SHIBASWAP EXCHANGE REVIEW

ShibaSwap is a decentralized exchange (DEX) based on the Ethereum blockchain. Let's consider ShibaSwap financial instruments and provide instructions on how to work with the exchange. You can find more DEX platforms in our list of decentralized exchanges.
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ShibaSwap story

ShibaSwap exchange is based on the SHIBA INU project, a cryptocurrency created by an anonymous developer Ryoshi. According to the author's idea, SHIBA INU should become an analogue of DOGE Coin based on Ethereum network. Vitalik Buterin and Elon Musk paid attention to the cryptocurrency, SHIBA INU token has been pumped thereafter.

In summer of 2021, a team of independent developers led by Ryoshi created their own DEX exchange. The service offers several decentralized finance (DeFi) tools: trading through an automated market maker (AMM), liquidity pools, pharming and staking.

The ShibaSwap ecosystem is based on 3 ERC-20 tokens: SHIB (SHIBA INU project), LEASH and BONE. The SHIB token is the main asset used for trading, settlement and storage on wallets. LEASH is an auxiliary token for farming pools.

The BONE token is accrued as a reward for the supply of liquidity, staking and farming on the ShibaSwap platform. Liquidity providers receive BONE for trades on the exchange in proportion to their share in the pool. Also BONE is used as a control token. It allows you to vote on changes within the ShibArmy crypto community.

Connection to ShibaSwap

To use all the functions of ShibaSwap, you need to connect a cryptocurrency wallet. To do this, go to the main page and click on the "Connect wallet" button.
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A window will be appeared where we select one of the proposed wallets: WalletConnect or Coinbase Wallet. Using the "Injected" button, you can connect a browser wallet of the Ethereum network, for example MetaMask.

After connecting, the account will be created automatically. The start page will open with the following financial instruments:

• SWAP exchange;
• DIG liquidity pools;
• BURY staking;
• WOOF farming pools.

Two features are available to users: the FETCH bridge and the BONEFOLIO analytics system. The first is needed to transfer liquidity provider (LP) tokens from the Uniswap and SushiSwap exchanges. The BONEFOLIO system reflects earnings statistics and the history of financial transactions. Let's take a closer look at the ShibaSwap tools.

SWAP

Follow the "SWAP" section. The interface of the ShibaSwap will be opened. Select the token for sale in the "Swap From" window, and the purchased token in the "Swap To" window. More than 100 tokens are available for trading.
Note: use tokens obtained through the ERC-20 network. Otherwise, you may lose your funds.
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In the settings section, you can change the main parameters of the transaction: slippage percentage and confirmation time. Additionally, you can enable expert mode or disable the multi-transfer protocol.
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For a successful transaction, you need to send one confirmation. This operation is required only for the first exchange for ShibaSwap.

DIG liquidity pool

To receive liquidity tokens, go to the "DIG" section. Click on the «Add Liquidity» button to select a pair of tokens from the available list. If you don't find a matching pair, create your own pool in the Create a Pair section.
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To connect to the pool, you need to freeze tokens in an equal amount (50 to 50). After a successful connection, you will start receiving BONE tokens. They are charged from fees for trading operations on the exchange.

WOOF farming

You can increase your income by connecting to ShibaSwap farming pools. Go to the "WOOF" section. A list of available pharming programs will open. The pool information shows the current amount of funds frozen and the effective interest rate (APR).

For farming, you need to deposit LP tokens received for providing liquidity. We select a suitable pool and add the received BONEs to it. On the right in the "WOOF" section, income statistics will be displayed.
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Note: in order to return funds frozen in the "DIG" section, you need to add LP tokens to the appropriate pool. 33% will be returned immediately, and the rest will be frozen within 6 months from the start of liquidity supplies.

BURY staking

To participate in staking, go to the "BURY" section. There are 3 programs available: staking SHIB, LEASH and BONE tokens. The staking pool information shows the current APR.
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When depositing funds, the user receives xSHIB, xLEASH or tBONE tokens, depending on the selected pool. These tokens represent his stake in the pool. Staking rewards are charged daily.

Conclusion

ShibaSwap has gained popularity among cryptocurrency users. The project was appreciated by Elon Musk and Vitalik Buterin. Investors are attracted by favorable terms of liquidity supply and high interest rates for pharming. According to CoinMarketCap, ShibaSwap is among the top 20 DEX exchanges in terms of trading volume.

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