A Shiba Inu (SHIB) ecosystem altcoin ignored the wider crypto market downtick and surged by nearly 15% on Thursday. Bone ShibaSwap (BONE) is trading at $1.41 at time of writing, up from $1.23 a day ago. The 104th-ranked crypto asset by market cap is also up nearly 26% in the past week. BONE is used […]
The post Shiba Inu Ecosystem Altcoin Bounces As Shibarium Recovers From Technical Issues appeared first on The Daily Hodl.
An altcoin in the Shiba Inu (SHIB) ecosystem is skyrocketing after its lead developer presented the first “truly decentralized exchange” ahead of the launch of Shibarium, the project’s highly anticipated upcoming layer-2 scaling solution. In a new blog post, pseudonymous SHIB developer Shytoshi Kusama unveils “Shibapendence Day,” a celebration for the SHIB community to declare its […]
The post Shiba Inu Altcoin Rips After Shytoshi Kusama Reveals ‘Shibapendence Day’ Ahead of Imminent Layer-2 Launch appeared first on The Daily Hodl.
Pseudonymous Shiba Inu (SHIB) developer Shytoshi Kusama is dropping a big update on the progress of the highly anticipated layer-2 project Shibarium. In a new Twitter bio update, Shytoshi Kusama reveals that ShibaSwap is the only official decentralized exchange (DEX) for the Shiba Inu and Shibarium ecosystem. “Top Shib community member. Not financial advice, do […]
The post Lead Shiba Inu Developer Springs Big Update on Much-Awaited Evolution of Crypto Project Shibarium appeared first on The Daily Hodl.
On March 4, the decentralized exchange Pancakeswap announced that the team plans to launch its version three (v3) iteration of the platform during the first week of April 2023. Pancakeswap v3 will provide new features and improve liquidity alongside enhancements in interface accessibility and the decentralized exchange (dex) platform’s yield farming experience. Pancakeswap Announces Version […]
Shiba Inu’s highly-anticipated layer-2 network Shibarium will launch in beta mode next week, according to a key player in the memecoin’s ecosystem. The official Twitter account for Bone ShibaSwap (BONE) just posted a viral tweet confirming the launch date. The most #important topics for everyone!1. It has been confirmed that #Shibarium Beta will be released next […]
The post Confirmed: Shiba Inu’s Highly Anticipated Shibarium Set for Initial Launch Next Week appeared first on The Daily Hodl.
A pair of Shiba Inu-related altcoins are soaring as developers prepare to launch a highly-anticipated layer-2 network called Shibarium. The new network is designed to be similar to Polygon (MATIC), offering developers a fast and scalable platform to build on while giving traders access to new projects and custom tokens with low transaction fees. As […]
The post Shiba Inu Altcoins Explode As Crypto Project Hints at Release Date for Ethereum Scaling Platform appeared first on The Daily Hodl.
A leading cryptocurrency hardware wallet provider plans to support Shiba Inu’s (SHIB) major upgrade to the blockchain project. Ledger says plans are already underway to integrate SHIB’s layer-2 blockchain called Shibarium, which is expected for release this year. During Ledger’s new Twitter “Ask Us Anything” session, a Shibarium supporter asks the company: “Will you provide […]
The post Largest Crypto Wallets To Support Major Shiba Inu (SHIB) Upgrade As Dogecoin Rival Holds 70% Gains Year-to-Date appeared first on The Daily Hodl.
The dog-themed crypto asset Shiba Inu (SHIB) is surging amid a steady stream of hype on the project’s plans to create its own ecosystem. SHIB is up 21% in the last 24-hours and up 55% in the last two weeks as developers tease the Shibarium protocol. The protocol will be a layer-2 network built on […]
The post Shiba Inu (SHIB) Erupts As Crypto Project Prepares to Launch Layer-2 Beta appeared first on The Daily Hodl.
A crypto whale is abruptly moving trillions of Shiba Inu (SHIB) tokens as the dog-themed crypto asset prepares to unveil its new metaverse at SXSW. According to the whale-surveying platform Whale Alert, a staggering 3,323,256,285,484 SHIB worth $30.48 million at time of writing were transferred from one unknown wallet to another. The sudden shift in […]
The post Whale Moves 3,323,256,285,484 Shiba Inu (SHIB) As Crypto Project Prepares To Showcase New Metaverse appeared first on The Daily Hodl.
ShibaSwap is a decentralized exchange platform launched to expand the utility and capabilities of the SHIB token ecosystem.
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's leading DEX by volume. But unlike its rivals, ShibaSwap's core purpose has been mostly about boosting the utility of Shiba Inu tokens.
ShibaSwap uses three main tokens, namel Shiba Inu (SHIB), Doge Killer (LEASH), and Bone (BONE). Let's discuss them in detail as follows.
Shiba Inu (SHIB) is a Dogecoin-inspired meme-coin created in August 2020 by the pseudonymous "Ryoshi."
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.
Meanwhile, the remaining 500 trillion SHIB were locked in Uniswap; the authors discarded the private keys.
As the name suggests, Doge Killer (LEASH) came out as a part of Shiba Inu'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.
LEASH functions as an ERC-20 token with a fixed supply of 107,647 tokens.
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.
BONE's maximum supply is 250 million coins.
ShibaSwap enables users to trade supported ERC-20 tokens directly with one another. The DEX's most liquid tokens are Shiba Inu ecosystem coins with data showing that BONE and LEASH have the highest trading volumes and order book depths.
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 wrapped version of the staked tokens. For instance, staking 1 LEASH yields users 1 xLEASH.
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.
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 Shiba Swap Liquidity Provider (SSLP) tokens; they are redeemable for BONE tokens whenever the liquidity provider wants.
SSLP holders can deposit these tokens to ShibaSwap'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.
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Some ShibaSwap yield farming pools grant rewards directly in Ether (ETH), Wrapped Bitcoin (WBTC), DAI, Tether (USDT), and USD Coin (USDC), according to the DEX's documentation.
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.
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 Game.
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.
