ShibaSwap Review 2023

ShibaSwap is a popular decentralized exchange created by Ryoshi in 2021.

It runs on 1 different chains including Ethereum.

ShibaSwap offers features such as nfts, liquidity mining, staking, yield farming, spot trading and more.

We rated ShibaSwap 4/5, based on it's features, security, and future prospects.

ShibaSwap Features

NFTs

This DEX sells NFTs that you can buy and collect. They're great for profile pictures, and in some cases could be used for staking. Though this depends on the DEX.

Liquidity Mining

ShibaSwap allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by ShibaSwap.

Staking

Has staking for it's native token; allows you to earn passive income.

Yield Farming

Hosts incentivised yield farms. You can earn boosted rewards from staked LP tokens. This is a great way to earn more crypto. Projects put up tokens for you to earn, often for marketing efforts.

Spot Trading

This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.

ShibaSwap Fees

Trading Fees

All DEXs charge trading fees. ShibaSwap is no different.

Trading fees incentivise liquidity providers to provide liquidity to ShibaSwap. This enables people like you to freely trade between tokens without incurring too much slippage.

Withdrawal Fees

ShibaSwap does not charge withdrawal fees.

DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.

How to use ShibaSwap?

Get a crypto wallet that supports web3 on one ShibaSwap's of supported chains.
Deposit crypto into the wallet, ensuring you have tokens for gas
Navigate to ShibaSwap's homepage
Connect your wallet to the website
Goto Swap/Trade
Choose a token that you'd like to swap to
Finally, swap!

FAQ

Where can I buy BONE ?

You can by BONE direct from ShibaSwap. It is the native token of ShibaSwap, and they will therefore offer the most liquidity.

Is ShibaSwap safe?

Yes, ShibaSwap is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.