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About ShibaSwap (BONE)
ShibaSwap is a DEX associated with Shiba Inu, an Ethereum-run answer to Dogecoin. BONE is the ShibaSwap platform’s governance token.
In exchange for providing liquidity, platform users are provided with BONE tokens.
Within the ShibaSwap ecosystem, deposited funds are held within special liquidity pools consisting of two unique assets. As such, users are required to deposit both tokens when seeking to add funds to a given pool. In ShibaSwap speak, this process (that is, supplying liquidity) is referred to as “Digging” and results in depositors getting liquidity pool tokens (SSLPs). Per, these SSLP tokens can be redeemed at any time, for both the underlying funds and their corresponding BONE-based rewards, a process referred to by ShibaSwap as “Woofing.”
In addition to its native swap functionality, ShibaSwap is also noted for its Bonefolio, an analytics dashboard where users can survey current interest rates and track their earnings.
Likewise, ShibaSwap’s “Bury” function allows users to stake their BONE tokens at high interest yields. Bury is also compatible with LEASH and SHIB, BONE’s “sister assets” within the Shiba Inu ecosystem. In exchange for their staked assets, BONE holders receive tBONE tokens, representing their share of the staking pool. tBONE tokens also confers voting rights within the DoggyDAO, a decentralized organization tasked with overseeing improvements to the platform.
According to, BONE stakers receive a tokenized reward weekly, 1/3rd of which is paid upfront, while the remaining 2/3rds is sent to a time-locked contract where it resides for exactly six months.
ShibaSwap has also ventured into the world of non-fungible tokens (NFTs) through the release of “Shiboshis” – pixilated Shiba Inu dog cartoons that have been likened to CryptoPunks,explained.
As of November 2022, ShibaSwap had TVL of $27.44 million, placing it 53rd in terms of DEXs ranked by TVL, according todata.
When was BONE created and how much was it worth?
Both ShibaSwap and its sister platform Shiba Inu are the brainchild of pseudonymous blockchain developers Ryoshi, who officially launched the exchange in July of 2021.
To this end, ShibaSwap was primary developed by Ryoshi and the broader Shiba Inu community.
Unlike many of its peers, the ShibaSwap has not received investment from crypto-focused venture capital firms.
BONE was first released to the public alongside ShibaSwap’smainnet launch in July of 2021.
Data fromshows in July 2021 BONE price hit $15.50 before losing nearly 70% of its value in less than a week. Further declines ensued over the summer of 2021 which saw the token’s price dip below $1. Apart from brief rallies in October/November of 2021 and August/September of 2022, BONE has spent much of the past 18 months trading sideways.
How is the price of BONE determined?
BONE’s price is partially a function of its deflationary nature. Only 250 million BONE tokens will ever exist, of which 230 million are currently in circulation. In September of 2022 ShibaSwap officially stopped minting new BONE. All remaining tokens (20 million) will be distributed to Shibarium validators,explained. Prior to this stoppage, ShibaSwap was minting roughly 536,000 BONE tokens per day.
Why does BONE have value?
Like other DEXs, ShibaSwap allows users to trade their ERC-20 assets without the need for a direct, centralized counterparty. Users will also find value in ShibaSwap’s range of yield bearing services including “Digging” and “Burying.”
Is BONE secure?
A standard ERC-20 token, BONE is supported by a range of Ethereum wallets and exchange-based storage solutions.
In terms of platform safety, ShibaSwap has been audited by leading blockchain security firm Certik, who gave protocol a safety score of 93/100 - higher than the likes of AAVE and Polygon,said.
What are the main benefits of BONE?
- ShibaSwap enables users to swap ERC-20 assets without the need for a direct, centralized counterparty.
- ShibaSwap Bury allows users to obtain high yields on their staked BONE tokens.
What do critics say about BONE?
ShibaSwap is facing very stiff competition from established competitors like Uniswap and Curve.
How to buy ShibaSwap (BONE)
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