ShibaSwap is the decentralized exchange built for the Shiba Inu ecosystem. Launched in July 2021 on Ethereum, it was designed to push SHIB beyond its meme-coin identity by adding on-chain trading, staking, liquidity, governance, and NFT functionality. Users can swap tokens directly on the platform without relying on a centralized exchange to match orders.
Its feature set looks like a full-service DEX: token swaps, liquidity pools, governance, staking, yield generation, and an NFT marketplace. The platform revolves around three native ERC-20 tokens — SHIB, BONE, and LEASH. SHIB is the core token of the broader Shiba Inu ecosystem and was the first asset listed and incentivized on ShibaSwap.
BONE handles governance, while LEASH supports the value layer
BONE serves as the governance token for the protocol. Holders can vote on proposals and protocol changes through the project’s “Doggy DAO.” Voting influence rises with the amount of BONE held. According to the source material, BONE has a fixed total supply of 250 million tokens, giving it a central role in both incentives and governance.
LEASH fills a different role. It originally launched as a rebase token tied to Dogecoin’s price through an algorithmic supply adjustment mechanism at a 1-to-1,000 ratio. The article gives an example: if DOGE traded at $0.06, LEASH would be adjusted to $60. That mechanism is no longer in use. LEASH is now described by the project as the main store-of-value asset for ShibaSwap participants, with a limited supply of 107,647 tokens.
DIG, BURY, and WOOF define the platform’s reward model
ShibaSwap groups its main functions under branded names. DIG is the liquidity-pool feature. Users deposit token pairs into existing pools to support trading activity on the DEX, then receive SSLP tokens in return. Those SSLP tokens can later be redeemed for BONE rewards. SWAP is the asset exchange function used to trade supported tokens on the platform.
BURY is the staking module. Users can stake SHIB, BONE, or LEASH and receive xSHIB, xBONE, or xLEASH to represent the staked position. The source says staking SHIB earns 3% of BONE minted with each new block, along with a share of ETH transaction fees on the DEX, part of which is converted into SHIB. Staking LEASH earns 1% of BONE minted per block plus a share of ETH fees converted into LEASH. Staking BONE also yields 1% of BONE minted per block and a fee share converted into BONE.
The payout schedule is split. 33% of staking rewards paid in BONE can be withdrawn right away, while the remaining 67% becomes available only after six months. WOOF is the mechanism used to redeem BONE returns by swapping SSLP tokens on the DEX.
Wallet connection and ETH for gas are required
To use ShibaSwap, a user must first connect a compatible wallet. The platform lists Metamask, Coinbase Wallet, and WalletConnect as supported options. After signing the wallet connection, users can access the exchange and interact with its staking and liquidity tools.
Gas costs still apply. The article notes that users need enough ETH in their wallet to cover transaction fees on Ethereum, and they also need to convert assets into SHIB, LEASH, and BONE if they plan to stake or provide liquidity.
CertiK score listed at 93 out of 100
On security, blockchain security firm CertiK gave ShibaSwap a 93/100 safety score, according to the article. It also says the platform resolved more than 90% of issues identified during its 2021 security audit. In the FAQ section, the source adds that the audit highlighted 34 issues and that developers reportedly addressed 97% of them. The original article also states that the material is for educational purposes and does not constitute investment advice.