The cryptocurrency market is massive people always see crypto as an investment opportunity. Many people have become millionaires after investing in these cryptocurrencies. Shiba Inu is also a cryptocurrency and was launched as a dogecoin killer. In a short time, this currency has gained popularity and investors in the form of SHIBARMY. Shiba Inu has also launched its own decentralized cryptocurrency platform in the name ShibaSwap.
What is ShibaSwap?
ShibaSwap is a newly launched decentralized exchange platform. It caught the eyes of many investors because it is its own decentralized cryptocurrency exchange of Dogecoin Killer Shiba Inu. ShibaSwap provides the facility to trade between its own crypto coin Shiba Inu and other cryptocurrencies.
The main goal of ShibaSwap is to provide a facility to trade valuable crypto while remaining decentralized.
Starting Tokonnomics of ShiabaSwap
ShibaSwap has also launched its flagship tokens based on its parent tokens. These tokens are:
- Shiba Inu ($SHIB)
- Leash Dogecoin Killer ($LEASH)
- Bone ($BONE)
How ShibaSwap Works?
ShibaSwap is a DEX (Decentralized Cryptocurrency Exchange). It provides the facility to trade different cryptocurrencies while remaining decentralized. On ShibaSwap the Shibas will DIG or BURRY for BONE and other WOOF returns. It allows its customers to exchange one token with other tokens. In ShibaSwap users can provide liquidity in form of DIG, users can also earn rewards with BURRY and WOOF by staking their coins.
The Meaning of Terms used in ShibaSwap:
DIG: Means to provide liquidity to earn BONE.
BURRY: Means to stake your coins to earn rewards from them.
WOOF: Means to Farm tokens to claim returns.
SWAP: Means users can Swap their Shiba Inu tokens with other tokens.
How to Use ShibaSwap?
Users can use ShibaSwap to buy and sell SHIB, LEASH, BONE. ShibaSwap users can also use SHIB tokens to trade to exchange other tokens.
Steps to Use ShibaSwap:
- Create MetaMask Wallet: To use ShibaSwap you should create a MetaMask Wallet using either a desktop computer or an iOS/Android mobile device. By using the MetaMask wallet users can buy, sell, send, and receive SHIB or LEASH.
- Send ETH to Your MetaMask Wallet: You can buy Ethereum directly on your MetaMask or transfer it to your MetaMask Wallet from other exchanges like Wazirx, Zebpay, Coinbase, Binance, etc. But while transfering Ethereum to MetaMask make sure to use the ERC-20 network.
- Connect Your Wallet to ShibaSwap: Then you need to access your MetaMask wallet to ShibaSwap by clicking ‘Connect to a wallet’ option.
- Swap ETH for SHIB, LEASH or BONE: After succesfully connecting your MetaMask wallet to ShibaSwap you can start swapping as soon as you have Ethereum available. Then press ‘Select a token’ and enter the token address or search for it on the tokens list.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.