ShibaSwap

ShibaSwap is the native decentralized exchange (DEX) of the shiba inu coin project; a popular meme coin and leading competitor of dogecoin that has risen to fame over the last 18 months. DEXs operate differently from centralized platforms such as Binance and Kraken by allowing users to swap tokens without the need for an intermediary or counterparty.

Launched in July 2021, the ShibaSwap exchange provides many of the same functions you would find on Uniswap and other decentralized exchanges, such as token swapping and liquidity pools, with the addition of other features such as staking, governance and a “Shiboshis” non-fungible token (NFT) marketplace.

Read More: Shiba Inu: Memes Are the Future of Money

Fueling ShibaSwap is the project’s main token, shiba inu coin (SHIB), and two other tokens built using Ethereum’s ERC-20 blueprint, bone shibaSwap (BONE) and doge killer (LEASH). What is bone shibaSwap (BONE) and doge killer (LEASH)?

Bone shibaSwap (ticker: BONE): BONE is designed to function as the platform’s governance token, with a total supply of 250 million coins. That means holders of BONE tokens are able to propose and vote on changes to the ShibaSwap protocol via its “Doggy DAO.” It’s also minted and rewarded to users who provide liquidity on the platform.
Doge killer (ticker: LEASH): This was originally launched as a rebase token (also known as an elastic token), a type of token similar to an algorithmic stablecoin where the supply automatically increases and decreases via a computer algorithm to keep its price pegged to another asset. In this case, LEASH’s supply was adjusted to track the price of DOGE at a rate of 1/1,000.

For example, if the price of dogecoin was $0.05, the supply of doge killer would change (mint new tokens or destroy coins in circulation) to adjust the price of LEASH to $50.

LEASH tokens have since been “unleashed,” and now no longer track the price of DOGE. With a scarce supply of just 107,647 tokens, LEASH has instead become the main store of value coin for the project’s investors.

Last updated 1 year ago

Bone shibaSwap (ticker: BONE): BONE is designed to function as the platform’s governance token, with a total supply of 250 million coins. That means holders of BONE tokens are able to propose and vote on changes to the ShibaSwap protocol via its “Doggy DAO.” It’s also minted and rewarded to users who provide liquidity on the platform. Doge killer (ticker: LEASH): This was originally launched as a rebase token (also known as an elastic token), a type of token similar to an algorithmic stablecoin where the supply automatically increases and decreases via a computer algorithm to keep its price pegged to another asset. In this case, LEASH’s supply was adjusted to track the price of DOGE at a rate of 1/1,000.