ShibaSwap will lead decentralized finance by storm
Since Dogecoin (DOGE) caught the attention of investors and cryptocurrency fans around the world in 2013, several projects have started to sprout left and right in an attempt to emulate the level of success achieved by DOGE. . The Shiba Inu Token (SHIB) has established itself as the leading cryptocurrency with a canine motive, following in the footsteps of Dogecoin.
The Shiba Inu, on the other hand, doesn’t look much like its predecessor, despite having the same mascot. What started as a fun experiment with blockchain technology has now become a serious initiative with the aim of developing an ecosystem with many different components. The developers behind Shiba Inu are actively building ShibaSwap, a user-friendly site for decentralized cryptocurrency trading.
Let’s take a look at the ShibaSwap platform together to learn more about it, its native tokens, and whether or not it’s worth paying attention to.
ShibaSwap Decentralized Exchange Explained
What exactly is ShibaSwap? According to Blockchainreporter.net, the Shiba Inu cryptocurrency can be traded on the native decentralized exchange (DEX) known as ShibaSwap. Since the beginning of 2021, the Shiba Inu team has been hard at work on this project, which serves to demonstrate Shiba Inu’s aspirations to become much more than a cryptocurrency meme.
ShibaSwap is meant to be as user-friendly as possible while offering a comprehensive number of functions that would delight even the most demanding investors. Similar to PancakeSwap or Uniswap, ShibaSwap works without the need for centralized power.
On the other hand, it is possible that ShibaSwap has a higher profit potential than PancakeSwap and UniSwap. After all, it has not just one but a total of four enticing features! These features allow ShibaSwap participants to earn token incentives that can generate substantial passive income.
Tokens Powering ShibaSwap
ShibaSwap is powered by more than one piece. The ShibaSwap platform is powered by three tokens: Shiba Inu (SHIB), Doge Killer (LEASH) and Bone (BONE). These three coins work together to foster a transparent, reliable and lucrative ecosystem.
Let’s look at SHIB, LEASH and BONE in more detail.
Shiba Inu (SHIB)
The SHIB serves as the central nervous system of the exchange. In August of the year 2020, its founder, who was called Ryoshi, established the company. The SHIB cryptocurrency has a Shiba Inu for its mascot, the same type of dog used for the Dogecoin cryptocurrency. SHIB users benefit from the highest level of protection and functionality possible, thanks to the fact that it is built on the Ethereum blockchain.
Despite their cost, the value of Shiba Inu coins hovers at $26 billion due to approximately 549 billion coins in circulation. Initially, SHIB had nearly 1 quadrillion authorized coins. However, around 40% of these currencies were destroyed by Vitalik Buterin, the co-founder of Ethereum, in May 2021.
BONE is the governance token of the ShibaSwap ecosystem as a whole. It allows tenants to propose and vote on changes to the ShibaSwap protocol through the Shiba Inu Doggy DAO. Theoretically, the more BONE coins a person has, the more influence their vote will have on future decisions.
As of July 14, 2022, the BONE market price is around $0.45 and there are 6.98 million coins in circulation, with a maximum supply of 250 million coins.
Doge Killer (LEASH)
Doge Killer (LEASH) is the ecosystem incentive token. Initially, LEASH was intended to serve as a rebase token (or “rubber token”) for DOGE. Stablecoins are comparable to rebase tokens. Their offer is changed automatically by an algorithm that maintains their price parity with other assets. Since then, however, LEASH has been unbundled from DOGE and issued as an ERC20 token with a defined coin supply.
Unlike BONE, LEASH is rare, with a total token supply of only 107,647. Currently, each LEASH currency is valued at $363 per coin due to its rarity. According to the rule of supply and demand, the lower the supply, the higher the price.
The security level of ShibaSwap
Blockchainreporter.net states that ShibaSwap is a decentralized exchange (DEX), which means that it is not governed by the same rules as centralized exchanges (CEX). This can be seen as both an advantage and a disadvantage. One of the advantages of decentralized exchanges is that they are less susceptible to hacking, which increases their security. ShibaSwap has been awarded a security score of 92 out of 100 by CertiK, a blockchain-based security audit company.
ShibaSwap resolved 97% of the 34 audit-related issues. This score allows ShibaSwap to effectively compete with leading decentralized platforms such as Polygon and Aave. Obviously, DYOR before investing in a platform (do your own research). This way, you can determine whether a platform is right for you or not.
The path to follow
Finally, is ShibaSwap worth your time? ShibaSwap is the platform for you if you own a Shiba Inu and are looking for a secure platform that offers plenty of opportunities to leverage your investment. ShibaSwap is the first major venture from the Shiba Inu team after launching the cryptocurrency in 2021. It has been a huge success so far, with thousands of users trading millions of dollars daily.
The playful naming of its DeFi terminology provides an almost game-like experience that not only helps Shiba Inu stay consistent with its brand, but also encourages widespread adoption. ShibaSwap is considered to be one of the next generation of DeFi platforms, allowing people to easily enter and navigate the world of crypto.