unique non-fungible tokens called “Shiboshis” – pixelated Shiba Inu dog cartoons similar to CryptoPunks with different traits, some rarer than others.