Shiba swap -
What is ?
What is ShibaSwap? Here is everything you need to know about the new cryptocurrency exchange platform backed by the DOGE-killer. Read more.
- Shiba Inu is an ERC-20 altcoin created on the Ethereum blockchain.
- The coin was created by an anonymous individual going by the name Ryoshi and dubbed the "Dogecoin Killer".
- There are almost 400 trillion SHIB tokens in circulation, with a max supply of one quadrillion tokens.
- The Shiba Inu creators have created an ecosystem of three coins known as SHIB, LEASH and BONE and a decentralized exchange called ShibaSwap.
- Ryoshi sent Vitalik Buterin, the creator of Ethereum, half of the supply of the token.
- Buterin donated and burned all of his holdings in early May, tanking the price.
- The SHIB whitepaper was updated after Buterin's donations saying that they were good for the coin and that Buterin is a "friend of SHIB."
- Some SHIB investors were misled to believe that Buterin was an investor in the project.
The newly introduced ShibaSwap platform has caught the eyes of investors successfully as it is Shiba Inu's own decentralized cryptocurrency exchange. The portal allows buyers to trade between Shiba Inu and other crypto coins. However, currently, it only has the Shiba token for users.
As we all know that the currently Dogecoin is a popular virtual currency backed by many billionaires including Elon Musk, but it was started as a joke. However, what many people are unaware of is that it has also inspired another cryptocurrency called the SHIB coin which is also a joke coin of its own. The most interesting thing about this crypto is that it is promoting itself as a “DOGE Killer”. But, it still has a market capitalization of more than $7 billion as of May 2021.
The SHIB community is said to be more than 300,000 strong and while it may not be completely spontaneous, but it surely is creating a quite huge name of its own in the cryptocurrency community. Moreover, according to the data from May 14, 2021, even after dropping by roughly 50% of its all-time high, the SHIB token is up more than 1,200,000%. It is kind of a huge growth which can hardly be compared to any other coins in its competition.
According to blockchain security ranking service CertiK, ShibaSwap has a current safety score of 93/100 and resolved 97% of the 34 issues raised during the platform’s extensive audit. This puts ShibaSwap above the likes of decentralized finance (DeFi) heavyweights Aave and Polygon, which both scored 92/100.
In addition to this, 96% of CertiK users voted they felt ShibaSwap was a secure service. However, this metric should not be relied upon alone when assessing a platform’s safety.
Whenever investing in DeFi platforms, it’s always advisable to carry out your own rigorous due diligence and educate yourself on the associated risks.