Shiba Inu (SHIB) DEX ShibaSwap Exceeds 1.5B TVL, Adds Three New Pairs

July 12, 2021 0 Comments

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Shiba Inu, a famed meme coin, has recently unveiled its DEX ShibaSwap. This comes on the heels of the growing popularity of SHIB as holders continue to show faith in the coin.

The coin which was started as a joke has seen a lot of growth and seems to be taking a more serious tone as time goes by. The developers are bent on showing the market that Shiba Inu has moved on from meme coin territory into serious coin territory.

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One of the ways the project has shown this newfound seriousness is in the release of its very own DEX named ShibaSwap. ShibaSwap works like any other DEX, the likes of Pancakeswap, SushiSwap, and Uniswap. With the launch of ShibaSwap has come a lot of possibilities for the holders of Shiba Inu tokens.

So far, the total value locked (TVL) of coins on ShibaSwap has exceeded $1.5 billion. Getting over $1 billion TVL in just two days after the launch.

What ShibaSwap Offers

On the website are various ways that Shiba Inu holders can get rewards for staking their SHIB coins on the platform. On the back of this has been the release of two new tokens; LEASH and BONE.

These tokens were not made available to buy until the ShibaSwap DEX was launched. Holders can “dig” on the platform to earn BONE tokens. The term “dig” in this context just refers to SHIB holders providing liquidity on the platform.

Holders can also “fetch” on ShibaSwap. This is done by migrating UNI V2-LP or SLP tokens and holders get BONE coins in return for fetching.

Continuing on this path, holders of Shiba Inu tokens can also “bury” tokens. “Bury” refers to staking SHIB tokens in order to get rewards on your staked coins. Holders can alternatively bury their SHIB tokens, LEASH, or BONE tokens using this feature. Burying is not yet live on ShibaSwap and is slated to be coming soon to the DEX.

Shiba Inu (SHIB) chart from TradingView.com

Price of SHIB down 2% in the last 24 hours | Source: SHIBUSD on TradingView.com

The ShibaSwap DEX also provides swapping features for holders. Here, holders can swap their coins for any token listed on the platform. The tokens that can be swapped on ShibaSwap are not just limited to SHIB tokens. Users can swap a wide variety of tokens for other tokens. Eth being one of the most prominent that can be swapped on the DEX.

“Woof” is a feature that enables holders to get returns when they stake their SSLP tokens. It allows holders to farm for coins with their staked tokens.

The Bonefolio featured which has not yet launched will allow holders to track their token activities across the DEX, referred to as dogalytics on the SHIB website.

Three New Token Pairs

A recent announcement revealed that Shiba Inu would be adding three new pairs on their DEX ShibaSwap. This comes a week after the decentralized exchange had launched to much anticipation from the token holders.

The official Twitter account of Shiba Inu announced the three new token pairs and these included an ETH-USDT pair (300 AP), a LEASH-BONE pair ( 900AP), and a SHIB-BONE pair (600 AP).

The price of SHIB saw a small uptick in response to the announcement but this did not last long as the price of the coin took a nosedive shortly after the uptick.

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Regardless of the price reaction to the news, the new pair additions have been strongly encouraged, with the official SHIB account stating that they believe the additional pairs with help to build the momentum behind ShibaSwap. They hope to achieve this by “incentivizing our ecosystem, widening their reach to external users, and providing more USDT liquidity, (which will help #ShibaSwap run smoothly with more and more rewards).”

SHIB is currently trading at $0.00000770, and BONE and LEASH are listed on SHIB’s website at $5.38 and $2587.2 at the time of this writing.

Featured image from Currency.com, chart from TradingView.com

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