ShibaSwap allows users to voluntarily burn their SHIB holdings, i.e., sending the tokens to a dead address. In return, the platform rewards the users with Ryoshi Token (RYOSHI).
ShibaSwap allows users to voluntarily burn their SHIB holdings, i.e., sending the tokens to a dead address. In return, the platform rewards the users with Ryoshi Token (RYOSHI), an ERC-20 token explicitly created as a burn reward. ShibaSwap also enables the minting, customization and trading of native nonfungible tokens (NFTs) called “Shiboshis.” These 10,000 digital collectibles of the Shiba Inu mascot cartoons will likely be a part of the gaming project called the Shiboshi Game.
ShibaSwap enables users to trade supported ERC-20 tokens directly with one another. The DEX’s most liquid tokens are Shiba Inu ecosystem coins, with data showing that BONE and LEASH have the highest trading volumes and order book depths. Owners of SHIB, LEASH and BONE can stake or BURY their coins into ShibaSwap pools for a specific timeframe to earn pre-determined annual percentage yields (APY). These yields get paid in the wrapped version of the staked tokens. For instance, staking 1 LEASH yields users 1 xLEASH.
ShibaSwap grants users trading fee rewards (0.3% per trade) proportional to the liquidity they provide to its coin pairs. The rewards are handed out as Shiba Swap Liquidity Provider (SSLP) tokens are redeemable for BONE tokens whenever the liquidity provider wants. SSLP holders can deposit these tokens to ShibaSwap’s yield farm pools to earn BONE rewards. This reward mechanism is similar to BURY, where users redeem one-third of the rewards instantly but need to lock the rest for six months.
