Shibaswap Review – Is Shibaswap Scam or Legit?
The advent of cryptocurrencies came from the need to thwart the routine and over-centralized structures, starting from money systems and spreading to other aspects of the economy and social living. Cryptocurrencies have been around for years, however to use this decentralized financial system, one must use a centralized exchange platform. Shibaswap is one such exchange and this is a detailed review about them.
The cryptocurrency industry is a fast-moving space where new technology is built frequently. You would need to stay on top of your game to keep up with all the new developments churned out in the industry daily.
Exchanges enable the transaction in cryptocurrencies and trading of cryptocurrencies. These exchanges serve as sources of liquidity. Cryptocurrencies run on networks, which maintain and run verifications required for transactions carried out using these cryptocurrencies. There are two types of exchanges the centralized exchanges and Decentralized exchanges.
The popularity of decentralized exchanges since the development of decentralized finance has been on the surge. This is occasioned by the Defi boom, which started in the year 2020, and has continued. This Defi boom birthed several decentralized exchanges, including Shibaswap, which we will review in this article.
Shiba Inu has brought a new dimension to the Defi space with the launch of its decentralized exchange Shibaswap.
|Verification||Not Mandatory/Not Required|
|Verification levels||Wallet Connect Needed|
|Payment Method||Crypto Swap, wallet Connect, Crypto (deposit/withdrawal)|
|Customer Support||Email, Twitter, Phone, Reddit, Discord, Medium, Website, Telegram|
What is Shibaswap?
Simply put, Shibaswap is a decentralized exchange where you can trade several types of cryptocurrencies.
Shibaswap was launched on the 6th of July 2021 by Shiba Inu. Shibaswap is built on the Ethereum network blockchain. Shibaswap supports Erc-20 tokens run on the Ethereum network and was built 100% for the Shiba army community.
The founder of Shiba Inu Ryoshi nursed the idea of the Shiba. The exchange was built for the community 100%, as the community runs the exchange through liquidity provision.
The liquidity provided by the exchange users is used for the performance of the trading activities done on the exchange. The liquidity provided is so enormous that Shibaswap had a total value locked (TVL) of over 1 billion dollars in just one day of its launch.
Exchanges are scored for popularity and appeal to users by the number of transactions they have processed; well, Shibaswap has got you covered on this.
The exchange has carried out a total of 1,559,370 transactions in less than a month’s lifespan; this number of transactions is accompanied by a whooping market Cap of over 3 billion dollars.
The Shibaswap source code has been audited by CERTIK, one of the best in the industry.
Shibaswap, in its audits, had a security score of 90, which is a very good score. Hence you do not have any cause for fear while trading using the exchange.
Being a decentralized exchange, Shibaswap exchange lets users create pools of their choice to provide liquidity, as liquidity to the exchange is provided in pools of two different crypto.
Users can swap their crypto to ones they wish to trade for, provided the liquidity pools contains the crypto they want to swap for, and the user has the other pair of crypto in the pool to exchange for the crypto they have.
Shibaswap has a special feature known as FETCH; this feature would help users fetch their liquidity from other decentralized exchanges, just as the name implies.
Users would use the fetch platform on the Shibaswap exchange to migrate or fetch their liquidity from these decentralized exchanges into Shibaswap. This migration of liquidity is enabled because the fetch feature essentially migrates users’ liquidity tokens (LP) from these exchanges to Shibaswap.
The exchanges that the Shibaswap fetch feature works on are the Uniswap exchange and the Sushiswap exchange.
The fetch feature has a downside in the high slippage inherent in it. This high slippage can lead to a substantial loss of funds by the users. Hence users should apply this new feature with high caution.
The user’s sentiment towards Shibaswap security is at a good standing of 97% as of today. This would also guarantee more confidence and an increase in the exchange’s daily trading volume and liquidity supply, considering it is decentralized.
Shibaswap Trading services
The exchange offers trading services to over 311,000 users. There are 266 trading pairs on the Shibaswap exchange; these pairs are known as liquidity pools.
The liquidity pools on Shibaswap can be used by anyone anywhere because the exchange is a decentralized exchange. Hence there is no registration or verification required for traders wishing to make trades on any liquidity pools of their choice on the exchange.
The exchange offers users staking opportunities to stake their crypto to earn rewards from the staking pools. The staking on Shibaswap is known as the burying of tokens. The bury pools have different APY percentages and rewards users with bone tokens.
The exchange offers farming opportunities on its exchange, known as woofing; the farms generate returns. Users can farm their Shibaswap liquidity pool (SSLP) tokens to earn rewards.
The exchange offers liquidity provision opportunities to users who wish to earn passive income, as liquidity providers are rewarded. Liquidity providers are rewarded according to their liquidity share in the liquidity pool they choose to provide liquidity.
Users who place trades on the Shibaswap exchange are charged transaction fees for their swaps to be processed and verified. These fees are sections of the funds used to reward the liquidity providers; the liquidity providers are rewarded with Shibaswap liquidity pool tokens.
Users are allowed to determine the gas limit for the fees they would be charged before processing a transaction on the exchange to an extent.
The fee structure on Shibaswap is based on the network activities on the Ethereum network blockchain, where the Shibaswap is hosted and run on. This makes it impossible to have a fixed fees regime on Shibaswap, like several other decentralized exchanges, running especially on the Ethereum blockchain.
Users sometimes pay exorbitant gas fees to perform transactions on the Shibaswap exchange; this trend has continued to be a topic of concern to users.
These high gas fees are highly dependent on the volume of transactions been done on the Ethereum network blockchain.
High volumes of transactions lead to network congestion, which means people will have to pay higher gas fees to verify and process their transactions. When there are low volumes of transactions, the cost of processing and verifying transactions also reduces. Hence users would pay less in gas fees for transactions.
Users eagerly anticipate the full operation and start of the ETH 2.0 upgrade to the Ethereum network. The upgrade promises to improve the scalability of the Ethereum network, thereby improving speed and reducing the network’s congestion and the gas fees paid for transactions.
Shibaswap Withdrawal and Deposit Fees
The Shibaswap exchange does not have a standard withdrawal or deposit fee. This is because the exchange is a decentralized exchange and not a centralized exchange. Hence transactions of withdrawal or deposit on the exchange are charged by gas fees and activities on the Ethereum blockchain.
For any user to use the Shibaswap exchange, you must connect your wallet to the exchange. This is achieved using the exchange external wallet connect button on the home page of the exchange.
Users can pay very high gas fees for verifying and signing transactions during deposit and withdrawal of funds on the Shibaswap exchange. This high gas fee is due to congestion on the Ethereum network blockchain.
You can use several wallets to access and connect to the Shibaswap exchange. The Shibaswap exchange is accessible by both live and cold storage wallets. Some of the majors accessible wallets are Trust wallet, Meta mask, ledger, etc.
Traders can also connect the Shibaswap exchange to the coinbase wallet and not just the above-listed wallets.
Users can connect to the Shibaswap exchange using their API. Shibaswap enables its users to connect to the exchange using the connect button on the exchange website Shibaswap. The Shibaswap exchange API easily integrates and connects to the major wallets for an easy trading experience.
The Shibaswap exchange API is so important that users will not use the exchange without it. This is so because users do not make deposits to the Shibaswap exchange, to swap their tokens but connect to the exchange with their wallets, from where they can swap tokens they wish directly from their wallets.
Shibaswap Limits and Liquidity
Users do not have any limits on the number of crypto they can swap; users can trade on all the 181 tokens and coins listed on the Shibaswap exchange. This is the reason why it was so easy for Shibaswap to reach a total value of assets traded of over $1 billion on its first day of launch. Since then, Shibaswap has continued to lock in a record number of volumes traded and value in its short existence so far as a decentralized exchange.
The amount of liquidity available in the liquidity pools of the Shibaswap are enormous. Hence users have no problem with liquidity; this liquidity is supported with a market cap of over $3 billion and over $1.5 billion in total locked value (TVL) in the exchange.
The liquidity providers on the Shibaswap exchange are rewarded for providing liquidity to the exchange. The liquidity providers are rewarded with returns from trading activities done in the pool they provided liquidity into. These rewards are proportional to the share of liquidity in the pool provided by the liquidity provider.
The rewards given to liquidity providers are returned into the pool for more rewards, and these rewards accrue to the liquidity providers in real-time.
The rewards accrued to liquidity providers will stop accruing only when the liquidity provider decides to claim their reward. To claim rewards means the liquidity provider would withdraw their liquidity, at which point they will also withdraw their accrued rewards over time.
The Shibaswap exchange has various coins and an avenue for users to spread their portfolio for greater profit, experience, and trading composure. The Shibaswap exchange has over 181 tokens/coins swappable, with over 266 swapping pairs and pools for users to diversify their portfolios while using the exchange.
The Shibaswap exchange, with the number of liquidity pools and swap pools it has made available to its users, has guaranteed the enormous supply of liquidity to its users.
The volume of trades and amount of liquidity present on the exchange would help users to have more variety of options to diversify their portfolios on the exchange. Shibaswap already has enough portfolio of swap pools, and this number could be increased upon in the future.
Cryptocurrencies Available on Shibaswap
There are over 181 cryptocurrencies available to trade On the Shibaswap exchange. These crypto include the most popular of the known crypto and the less popular ones. One thing to be certain of is that all the available tradable crypto have sufficient liquidity.
The Shibaswap exchange has enough opportunities to make quality trade swaps and make those transactions you wish to make to result in profits for your portfolio.
The major cryptocurrencies traded on the Shibaswap exchange include Bitcoin(BTC), Ethereum(ETH), Ltc (LTC), Shiba Inu (SHIB), Uniswap (UNI), Sushi (SUSH), WrappedETH(WETH), WrappedBTC(WBTC), DogeKiller, Tether USD(USDT), Bone Shibaswap, Dia stablecoin(DIA), Binance coin(BNB), etc.
Shibaswap exchange has a very appealing interface on the website with the various trading services on display, on the landing late of the website. This is for you to make your choice for which of the services you wish to access.
The Shibaswap exchange has a very user-friendly interface, which is very easy to navigate at a glance. The website color is also dim and not very bright hence friendly to uses for various eye conditions.
Users who do not like to use the mobile view of the Shibaswap exchange. You can seamlessly switch to the desktop version of the Shibaswap exchange, which has an even better look and interactivity with the user.
How secure is Shibaswap?
Shibaswap exchange is highly secured as its source code and contract address have both been audited by CERTIK, one of the leading security auditors in the cryptocurrencies industry.
Shibaswap Customer support
Shibaswap exchange has customer service channels, where users can complain of any issues they may experience. The exchange has customer support on several social media platforms and email. These platforms are not so active from complaints that users have given on several social media platforms, famous among them being Reddit.
The most active of the customer support channels of Shibaswap is their Twitter handle and email. Other platforms with a good level of engagement are the Shibaswap telegram channel, discord server, Reddit; some of the Shiba customer support channels include:
Shibaswap has a dedicated email address for supporting and attending to the needs of its users to reach out to Shibaswap using email use Shibaswap@shibatoken.com.
Shibaswap has a dedicated Twitter handle to attend to any issues arising from users of the exchange. To reach out to Shibaswap twitter customer support, make use of this @Shib_swap.
Shibaswap has a telegram channel for issues emanating from users on its several platforms. To reach out to Shibaswap telegram customer support using this @Shiba. The Shiba Inu telegram group has different options for over 54 languages and countries.
Shibaswap has a dedicated discord server where users can also seek redress for issues arising from any of the Shiba platforms. To reach out to Shiba Inu customer support on discord, use this #Shibatoken.
Shibaswap has a medium presence and customer support on medium to attend to users on any issues they may have. To reach out to Shiba Inu on medium use this shibatoken.
Shiba Inu has a strong community present on Reddit known as the Shiba army. There is customer support managing that accounts on Reddit who can also attend to users’ complaints to an extent. To reach out to Shiba Inu Reddit support, use this ShibArmy.
The Shibaswap exchange has a website where you can also get more information on the exchange idea and the roadmap of the Shiba Inu ecosystem where. The Shibaswap exchange idea is outlined on the woof paper of the Shiba Inu ecosystem. To get more information about the Shiba Inu ecosystems, use this Shiba Inu.
The Shibaswap exchange, in its less than a month history, has grown its user base very sporadically, and this shows good signs. It also means that the exchange has a good acceptance among cryptocurrency traders.
The acceptance of the Shibaswap exchange has also helped the Shiba Inu token SHIB to have a massive price appreciation since the announcement and launch of the Shibaswap exchange.
Shibaswap exchange, from its statistics and performance from its launch date till date, would be your decentralized exchange of choice if you want to experience the best of decentralized trading. It is also great if you don’t want to worry about KYC registration and verification from centralized exchanges.
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