Do you wish to know how to download the shibaswap app for Android and iOS? How to use shibaswap app and how to use shibaswap. Kindly read through as we walk you through the process.
What is Shibaswap?
Shiba Swap is the native (DEX) decentralized exchange of the Shiba inu coin project, a popular meme coin and a leading competitor of dogecoin, which has risen to fame over the last 18 months. DEXs operate differently from centralized platforms like Binance and Kraken by allowing their users to swap tokens without the need for any counterparty or intermediary.
It was Launched in July 2021; the ShibaSwap exchange/platform provides many of the same functions you would find on the Uniswap and every other decentralized exchange, such as:
- token swapping
- liquidity pools,
with the addition of other features like staking, governance, and a “Shiboshis” non-fungible token (NFT) marketplace.
How to Download Shibaswap App for Android and iOS?
- Open your Google play store app if you are making use of the Android & Apple app store if using the iOS device.
- Next, in the search bar, type Shibaswap app.
- Next, click on the shibaswap app icon and hit the ‘install’ button on android devices and the ‘GET’ Button on iOS devices.
- It will take some minutes to download the shibaswap app on your android device or iOS device.
How to Use Shibaswap?
To begin using the ShibaSwap platform, users will need to set up one of 3 compatible crypto wallet services:
- Coinbase Wallet
Shibaswap has not released any guidelines on How to Use the Shibaswap, but it is believed that the Shibaswap app works in a manner that is similar to other cryptocurrency exchanges. But before one can Use the Shibaswap they should first have a wallet with the Shibatoken. Only then they will be able to get the full use of Shibaswap. below is a guideline on how to create your wallet
- Download and Create MetaMask wallet: You can do this on your Android or PC. Only when you have a MetaMask wallet will you be able to buy and sell Shiba coins
- after you have created your MetaMask wallet, then transfer your Etherium to the MetaMask wallet
- after you must have transferred it, then you can exchange it for Shiba coins
Shiba coins are of three main types:
- and BONE.
As to How one can Use Shibaswap, as mentioned earlier, there are no specific guidelines. It is expected that the investors or traders will have to learn How to Use the Shibaswap with a touch-and-go feel. One of the first things concerning How to make Use Shibaswap has a MetaMask wallet. The Shibaswap page is available on the official website of Shiba; clicking on the Shibaswap, will take you to the Shibaswap page. Then you will first have to connect your wallet. You will also find a number of other functions, which are given below
Functions Available on Shibaswap App
- Dig: This simply means adding liquidity. This will help in earning bone
- Fetch: This enables you to exchange your UNI V2-LP or SLP tokens to earn BONE
- Bury: Here, one can stake their coins and earn rewards
- Swap: Exchange coins to get other digital coins
- Woof: here is where you Collect your rewards
- Bonefolio: This feature has not been made available yet, but this is where you can check and understand your portfolio
Understanding Shibaswap App Staking and How it Works
Token staking process basically means providing digital assets to provide liquidity to the liquidity pools in exchange for receiving part of the transaction fee from the exchange/platform.
In this decentralized exchange, three cryptocurrencies can be used:
- The SHIB token.
- The LEASH token.
- The BONE token.
All of the currencies mentioned above belong to the Shiba Inu ecosystem.
- By staking (BURY) SHIB tokens, the users will be rewarded with XSHIB tokens, and the same process will also provide XLEASH rewards for LEASH tokens and XBONE rewards for BONE tokens.
- The Users will receive SSLP tokens through the process of providing liquidity, which is known as DIG in ShibaSwap Decentralized Exchange. Thus, the users will receive Shib-eth sslp for the SHIB token, Leash-eth sslp for the LEASH, and Bone-eth sslp for the BONE token.
- ShibaSwap’s decentralized exchange development team claims that state that the rewards received through SSLP can be more than double the BURY process.
Shibaswap Official Website
Below is the official website of shibaswap; kindly click on it to start.
By reading and going through this article, we hope that you will be fully aware of what shibaswap app is and know how to use the shibaswap.
Kindly leave your view and opinion with us in the comment section below.
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