Here’s an introduction on how to get started using Shiba Inu’s Decentralized exchange ShibaSwap. Covered: What Is ShibaSwap? Setting Up A Wallet For ShibaSwap Available Functions On ShibaSwap What Is ShibaSwap? ShibaSwap is the native decentralized exchange (DEX) of Shiba Inu ($SHIB), the popular meme coin and leading competitor to Dogecoin ($DOGE). DEXs offer a […] The post How To Get Started On ShibaSwap appeared first on CryptosRus.

How To Get Started On ShibaSwap

Here’s an introduction on how to get started using Shiba Inu’s Decentralized exchange ShibaSwap.

Covered:

  • What Is ShibaSwap?
  • Setting Up A Wallet For ShibaSwap
  • Available Functions On ShibaSwap

What Is ShibaSwap?

ShibaSwap is the native decentralized exchange (DEX) of Shiba Inu ($SHIB), the popular meme coin and leading competitor to Dogecoin ($DOGE). DEXs offer a unique opportunity when compared to centralized exchanges (e.g., Coinbase, Binance, etc.), in that you are able to swap tokens without the need of a centralized intermediary.

ShibaSwap launched in July of 2021 and is similar to other DEXs, such as Uniswap, in that it provides the opportunity to swap tokens, add to liquidity pools, stake tokens, and even purchase NFTs. The ShibaSwap platform runs on the Ethereum Network and is powered by Shiba Inu’s main token ($SHIB) and two other tokens that were built using Ethereum’s ERC-20, bone shibaSwap ($BONE) and doge killer ($LEASH).

Setting Up A Wallet For ShibaSwap

To actually get started using ShibaSwap, you are going to need to set up one of the three compatible crypto wallet’s: Metamask, WalletConnect, or Coinbase Wallet. All of these are pretty simple to set up, but we would recommend using Metamask, as that wallet is most commonly used throughout the space. For an in-depth guide on how to set up a Metamask wallet, click here.

Make sure your wallet is connected to the Ethereum network, load up your wallet with some ETH or SHIB from your favorite exchange, and you are good to go! Now, go to the ShibaSwap homepage and you can get started using all the available functions on the platform.

Recommended: Much Birthday – Shiba Inu Inspiration Kabosu Turns 16

Available Functions On ShibaSwap

There are six different available functions on the ShibaSwap platform that incorporate all of the three native tokens of the Shiba Inu ecosystem (SHIB, LEASH, and BONE).

Dig: The “Dig” function is where you can participate in the liquidity pools on ShibaSwap. Users can create their own liquidity pools or add to existing ones by creating token pairs, in which liquidity providers are offered ShibaSwap Liquidity Pool tokens (SSLP) as rewards.

NFTs: This is ShibaSwap’s native NFT marketplace. The only NFT collection released here contained 10,000 unique NFTs called “Shiboshis”. They were released with different rarities and they are currently sold out in the marketplace, but can be found on the open market elsewhere (e.g., on OpenSea).

Bury: This is where you can stake Shiba Inu’s native ecosystem tokens. When you stake either SHIB, LEASH, or BONE, you will be rewarded in BONE tokens. The APY’s differ depending which token you stake (at press time, the range was from 50-122 %). There is a catch here you should be aware about, you can claim 33% of your Woof Returns weekly, but the remaining 67% will be time-locked for 6 months.

Swap: This is the token swap function of the platform, you can swap between multiple assets.

Bonefolio: This function serves as a user friendly analytics dashboard that allows users to track their yield returns.

Woof: This function is for redeeming BONE rewards by cashing out SSLP tokens received from providing liquidity.

***

That’s it for now, let us know if you have any questions on using ShibaSwap!

Recommended: Shiberse: Shiba Inu Enters The Metaverse

The post How To Get Started On ShibaSwap appeared first on CryptosRus.