What is Shiba Swap?
Shiba Inu was the answer to a simple question. What would happen if a cryptocurrency project was 100% run by its community? But what is the Shiba Swap then? Since its creation in August 2020, by the legendary founder Ryoshi, Shiba Inu has clearly become one the most successful, fully-decentralized cryptocurrency experiments in history. From the early days of Shiba Inu, members of the Shiba Inu community have been called Shibarmy.
Shiba Inu Crypto
This isn’t just a nickname. For many, it became part of their identity. The clear source of success for this crypto project are the over-half-a-million holders, admins, mods, leaders of international chat rooms, social media influencers, meme makers, and most of all, friends of shiba inu dogs. ShibaSwap was launched on July 6-th 2021.
Shiba Inu Swap
It is the first step in building the best Decentralized Ecosystem (DECO) on the planet.
The goal of ShibaSwap is to provide a safe place to trade variable crypto while remaining decentralized. ShibaSwap is designed as an incentive for holding SHIB. It highlights the three flagship tokens: SHIB, LEASH and BONE. With the options do DIG and BURY each. Bury means staking.
When staking Shib you get Bone returns and more: 3% of the Bone per Block rewards; 0.1% of all Ethereum Swap transaction fees; In addition to this part of 0.05% of Swap fees are converted into Shib and distributed to users. The catch is that only 33% of the earned fees are available to withdraw weekly. The remaining 66% are time-blocked for 6 months and available to withdraw just after that.
The same principle applies to all earnings on ShibaSwap. Digging is basically providing liquidity for a trading pair. Liquidity providers are rewarded with SSLP tokens, which are a percentage from the trading fees, collected by the ShibaSwap. While the staked tokens receive a fixed percentage of Bone, the SSLP pools are distributed as Bone per Block based on the allocation points to each individual pool.
By staking shib, this will lead to TRILLIONS of coins getting out of circulation, causing the SHIB price to rise.
Just in the fist 24 hours of ShibaSwap 10 Trillion of tokens, or 10% of the total circulating supply have been staked. SHIB is the flag token of the Shiba Inu Ecosystem. It had an initial supply of 1 quadrillion, with 50% being sent to Ethereum founder Vitalik Buterin and being burned by him. This token and the remaining two are all ERC20 tokens, based on Ethereum. LEASH is the second token in the Shiba Inu Ecosystem with a limited supply of only 107.647 tokens. When buried (staked) it generates Leash + 1% of the total Bone per block + Part of 0.05% swap fees converted into Leash.
Moreover, to encourage Leash liquidity, when it’s digged into the Leash-Eth SSLP pool it gives an additional bonus of 0.1% of all WBTC and USDC swap transactions.
In case you don’t know what those tokens are: WBTC is the first ERC20 token backed 1:1 with Bitcoin, while USDC is a stablecoin, linked with the US Dollar. BONE is the last and most interesting token in the Ecosystem. Available only on Shiba Swap and nowhere else, it has a total supply of 250 Million, and is designed to perfectly fit between the previous two tokens regards to circulation supply.
What makes BONE so special is that it grants governance rights to its holders, allowing the Shibarmy to vote on proposals for 2022, as well as which token pairs will be added on ShibaSwap next. Bone can also be buried for more Bone, in addition to 1% of all Bone per Block awards and a part of 0.
05% swap fees, converted into Bone.
And it can be digged to provide more liquidity, incentivised by Bone SSLP and additionally with 0.1% of all DAI swap returns and 0.1% of all USDT returns. So what are the future plans for Shib?
The Ruffmap (roadmap) remains top secret to ensure continued advantage in this highly competitive space. The next steps will be published in the coming updates of the Woofpaper, which can be found on the Shibatoken website. There are, however, some hints from Ryoshi. The next news to follow is the launch of a fourth token, called TREAT, whose tokenomics have yet to be detailed. It is going to be “a very special token”.
By the end of this year we can expect to have the governance system of Shiba, called Doggy Dao. The further steps include: creation of Shiba’s own blockchain, called Shibarium, followed by the creation of SHI – an algo-stable coin that always pegs to 1 Cent. So SHIB is not just a meme coin, it’s a revolution in decentralized community. If you find this video useful, subscribe for more content like this! And support us by pressing the like button for the YouTube algorithm!