Best Way to Explain What is Shiba Swap
Shiba Swap was the first step to building the infrastructure that supports the overall Shiba Inu ecosystem. The Shiba Inu tokens are the seeds from which the ecosystem sprouted, and Shiba Swap is how they have dug in their roots.
The goal of Shiba Swap is to provide a safe place for the community to trade tokens on a decentralized exchange, while implementing special incentives and rewards to those who contribute to the ecosystem, such as liquidity providers.
Our unique tokenomics, user-friendly design, strong technical foundation, and ever-growing community all contribute to the success of the platform, which ultimately forms the central pillar of the entire ecosystem world wild.
NOTE
Shiba Swap currently resides on the Ethereum blockchain supporting ERC-20 tokens only. It will be updated to support Shibarium Layer-2 network once it is released According to Shiba Inu official website.
Shiba Swap Functionality
- swap
- dig
- bonefolio/analytics
- bury
- woof
- burn Portal
What is Swap Function
Shiba Swap proprietary Decentralized Exchange (DEX) that allows users to safely and securely trade tokens held in their wallet by using the Swap function,to use the Swap, simply navigate from the homepage to the Swap page.
From here, select your base token (remember, this is the token you want to swap from.) Next, select to token you would like to swap to. In this example, we will be swapping from ETH to BONE.
TIP
Remember, users must first click Approve before ShibaSwap is able to interact with the tokens in your wallet! Each token will require a separate approval the first time they are selected for that wallet.
- Base token: This is where you select your base token you would like to swap from. The panel allows you to select your token, view your balance, and allocate the maximum possible to sell if desired.
- Desired token: This is where you select the token you would like to receive. The panel allows you to select your token, view your balance, and allocate the maximum possible to buy if desired.
- Minimum received: This is the minimum number of tokens you will receive in the event of price changes. Your transaction will revert if there is a large, unfavorable price movement before your it is confirmed. Users can specify their tolerance for price movements by changing the slippage value (see Advanced Settings below).
- Price Impact: Any buy or sell order will affect the price the underlying tokens. This amount of change is called price impact. Generally, the larger the liquidity pool, the smaller the price impact will. Token pairs with a small liquidity pool will have a higher price impact.
- Liquidity Provider Fee: The portion of each trade to be distributed to liquidity providers as a protocol incentive.
- Swap button: Click this to start the transaction. Users will then be prompted to complete the transaction within their wallet.
- Transaction settings: Contains various advanced options (see below).
what is Bury
The Bury function on Shiba Swap allows users to “stake” their Shiba Inu Ecosystem tokens to generate passive income rewards paid in BONE. The rewards earned are proportional to the amount of SHIB, LEASH, or BONE the user has staked. Staking is a secure and low-risk way of earning passive income while holding a particular asset. To use Shiba Swap’s bury function, simply navigate from the homepage to the Bury page.
From here, select the Shiba Inu Ecosystem token (SHIB, LEASH, BONE) that you would like to stake and then the amount you would like to stake. Click the approve button and confirm the transaction in your wallet. Users will be able to see current rewards APY, the amount they currently have staked, and the amount of tokens in their wallet.
Once staked, the user will receive an equal amount of xSHIB, xLEASH, or tBONE to represent their stake. Rewards can be claimed when available on the woof page.
Remember, the first time you stake a token, you will need to confirm an approval transaction before your staking transaction. This first transaction allows ShibaSwap to request your tokens for staking when you go to stake or unstake and is a standard practice across all Decentralized Exchanges and yield farming platforms.
What is Dig
Decentralized exchanges (DEXs) rely on automated market makers (AMMs) to power their swap functionalities. An AMM uses liquidity pools to automatically facilitate direct peer-to-peer trades. Liquidity pools consist of equal value of the two tokens in that trading pair. After each trade, the pool itself is automatically rebalanced, and the price per token is updated. Providing liquidity is a moderately advanced feature and is not recommended for beginner users. for more information, please check Shiba Inu official websitehttps://shibatoken.com/docs/shiba-swap/shiba-swap/shiba-swap-functionality-dig
What is Woof?
Woof is the place for Liquidity Providers to stake their SSLP tokens to earn additional rewards. To access the Woof page, simply navigate from the homepage for the Woof page. For more information, please check https://shibatoken.com/docs/shiba-swap/shiba-swap/shiba-swap-functionality-woof
Bonefolio / Analytics
The Bonefolio is ShibaSwap’s analytics portal that provides information on all three Bury pools as well as every liquiditiy pair hosted on ShibaSwap. The application consists of several pages on its left side panel that we will discuss.
Dog Park
This is the main page of Bonefolio and includes global information on Shiba Swap’s liquidity, volume, top tokens, and top liquidity pool pairs.
Certik
CertiK is a blockchain security firm focused on maintaining and improving the overall security and correctness of smart contracts, as well as blockchain protocols on a global scale. This is why we chose them for Shibaswap!
Recognized as the leading blockchain auditing firm by trusted projects such as Binance, Shiba Token and Polygon, its industry-leading audit methodology, tooling and high-security standards make it a necessary partner for any DEX; being the leading security-focused platform to analyze and monitor blockchain protocols and DeFi projects.
At the time of WoofPaper V3’s publication, Shiba swap sits in second place in terms of rankings, and often fights for first! This ranking is determined based on quality of code and security.
Governance
Shiba Swap employs a Decentralized Autonomous Organization (DAO) to allow users to create and vote on proposals for Shiba Swap and the greater Shiba Inu Ecosystem. To learn more about how these organizations work, please check out The Ethereum Network’s
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