ShibaSwap is a decentralized finance platform that gives users liquidity, a staking facility, and the option to earn rewards by swapping tokens and gaining WOOF tokens. This platform is mainly established on three ERC-20 tokens namely LEASH, BONE, and SHIB. All these three coins have different purposes. LEASH is the platform’s term-specific token which is mainly the backend. BONE is used as a reward which is collected by the users who add liquidity, farming, and staking on the platform. However, BONE is also called the control token, because the users who hold this token can give their vote on the matters of the ShibArmy crypto community for its betterment.
Functionalities of the Platform
Following are the key functions that are provided to the users. If you are a new user, then you must know the meaning of all these available functionalities so that you will not get confused. So without wasting any more time, let us begin with our topic:
ShibaSwap Users can produce money in the form of BONE tokens after they stake their LEASH, BONE, and SHIB tokens.
As the name suggests, users can swap between several digital assets in a short amount of time without any restrictions on the limit.
This is mainly designed in the form of a Dashboard and it has stored a lot of pre-analyzed data which makes it easy for the customers to evaluate the prevailing rate of interest and the performance of their own digital assets.
More than 10,000 NFTs are available for users to trade from and they are also called as “Shiboshis”.
In this function, you can transfer LP tokens from SushiSwap or UniSwap to their ShibaSwap account. As this will lead to the migration of liquidity from other platforms to the ShibaSwap the user will be rewarded in the form of BONE tokens within the time period of 2 weeks.
Coins Available on ShibaSwap
Along with the coins mentioned above ShibaSwap also has some other coins listed on it as well. The users can transact from more than hundreds of coins available on the platform. The names of some of the popular listed coins are given below:
- Dai Stablecoin (DAI)
- Ethereum (ETH)
- Polygon (MATIC)
- Wrapped ETH (WETH)
- USD Coin (USDC)
- Wrapped Bitcoin (WBTC)
- Tether (USDT)
To trade on ShibaSwap a user must have an account in the wallet that is compatible with the exchange. As of now, it is compatible with the three wallets mentioned below:
- Coinbase Wallet
- MetaMask Wallet
ShibaSwap gives users a good level of liquidity and the best security features. It also gives some tools to assist the users and inform them of all the necessary information about the world of crypto. The platform has also gone through various levels of audits which makes it more trustable. Even the famous personalities such as Vitalik Buterin, and Elon Musk have admired the concept of the platform. We hope that with our blog you got the idea about the meaning of the platform and if you are an existing user and are facing any issues then you should contact its customer services.