CRYPTO NEWS AGREGATOR
Mon, Dec 6, 2021 4:39 PM by Dennis Y.

Shiba Inu Ecosystem Guide: SHIB, BONE, and LEASH Explained

Shiba Inu Ecosystem

Not long ago, Shiba Inu and all the dog-related speculative projects broke into the crypto realm with {y know whose} tweets, as well as several other unnamed meme coins on their tails. To this day, 99.9% of such meme coins are perceived as nothing but a joke, and trading with them looks even more dangerous than with common tokens from the Top 50, due to their manipulative nature and the fact that there is no value behind them.

But unlike most other pointless projects, the hero of today's review began to search for his niche in the DeFi sector. What has come out of this, let's examine.

We described in detail the SHIB itself and its history in our previous review. Now let's talk more about the ecosystem and other tokens of the Shiba system.

What is Shiba Inu?

It is an Ethereum-based platform supported by its community (aka ShibArmy) and technically built around the noncustodial swap decentralized service ShibaSwap.

Basically, for any project out of a strong foundation, an active and engaged community is the only possible option for growth.

In addition, the project has an enormous Twitter audience - 2.2 million followers. Even taking into account that not all the project's Twitter readers are really adepts of the system, it's still an impressive figure.

How is the Shiba Inu platform structured?

There are three core tokens (see details below):

Shib, Leash, Bone

Shiba Inu token (SHIB)

Shib token

It's the fundamental component of the Shiba realm. Most of its initial emission has already been burned. At the moment, there are 549,013.64B SHIBs in circulation out of 589,736.56B of the remaining unburned SHIBs, which is 93%. The price is $0.00003551.

Source: dextools.io

See more details in this comprehensive guide.

Leash Dogecoin Killer (LEASH)

DOGE Killer Leash

By the original idea of the founders, LEASH was originally intended solely as a rebase token, but then it was transformed into a fully functional token.

Source: dex.guru

The LEASH offering is 107,647 coins, 100% has already been put on the market. The price at the moment is hovering around $1,500.

Bone ShibaSwap (BONE)

Bone Shibaswap

In a logical way, Doggy DAO crystallized around the Shiba Inu community. BONE is a Governance token in this organization.

The emission of BONE is 250 million tokens. At the moment, 6.975 million BONEs are already circulating. 158 million tokens have been created, with a maximum of 250 million coins planned.

The price is $1.60 now.

Source: dex.guru

The creators promise incentives and rewards for those who will provide enough quantity of liquidity to the main pools exactly in these three core tokens. The central token for which the rewards will be distributed, of course, is SHIB, the second in importance is LEASH.

The main features of the ShibaSwap platform

The benefits of the Ethereum blockchain helped it to provide a high level of decentralization of ShibaSwap.

As of this writing, the declarable TVL of ShibaSwap is $395+ million (by the platform data).

Main Features

Source: ShibaSwap

The platform features sections such as:

  • SWAP. Just a simple classical swap, like other DEX Swaps.
  • DIG. By its essence, it's just providing your digital assets to liquidity pools. You can get your profit in the next tab of this platform - WOOF (see below).
  • BURY. It's an allegorical name for Staking. 

BURY - Token stacking

Bury

In order not to confuse readers with verbal descriptions, more eloquently the stacking, wrapping, liquidity pairs, and flowchart are described in the two pictures below.

  • WOOF. Farming and getting rewards.
  • NFTS. It's about NFT by Shiba, aka SHIBOSHI.
  • BONEFOLIO. Analytics on the platform's performance. It presents volumes, percent, key indicators.

Notable News Around Shiba Inu in 2021

To recap, its creators call their "baby" the Dogecoin killer. The owners are sure to share their intention to beat DOGE in capitalization. They also are greatly inspired by the Reddit group of market manipulators from WallStreetBets.

Moreover, basic excitement was also inspired by high yield interest. 

Initially, APY reached 50k percent. It's the common case for the low liquidity at the launch and the large emissions for paying the rewards. This value logically decreases as time goes on. It's common mechanics for all farming platforms as the liquidity and number of users grow.

Now the APY prognosticators have reached quite common numbers (the pairs are sorted in descending order of yield in the picture).

WOOF, claim your returns

Source: ShibaSwap

Other current news and reviews regarding Shiba Inu can be found in CoinJoy magazine at this link.

ShibaSwap vs. Biggest Swap Platforms

The largest decentralized crypto exchange at the moment is Uniswap. In 4 years, the quantity of locked assets on it reached $5.6 billion.

In second place is SushiSwap, which managed to raise $2.8 billion for the year.

Therefore, ShibaSwap with its almost $400 million, still has room to grow.

Challenges of the Shiba Ecosystem

  • The reliability of ShibaSwap is still in doubt. DeFiSafety portal estimated it at 35%. Devs and contributors ensured they're working on it. But it still makes some concerns.
  • The liquidity in the pools at this exchange is still significantly behind the main competitors. In some cases, this is a significant risk factor.
  • Excessive hype about meme coins and high volatility of prices and lack of effort (from the perspective of any meme coin's creators) to strengthen and progress their project. It's like "If it's a hype there, then people will bring money here anyway". And that should always be a concern.

Bottom Line

Shiba Inu started as a meme coin, and its founders and contributors are now working on creating its own ecosystem. So far, the main element of this ecosystem - ShibaSwap does not look very confident in relation to Uniswap and other big players, but the project has a large community.

If you decide to take a closer look at this ecosystem, be sure to carefully study all available information (DYOR) and keep in mind all the risks.

Meanwhile, we will watch with interest the further development of this flashy platform, and hopefully, they will have more fundamental growth drivers in 2022-2023.


The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.

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