{"id":538366,"date":"2023-01-10T12:58:50","date_gmt":"2023-01-10T09:58:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/what-is-shibaswap-and-how-does-it-work\/"},"modified":"2023-01-10T12:58:50","modified_gmt":"2023-01-10T09:58:50","slug":"what-is-shibaswap-and-how-does-it-work","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/","title":{"rendered":"# What is ShibaSwap and how does it work?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2df2d49b12c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2df2d49b12c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#%E2%80%9D_What_is_ShibaSwap_and_how_does_it_work_%E2%80%9C\" >&#8221; What is ShibaSwap and how does it work? &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#What_are_Shiba_Inu_tokens\" >What are Shiba Inu tokens?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#Shiba_Inu_SHIB\" >Shiba Inu (SHIB)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#Doge_Killer_LEASH\" >Doge Killer (LEASH)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#Bone_BONE\" >Bone (BONE)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#How_does_ShibaSwap_work\" >How does ShibaSwap work?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#Staking_BURY\" >Staking (BURY)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#Liquidity_Pools_DIG\" >Liquidity Pools (DIG)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#Yield_Farms_WOOF\" >Yield Farms (WOOF)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#Burn_Portal\" >Burn Portal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/buradabiliyorum.com\/en\/what-is-shibaswap-and-how-does-it-work\/#NFTs\" >NFTs<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_What_is_ShibaSwap_and_how_does_it_work_%E2%80%9C\"><\/span>&#8221; What is ShibaSwap and how does it work? &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ed77c39>ShibaSwap is a DeFi platform featuring decentralized exchange (DEX) and passive income-generating services like staking, liquidity pools, and yield farming in its ecosystem.<\/p>\n<p>Launched in July 2021, ShibaSwap is a fork of SushiSwap, a popular DEX tweaked from Uniswap (UNI), the world&#8217;s leading DEX by volume. But unlike its rivals, ShibaSwap&#8217;s core purpose has been mostly about boosting the utility of Shiba Inu tokens.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_Shiba_Inu_tokens\"><\/span>What are Shiba Inu tokens?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ShibaSwap uses three main tokens, namel Shiba Inu (SHIB), Doge Killer (LEASH), and Bone (BONE). Let&#8217;s discuss them in detail as follows.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Shiba_Inu_SHIB\"><\/span>Shiba Inu (SHIB)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Shiba Inu (SHIB) is a Dogecoin-inspired meme-coin created in August 2020 by the pseudonymous &#8220;Ryoshi.&#8221;<\/p>\n<p>During its ICO, the founder(s) distributed one quadrillion SHIB, with half allocated to Ethereum co-founder Vitalik Buterin. Later, Buterin donated 50 trillion SHIB to an Indian Covid-19 relief fund while sending the rest 450 trillion tokens to a dead wallet. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/e691c3a6-d4b7-4fc1-82c2-f49f83fbd362.png\"><figcaption style=\"text-align: center;\"><em>SHIB\/USD weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Meanwhile, the remaining 500 trillion SHIB were locked in Uniswap; the authors discarded the private keys.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Doge_Killer_LEASH\"><\/span>Doge Killer (LEASH)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As the name suggests, Doge Killer (LEASH) came out as a part of Shiba Inu&#8217;s effort to take over Dogecoin (DOGE), the top meme-coin by market capitalization. In its earlier days, the token saw a failed 1:1000 peg to the price of DOGE.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/cdcb9771-d885-41a5-a872-25020fc359aa.png\"><figcaption style=\"text-align: center;\"><em>LEASH\/USD weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>LEASH functions as an ERC-20 token with a fixed supply of\u00a0107,647<strong> <\/strong>tokens.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bone_BONE\"><\/span>Bone (BONE)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Bone (BONE) serves as a governance token within the ShibaSwap ecosystem. In other words, holding BONE enables users to propose and vote on changes to the ShibaSwap protocol through the Shiba Inu Doggy DAO.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/27caa793-eb33-4c8f-a99d-9fadedee47d4.png\"><figcaption style=\"text-align: center;\"><em>BONE\/USD weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>BONE&#8217;s maximum supply is 250 million coins.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_does_ShibaSwap_work\"><\/span>How does ShibaSwap work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/shibaswap.com\/\">ShibaSwap<\/a> enables users to trade supported ERC-20 tokens directly with one another. The DEX&#8217;s most liquid tokens are Shiba Inu ecosystem coins with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/bone-shibaswap#markets\">data showing<\/a>\u00a0that\u00a0BONE and LEASH have the highest trading volumes and order book depths.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Staking_BURY\"><\/span>Staking (BURY)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Owners of SHIB, LEASH and BONE can stake or BURY their coins into ShibaSwap pools for a specific timeframe to earn pre-determined annual percentage yields (APY). These yields get paid in the wr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed version of the staked tokens. For instance, staking 1 LEASH yields users 1 xLEASH.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/cc81d3c7-19ef-4474-90f0-c85f44c39581.png\"><figcaption style=\"text-align: center;\"><em>ShibaSwap BURY (staking) APY. Source: Official Website<\/em><\/figcaption><\/figure>\n<p>The pools distribute rewards every week, albeit users can claim one-third of the amount. The rest of the staked capital gets vested for six months.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Liquidity_Pools_DIG\"><\/span>Liquidity Pools (DIG)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>ShibaSwap grants users trading fee rewards (0.3% per trade) proportional to the liquidity they provide to its coin pairs. The rewards are handed out as\u00a0Shiba Swap Liquidity Provider\u00a0(SSLP) tokens; they are redeemable for BONE tokens whenever the liquidity provider wants.\u00a0<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Yield_Farms_WOOF\"><\/span>Yield Farms (WOOF)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>SSLP holders can deposit these tokens to ShibaSwap&#8217;s yield farm pools to earn BONE rewards. This reward mechanism is similar to BURY, where users redeem one-third of the rewards instantly but need to lock the rest for six months.<\/p>\n<p><strong><em>What&#8217;s the price in your national currency? Check out our new cryptocurrency calculator<\/em><\/strong><\/p>\n<p>Some ShibaSwap yield farming pools grant rewards directly in Ether (ETH), Wrapped Bitcoin (WBTC), DAI, Tether (USDT), and USD Coin (USDC), according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/shibaswap.gitbook.io\/shibaswap\/\">the DEX&#8217;s documentation<\/a>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Burn_Portal\"><\/span>Burn Portal<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>ShibaSwap allows users to voluntarily burn their SHIB holdings, i.e., sending the tokens to a dead address. In return, the platform rewards the users in RYOSHI, an ERC-20 token created specifically as a burn reward.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"NFTs\"><\/span>NFTs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>ShibaSwap also enables the minting, customization, and trading of native nonfungible tokens (NFTs) called Shiboshis. These 10,000 digital collectibles of the Shiba Inu mascot cartoons will likely be a part of the gaming project called the Shiboshi <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>. <\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/what-is-shibaswap-and-how-does-it-work\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; What is ShibaSwap and how does it work? &#8220; ShibaSwap is a DeFi platform featuring decentralized exchange (DEX) and passive income-generating services like staking, liquidity pools, and yield farming in its ecosystem. Launched in July 2021, ShibaSwap is a fork of SushiSwap, a popular DEX tweaked from Uniswap (UNI), the world&#8217;s leading DEX by&#8230;<\/p>\n","protected":false},"author":1,"featured_media":538367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/229251f7-64a0-4cab-9e4d-6c0a3b7b0be0.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,110404,74877,86883,110520,74939,122237,133582,73785],"class_list":["post-538366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-cointelegraph-nft","tag-decentralized-exchange","tag-dogecoin","tag-how-to-crypto","tag-market-analysis","tag-shiba-inu","tag-staking","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=538366"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/538366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/538367"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=538366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=538366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=538366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}