Every platform has some cornerstones on which that platform works. DEXs are a crucial part of the crypto world that cannot be neglected or skipped. They are the main source of adding liquidity to the platform, making transactions simple and the complete trading journey more transparent.
ShibaSwap offers several functionalities that crypto investors can enjoy easily, but four fundamental operations are supported by the exchange or we can say that there are four basic operations that act as pillars, on which the complete mechanism of the exchange is laid.
Through this read, we are going to shed light on each of the pillars of this exchange. Thus, to gather more information about the basic operations of this exchange, scroll down this read to the end.
Quick take of ShibaSwap
ShibaSwap is a decentralized exchange that aims at simplifying transactions for investors who are involved with the crypto trade. This trading body is aimed at removing the intermediary from the complete crypto trade and encouraging the peer-to-peer approach to crypto trade. The eradication of the intermediaries in between the crypto trade somewhere helps in making the complete crypto transactions more clear and transparent, rooting out the chances of any chaos. Designed in the Ethereum network, this body was launched for the first time on July 16, 2021, and has one primary token i.e. SHIB. The other or secondary tokens of this DEX are LEASH and BONE.
The pillars of ShibaSwap DEX
The intact mechanism of this trading body is dependent on four major operations, which we are here referring to as the pillars. You might have heard of them:
- DIG
- BURY
- WOOF, and
- SWAP
DIG (For Liquidity): This in simple terms is referred to as the “Liquidity Pool” function. Under this, the user deposits pairs of assets into the liquidity pool which further acts as a source of adding liquidity to the complete ecosystem of the exchange. The users that aid in providing liquidity to the platform are compensated with ShibaSwap Liquidity Pool (SSLP) tokens. This helps the platform in running out the operations seamlessly.
BURY (Staking): This function allows users to stake their tokens i.e. SHIB, LEASH, and BONE. Depending upon the token you are employing the rewards are generated. One more thing, users can only cash out 33% of the total profits that they generated through this operation while the remaining rewards stay locked up with the DEX.
WOOF (Farming): This operation permits the users to make funds in the form of rewards by employing their funds in WOOF, a yield farm pool. With this feature, users can exchange their coins with SSLP, and they can instantly withdraw around 33% of the rewards while the remaining profits i.e. 67% of the total profits get locked for a time frame of about six months (minimum).
SWAP (For Swapping): This is a simple operation wherein users can swap one token for the other. You can connect any of the compatible wallets with the DEX and can then further perform the operations that you are willing to perform.
Final Lines
ShibaSwap is one of the finest DEX existing in the crypto market, which aids in making the complete activities of crypto trade simple and convenient for crypto users. The above write-up was created to help the users in knowing the basic operations that are supported by the exchange. What’s the amazing fact associated with this platform is that it is somewhere linked to Uniswap. To get an overview of this DEX, pay a visit to its official website.
