{"id":11635,"date":"2022-10-04T12:41:00","date_gmt":"2022-10-04T12:41:00","guid":{"rendered":"https:\/\/coinstats.app\/blog\/?p=11635"},"modified":"2023-01-27T14:02:42","modified_gmt":"2023-01-27T14:02:42","slug":"what-is-shibaswap","status":"publish","type":"post","link":"https:\/\/coinstats.app\/blog\/what-is-shibaswap\/","title":{"rendered":"Deep Dive Into ShibaSwap [The Decentralized Exchange of the Shiba Inu Coin]"},"content":{"rendered":"\n<p>If you\u2019ve been in the crypto space for the past two years then you\u2019ve probably heard of meme coins like Dogecoin or the Shiba Inu coin.&nbsp;<\/p>\n\n\n\n<p>These dog-themed cryptocurrencies have brought some eye-watering returns for investors. Especially the Shiba Inu Coin (<a href=\"https:\/\/coinstats.app\/coins\/shiba-inu\/\" target=\"_blank\" rel=\"noreferrer noopener\">SHIB<\/a>), which grew an astonishing <a href=\"https:\/\/www.fool.com\/investing\/2022\/01\/01\/up-49000000-in-2021-is-shiba-inu-still-a-buy\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">49,000,000%<\/a> in 2021 alone, making many retail investors millionaires in the process.<\/p>\n\n\n\n<p>Aiming to make SHIB more than just another meme coin, the Shiba Inu community is building an exciting ecosystem around this cryptocurrency. One of the most interesting Shiba Inu protocols is its own decentralized exchange \u2014 ShibaSwap.<br><br>This deep dive will take a look at ShibaSwap, the yield farming possibilities it offers, and the tokens powering this DEX.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"whatisshibaswap\">What Is ShibaSwap<\/h2>\n\n\n\n<p>ShibaSwap is the decentralized exchange (DEX) of the Shiba Inu ecosystem.<\/p>\n\n\n\n<p>The difference between centralized exchanges and decentralized ones like ShibaSwap is that DEXes enable users to swap assets without an intermediary or third party. Meaning that no entity is ever in the control or ownership of user assets.<\/p>\n\n\n\n<p>ShibaSwap offers many of the same functionalities as other decentralized exchanges like <a href=\"https:\/\/coinstats.app\/blog\/pancakeswap-review\/\" target=\"_blank\" rel=\"noreferrer noopener\">PancakeSwap<\/a> \u2014 enabling non-custodial cryptocurrency swaps, and offering some yield generation features for users.<\/p>\n\n\n\n<p>ShibaSwap is fueled by the Shiba Inu Coin (<a href=\"https:\/\/coinstats.app\/coins\/shiba-inu\/\" target=\"_blank\" rel=\"noreferrer noopener\">$SHIB<\/a>), along with two secondary tokens, namely Bone ShibaSwap (<a href=\"https:\/\/coinstats.app\/coins\/bone-shibaswap\/\" target=\"_blank\" rel=\"noreferrer noopener\">$BONE<\/a>) and Doge Killer (<a href=\"https:\/\/coinstats.app\/coins\/leash\/\" target=\"_blank\" rel=\"noreferrer noopener\">$LEASH<\/a>), but more on these later.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"shibaswapwork\">How Does ShibaSwap Work<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"678\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap.webp\" alt=\"ShibaSwap\" class=\"wp-image-11645\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap.webp 1280w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-768x407.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-400x212.webp 400w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/figure>\n\n\n\n<p>There are 6 main features displayed on the <a href=\"https:\/\/shibaswap.com\/#\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShibaSwap homepage<\/a>, with \u201cSWAP\u201d being the main function of the decentralized exchange, that \u201ctells your Shiba Inu to fetch new tokens\u201d in exchange for other tokens.<\/p>\n\n\n\n<p>ShibaSwap was created as a hard fork of the SushiSwap DEX, meaning that it\u2019s essentially a copy of the initial blockchain protocol. Despite being a fork of SushiSwap, ShibaSwap has a different fee and incentive structure. This isn\u2019t unusual in the blockchain space, as SushiSwap was also created as a hard fork of Uniswap.<\/p>\n\n\n\n<p>ShibaSwap uses an automated market maker (AMM) to quickly execute asset swaps without the need for an order book or central intermediary. When a user submits an asset swap order, the protocol taps one of its native liquidity pools for the requested asset pair and executes the token swap.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"tokens\">Tokens on ShibaSwap<\/h2>\n\n\n\n<p>There are a total of 3 tokens on ShibaSwap, with each of them fulfilling different roles in the ecosystem.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">SHIB<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"788\" height=\"454\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/SHIB.webp\" alt=\"SHIB\" class=\"wp-image-11649\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/SHIB.webp 788w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/SHIB-768x442.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/SHIB-400x230.webp 400w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/><\/figure>\n\n\n\n<p>SHIB is the main token of the Shiba Inu ecosystem and one of the most popular meme coins in the crypto space. In technical terms, it is an Ethereum-native ERC-20 token.<\/p>\n\n\n\n<p>SHIB has a total supply of 999,9 trillion coins, with a circulating supply of 589 trillion tokens, according to <a href=\"https:\/\/coinstats.app\/coins\/shiba-inu\/\" target=\"_blank\" rel=\"noreferrer noopener\">data from CoinStats<\/a>. Its massive token supply is the reason why token prices are so low, despite having a market cap of nearly $7 billion.<\/p>\n\n\n\n<p>Interestingly, SHIB launched In August 2020, with an initial supply of 1 quadrillion tokens, 50% of which was sent to Ethereum founder Vitalik Buterin\u2019s cold wallet by Shiba Inu\u2019s pseudonymous co-founder, Ryoshi, for reasons that are still unclear. Buterin burned (removed from circulation) 80% of the received SHIB tokens, worth <a href=\"https:\/\/decrypt.co\/71107\/ethereum-co-founder-vitalik-buterin-burns-6-74-billion-in-shiba-inu\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">$6.7 billion<\/a> at the time, and donated the remaining 20% to different charity organizations.<\/p>\n\n\n\n<p>SHIB is currently the 12th largest cryptocurrency by market cap, trading at $0.00001170, with a market capitalization of $6.9 billion, according to <a href=\"https:\/\/coinstats.app\/coins\/shiba-inu\/\" target=\"_blank\" rel=\"noreferrer noopener\">data from CoinStats<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"bannerWithIcons\">\n\n<p>\nHave <span style=\"color: #FF9332\">SHIB<\/span> or will soon? <br> \n<span class=\"nextLine\">Start managing it better.<\/span>\n<\/p>\n\n<button onclick=\"location.href='https:\/\/coinstats.app\/connect-portfolio\/?utm_medium=deepdive&#038;utm_source=blog&#038;utm_campaign=shib'\">\nConnect Portfolio\n<\/button>\n\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">BONE<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"788\" height=\"454\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/BONE.webp\" alt=\"BONE\" class=\"wp-image-11647\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/BONE.webp 788w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/BONE-768x442.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/BONE-400x230.webp 400w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/><\/figure>\n\n\n\n<p>BONE is an Ethereum-native ERC-20 token and a fundamental part of ShibaSwap, as it also works as the protocol\u2019s governance token.<\/p>\n\n\n\n<p>BONE is used to reward stickers and liquidity providers on ShibaSwap. Moreover, BONE can also be staked to earn more BONE tokens.<\/p>\n\n\n\n<p>BONE launched on July 7, 2021, having a total supply of 230 million tokens, with a current circulating supply of 74,2 million coins, according to <a href=\"https:\/\/coinstats.app\/coins\/bone-shibaswap\/\" target=\"_blank\" rel=\"noreferrer noopener\">data from CoinStats<\/a>. A small portion of newly minted BONE is allocated to a developer wallet to fund the future development of ShibaSwap.<\/p>\n\n\n\n<p>BONE is currently the 267th largest token by market cap, trading at $1.39, with a market capitalization of $103 million, according to <a href=\"https:\/\/coinstats.app\/coins\/bone-shibaswap\/\" target=\"_blank\" rel=\"noreferrer noopener\">data from CoinStats<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">LEASH<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"788\" height=\"454\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/LEASH.webp\" alt=\"LEASH\" class=\"wp-image-11650\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/LEASH.webp 788w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/LEASH-768x442.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/LEASH-400x230.webp 400w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/><\/figure>\n\n\n\n<p>Similar to BONE, LEASH is another Ethereum-native ERC-20 token.<\/p>\n\n\n\n<p>LEASH launched in April 2021, as a token built to \u201ctame Doge\u201d, hence the name LEASH. The cryptocurrency aimed to do this by being pegged in a 1 to 1000 ratio to DOGE prices. This was achieved by rebasing prices to 1000-times the price of DOGE at 6:30 UTC, on a daily basis.<\/p>\n\n\n\n<p>Yet, LEASH has since abandoned its price rebasing mechanism and is priced according to regular supply and demand mechanisms. Instead, LEASH can now be staked to earn more BONE tokens, but has no other use cases as of yet.<\/p>\n\n\n\n<p>LEASH has a total supply of 107,000 tokens and a circulating supply of 105,000 coins. At press time, <a href=\"https:\/\/coinstats.app\/coins\/leash\/\" target=\"_blank\" rel=\"noreferrer noopener\">LEASH<\/a> is the 449th largest cryptocurrency, trading at $458, with a market capitalization of $48.5 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"yieldgeneration\">Yield Generation on ShibaSwap<\/h2>\n\n\n\n<p>There are 2 main passive yield generation products on ShibaSwap, namely liquidity providing and staking. ShibaSwap\u2019s BURN portal can also be used as a tool to generate income, despite not being a regular yield generation tool. We\u2019ll take a look at all three below.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">DIG &#8211; Liquidity Providing on ShibaSwap<\/h3>\n\n\n\n<p>ShibaSwap\u2019s liquidity-providing feature is called \u201c<a href=\"https:\/\/shibaswap.com\/#\/pool\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">DIG<\/a>\u201d since your Shiba Inu coins will dig up more BONE tokens as rewards.<\/p>\n\n\n\n<p>Liquidity providers on ShibaSwap earn returns proportional to the trading fees generated in their respective liquidity pools.<\/p>\n\n\n\n<p>Users can add liquidity to existing liquidity pools or create their own asset pair. Liquidity providers need to provide both cryptocurrencies of the trading pair in a 1:1 ratio. Meaning that if you want to provide liquidity for the ETH &#8211; AAVE liquidity pool, you\u2019ll need to lock in the same amount of both ETH and AAVe in the liquidity pool.<\/p>\n\n\n\n<p>Liquidity providers can claim 33% of their rewards on a weekly basis, while the remaining 67% will be time-locked for 6 months.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">BURY &#8211; Staking on ShibaSwap<\/h3>\n\n\n\n<p>ShibaSwap\u2019s staking feature is known as \u201c<a href=\"https:\/\/shibaswap.com\/#\/bury\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">BURY<\/a>\u201d, alluding to how Shiba Inu pups bury (stake) their tokens to gain BONE tokens as rewards later.<\/p>\n\n\n\n<p>Users can stake all three of the ecosystems tokens alike, SHIB, LEASH, and BONE as well. The annual percentage yield (APY) differs for each token, depending on the amount staked and the period. Meaning, that the longer a user\u2019s tokens remain staked in the pool, the higher the returns.<\/p>\n\n\n\n<p>At press time, ShibaSwap\u2019s APY calculator was not working for any of the tokens. Yet, the SHIB APY was 0.09% for the last 24 hours, with 2.50% LEASH APY, and 0.45% BONE APY, according to <a href=\"https:\/\/analytics.shibaswap.com\/bury-bone\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">ShibaSwap Analytics<\/a>.<\/p>\n\n\n\n<p>Stakers receive the equivalent of their staked, namely xSHIB, xLEASH, or tBONE, representing their share of the staking pool. Much like with DIG, staking rewards are distributed weekly. Stakers can claim 33% of their \u201cWoof Returns\u201d on a weekly basis, while the remaining 67% are locked for 6 months.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ShibaSwap BURN Portal<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"788\" height=\"432\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-BURN-Portal.webp\" alt=\"ShibaSwap BURN Portal\" class=\"wp-image-11651\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-BURN-Portal.webp 788w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-BURN-Portal-768x421.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-BURN-Portal-400x219.webp 400w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/><\/figure>\n\n\n\n<p>While this is not your standard yield generation tool, technically ShibaSwap\u2019s <a href=\"https:\/\/burn.shibaswap.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">BURN portal<\/a> can also yield passive income for SHIB token holders.<\/p>\n\n\n\n<p>The BURN portal enables users to burn SHIB, effectively reducing the token\u2019s circulating supply, in exchange for generating passive income. Burned tokens are sent to a burn address, which permanently removes them from circulation, increasing the scarcity of the digital asset.<\/p>\n\n\n\n<p>Users who burn SHIB tokens gain $burntSHIB in return. This makes them eligible for \u201cRYOSHI rewards\u201d which award them <a href=\"https:\/\/burn.shibaswap.com\/details\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">0.49%<\/a> of all RYOSHI transactions.<\/p>\n\n\n\n<p>The token burn is governed by the Shiba Burn smart contract, which can be <a href=\"https:\/\/etherscan.io\/address\/0x88f09b951F513fe7dA4a34B436a3273DE59F253D#code\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">verified here<\/a>, via Etherscan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"team\">The Team and Funding Behind ShibaSwap<\/h2>\n\n\n\n<p>Much like the Shiba Inu Coin, ShibaSwap has an interesting history behind it.<\/p>\n\n\n\n<p>Shiba Inu\u2019s white paper, or so-called \u201cWOOF paper\u201d was released in April 2020, three months before the SHIB token launched in August. <a href=\"https:\/\/twitter.com\/Shibtoken\/status\/1412334569903304704?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1412334569903304704%7Ctwgr%5E42c440d6551d562e8cdf40655040d0ab4a3c218b%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fshibu-inu-shib-dex-shibaswap-surpasses-1b-tvl-24-hours-after-launch\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">ShibaSwap was launched on July 6, 2021<\/a>, aiming to make SHIB more than a meme coin, by creating more use cases around the token.<\/p>\n\n\n\n<p>Similar to the first-ever blockchain network, Bitcoin, Shiba Inu was launched by pseudonymous founder <a href=\"https:\/\/twitter.com\/RyoshiResearch\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Ryoshi<\/a>, whose identity is still unknown. According to the <a href=\"https:\/\/ryujihimode.medium.com\/all-hail-the-shiba-e14a8719c792\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">first-ever Shiba Inu blog post<\/a> (which was <a href=\"https:\/\/www.fool.com\/the-ascent\/cryptocurrency\/articles\/shiba-inu-founder-deletes-blog-and-tweets-heres-why-the-experts-are-concerned-about-the-token\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">since deleted<\/a> and <a href=\"https:\/\/ryujihimode.medium.com\/all-hail-the-shiba-e14a8719c792\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">re-posted by others<\/a>), Shiba Inu launched as a pioneering experiment in decentralization.<\/p>\n\n\n\n<p>Shiba Inu and ShibaSwap were primarily developed by Ryoshi and the Shiba Inu community. To date, there are no venture capital firms or funding rounds behind the project.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"doggy\">Doggy DAO &amp; Governance on ShibaSwap<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"716\" height=\"326\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/Doggy-DAO.webp\" alt=\"Doggy DAO\" class=\"wp-image-11653\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/Doggy-DAO.webp 716w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/Doggy-DAO-400x182.webp 400w\" sizes=\"auto, (max-width: 716px) 100vw, 716px\" \/><\/figure>\n<\/div>\n\n\n<p>The ShibaSwap ecosystem is governed by the Doggy DAO, a decentralized autonomous organization that oversees the ecosystem development proposals around Shiba Inu.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/blog.shibaswap.com\/doggy-dao-is-here-woof-3\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Doggy DAO was laun<\/a><a href=\"https:\/\/blog.shibaswap.com\/doggy-dao-is-here-woof-3\/\">ched on December 31, 2022<\/a>, to establish community governance and uphold the ecosystem\u2019s decentralization. Community members who stake their BONE tokens receive tBONE in return, which makes them eligible to vote on governance proposals. A user\u2019s voting power is correlated to the number of tBONE tokens held, with 1 tBONe being equal to 1 vote.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"shiboshis\">ShiboShis &#8211; NFTs on ShibaSwap<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"716\" height=\"186\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/shibos.webp\" alt=\"shibos\" class=\"wp-image-11655\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/shibos.webp 716w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/shibos-400x104.webp 400w\" sizes=\"auto, (max-width: 716px) 100vw, 716px\" \/><\/figure>\n<\/div>\n\n\n<p>The Shiba Inu community has its own non-fungible token (NFT) collection known as SHIBOSHIS. <a href=\"https:\/\/shiboshis.shibaswap.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">SHIBOSHIS<\/a> is a collection of 10,000 unique Shiba Inu-generated NFTs native to the Ethereum network.<\/p>\n\n\n\n<p>The NFT collection launched on <a href=\"https:\/\/shytoshikusama.medium.com\/shiboshi-salute-f78ada89752a\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">October 14, 2021<\/a>, with each NFY depicting an animated Shiba Inu puppy with unique traits, that will double as in-game characteristics in the upcoming Shiboshi game. The NFTs can be bought without fees on ShibaSwap, and have a current floor price of <a href=\"https:\/\/opensea.io\/collection\/theshiboshis\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">0.65 ETH<\/a>, worth around $930 at current price levels.<\/p>\n\n\n\n<p>Another interesting feature of the collection is how holders were given the chance to name their NFTs, for an additional $100 worth of SHIB.&nbsp; On the bright side, the additional fee is burned in the ShibaSwap Burn Portal, with an additional burn worth $1 million, when all SHIBOSHIS NFTs are named.<\/p>\n\n\n\n<p>The NFTs offer holders exclusive perks, and double as a digital membership for the Shiboshis Social Club,&nbsp;<\/p>\n\n\n\n<p>The most expensive SHIBOSHIS NFT, <a href=\"https:\/\/opensea.io\/assets\/ethereum\/0x11450058d796b02eb53e65374be59cff65d3fe7f\/9568\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">CERBERUS<\/a>, is currently listed for 10,888 ETH, worth $15,6 million, at press time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"howtouseshibaswap\">How to Use ShibaSwap<\/h2>\n\n\n\n<p>Swapping cryptocurrencies on ShibaSwap is fairly easy. Here\u2019s how it works.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Visit the <a href=\"https:\/\/shibaswap.com\/#\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">ShibaSwap homepage<\/a> and click on the \u201cSwap Tokens\u201d button.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1268\" height=\"584\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-homepage.webp\" alt=\"ShibaSwap homepage\" class=\"wp-image-11657\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-homepage.webp 1268w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-homepage-768x354.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-homepage-400x184.webp 400w\" sizes=\"auto, (max-width: 1268px) 100vw, 1268px\" \/><\/figure>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\">\n<li>This will open up the DEX\u2019s cryptocurrency <a href=\"https:\/\/shibaswap.com\/#\/swap\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">swapping page<\/a>. Currently, there is a single window on the page, entitled \u201cSWAP\u201d.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1268\" height=\"584\" src=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-swapping-page.webp\" alt=\"ShibaSwap swapping page\" class=\"wp-image-11659\" srcset=\"https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-swapping-page.webp 1268w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-swapping-page-768x354.webp 768w, https:\/\/coinstats.app\/blog\/wp-content\/uploads\/2022\/10\/ShibaSwap-swapping-page-400x184.webp 400w\" sizes=\"auto, (max-width: 1268px) 100vw, 1268px\" \/><\/figure>\n\n\n\n<ol class=\"wp-block-list\" start=\"3\">\n<li>Connect the crypto wallet that you want to use for asset swaps, by clicking \u201cConnect Wallet\u201d at the bottom of the swap window. ShibaSwap currently supports MetaMask, WalletConnect, and Coinbase Wallet.<\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"4\">\n<li>Once your wallet is connected you can start swapping tokens. Make sure to have some ETH in your wallet to cover gas fees (transaction fees).<\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"5\">\n<li>Select the token you\u2019d like to exchange, by clicking on the \u201cSwap from\u201d tab. Then select the cryptocurrency you\u2019d like to receive, by clicking on the \u201cSwap to\u201d tab.<\/li>\n<\/ol>\n\n\n\n<ol class=\"wp-block-list\" start=\"6\">\n<li>Once you\u2019ve reviewed your input, click on submit and sign the transaction in your crypto wallet. After the asset swap is executed, the new assets will show up in your crypto wallet.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"benefits\">Benefits of ShibaSwap<\/h2>\n\n\n\n<p>One of the main benefits of ShibaSwap is the rapid traction it gained from the Shiba Inu community and meme coin enthusiasts. No wonder how <a href=\"https:\/\/cointelegraph.com\/news\/shibu-inu-shib-dex-shibaswap-surpasses-1b-tvl-24-hours-after-launch\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">ShibaSwap surpassed $1 billion in TVL merely 24 hours<\/a> after its launch, temporarily propelling it into the top 30 DeFi protocols by total value locked (TVL), according to data from <a href=\"https:\/\/defillama.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">DeFillama<\/a>.<\/p>\n\n\n\n<p>Shiba Inu started as a pioneering experiment in decentralization with a truly fair token distribution, as there were no tokens awarded to investors, founders, or developers. SHIB is arguably the top meme coin with one of the strongest crypto communities behind it. The fact that SHIB has such significant retail backing means that ShibaSwap will also remain a popular decentralized exchange.<\/p>\n\n\n\n<p>Speaking of decentralization, ShibaSwap is a fully non-custodial DEX, where no entities are ever in control or ownership of your funds. Meaning that there is no risk of censorship or asset freezing.<\/p>\n\n\n\n<p>Another benefit of the decentralized exchange is its safety, as it was awarded a 93\/100 Skynet Trust Score by blockchain security firm <a href=\"https:\/\/www.certik.com\/projects\/shib\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">CertiK<\/a>. This puts it in the top 10% of all Skynet projects audited by CertiK, making it more secure than popular DeFi protocols like Polygon or Aave.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"criticisms\">Criticisms of ShibaSwap<\/h2>\n\n\n\n<p>While ShibaSwap gained significant traction within the first days of its launch, the economic incentives behind its success are morally questionable. This is because ShibaSwap launched with a 2-week \u201cliquidity enhancement period\u201d that incentivized liquidity providers to move their LP tokens from UniSwap and SushiSwap to ShibaSwap, to benefit from the <a href=\"https:\/\/shytoshikusama.medium.com\/shibapendence-day-13c31b01d9f5\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">accelerated BONE token emissions<\/a>. In the crypto space, this is commonly referred to as a \u201cvampire attack\u201d.<\/p>\n\n\n\n<p>Another off-putting aspect of ShibaSwap is its static homepage, which is a 1-page, seemingly low-effort website. At the time of this writing, the \u201cFAQ\u201d and \u201cDoggy DAO\u201d sections of the website were completely unresponsive, along with many other notable features, like the staking APY.<\/p>\n\n\n\n<p>While this is not directly related to ShibaSwap, the ecosystem\u2019s tokens have no utility or real-life use cases besides holders being able to trade and stake them. The ecosystem\u2019s lack of coherent technical documentation could also be interpreted as a lack of transparency and future direction, discouraging investor participation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"bottomline\">Bottom Line<\/h2>\n\n\n\n<p>ShibaSwap has a current TVL of $30.6 million. While it is nowhere near the top 10 decentralized exchanges, the \u201cShib Army\u201d, is one of the strongest communities in the crypto space, which will assure the long-term interest in the entire Shiba Inu ecosystem.<\/p>\n\n\n\n<p>The Shiba Inu community is also working on the development of a metaverse, known as <a href=\"https:\/\/blog.shibaswap.com\/shib-the-metaverse\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Shib: The Metaverse<\/a>, and the Shiboshis Game, which was since rebranded to Shiba Eternity. The game will comprise two separate games, one for mobile phones, and one based on the SHIBOSHIS NFT collection. These initiatives will center around the Shiba Inu tokens, which will result in more demand for the cryptocurrencies and more usage for the ShibaSwap DEX.<\/p>\n\n\n\n<p>The Shiba Inu ecosystem, together with ShibaSwap, started as a pioneering experiment in decentralization. Wherever the project goes in the future, it will be interesting to witness what the sheer force of a decentralized web3 community can achieve.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve been in the crypto space for the past two years then you\u2019ve probably heard of meme coins like Dogecoin or the Shiba Inu coin.&nbsp; These dog-themed cryptocurrencies have brought some eye-watering returns for investors. Especially the Shiba Inu Coin (SHIB), which grew an astonishing 49,000,000% in 2021 alone, making many retail investors millionaires in the process. Aiming to make SHIB more than just another meme coin, the Shiba Inu community is building an exciting ecosystem around this cryptocurrency. One of the most interesting Shiba Inu protocols is its own decentralized exchange \u2014 ShibaSwap. This deep dive will take [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":11639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","inline_featured_image":false,"footnotes":""},"categories":[191],"tags":[],"wl_entity_type":[314],"ppma_author":[346],"class_list":["post-11635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","wl_entity_type-article","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is Shibaswap and How Does It Work | CoinStats Blog<\/title>\n<meta name=\"description\" content=\"This deep dive will take a look at ShibaSwap, and the yield farming possibilities it offers. 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