ShibaSwap is a decentralized finance (DeFi) platform offering a decentralized exchange (DEX) and passive income services like staking, liquidity pools, and yield farming within its ecosystem. Launched in July 2021, ShibaSwap is a fork of SushiSwap, a modified version of Uniswap (UNI), the world’s leading DEX by trading volume. Unlike competitors, ShibaSwap’s primary goal is to enhance the utility of Shiba Inu tokens.
What Are Shiba Inu Tokens?
ShibaSwap operates using three core tokens:
Shiba Inu (SHIB)
- A meme coin inspired by Dogecoin, created in August 2020.
- Initial supply: 1 quadrillion SHIB, with half sent to Ethereum co-founder Vitalik Buterin (who later burned/donated most).
- Fixed supply: 500 trillion SHIB locked in Uniswap.
Doge Killer (LEASH)
- Originally pegged to Dogecoin (DOGE) at a 1:1000 ratio.
- Fixed supply: 107,647 ERC-20 tokens.
Bone (BONE)
- Governance token for ShibaSwap’s DAO (Shiba Inu Doggy).
- Max supply: 250 million tokens.
How Does ShibaSwap Work?
ShibaSwap enables direct ERC-20 token swaps, with BONE and LEASH as its most liquid pairs. Key features:
1. Staking (BURY)
- Stake SHIB, LEASH, or BONE to earn APY (paid in wrapped tokens like xLEASH).
- Rewards vest over 6 months (1/3 claimable weekly).
2. Liquidity Pools (DIG)
- Provide liquidity to earn 0.3% trading fees as SSLP tokens, redeemable for BONE.
3. Yield Farming (WOOF)
- Deposit SSLP tokens to farm BONE or other assets (ETH, WBTC, stablecoins).
4. Burn Portal
- Burn SHIB voluntarily to earn RYOSHI tokens.
5. NFTs
- Mint/trade Shiboshis (10,000 unique NFTs tied to the upcoming Shiboshi Game).
👉 Learn more about DeFi staking strategies
FAQ
Q1: Is ShibaSwap safe to use?
A1: While audited, DeFi platforms carry risks like smart contract vulnerabilities—always research and use trusted wallets.
Q2: How do I claim staking rewards?
A2: 1/3 rewards are instantly claimable; the rest unlock over six months.
Q3: Can I trade non-Shiba tokens on ShibaSwap?
A3: Yes, any ERC-20 token can be swapped if liquidity exists.
Q4: What’s the purpose of burning SHIB?
A4: Reduces supply, potentially increasing scarcity and token value over time.
Disclaimer: This article does not constitute investment advice. Cryptocurrency investments are unregulated and may not be suitable for all investors.
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