- Shiba Inu (SHIB) is now the third-largest consumer of gas on the Ethereum network
- This milestone is the result of ShibaSwap going live earlier today
- ShibaSwap is a decentralized exchange and DeFi protocol focusing on the Shiba Inu ecosystem
- Three tokens are at the core of ShibaSwap: SHIB, LEASH and BONE
Shiba Inu (SHIB) token is now the third-largest consumer of gas on the Ethereum network due to the launch of ShibaSwap earlier today. The current network activity and consumption of gas surrounding Shiba Inu (SHIB) has been captured by Etherscan as highlighted in the following screenshot courtesy of the tracking website.
ShibaSwap Goes Live
As earlier mentioned, the high consumption of Ethereum gas fees by transactions in the Shiba Inu ecosystem is due to the launch of ShibaSwap earlier today. The team behind the Shiba Inu project announced the launch of ShibaSwap through the following tweet.
— Shib (@Shibtoken) July 6, 2021
Three Tokens at the Core of ShibaSwap: SHIB, LEASH and BONE
According to the Shiba Inu Whitepaper, ShibaSwap ‘is a decentralized ecosystem enriched by its own decentralized exchange’.
At the core of ShibaSwap are the three tokens of SHIB, LEASH and BONE. Each of these tokens can be staked (BURIED) to earn xSHIB, xLEASH and tBONE respectively. Holders of the three tokens can also provide liquidity (DIGGING) to receive SSLP tokens.
A quick glance at the ShibaSwap website reveals that the protocol already has $221.39 million in total value locked. Additionally, the value of SHIB, LEASH and BONE currently stands at $0.000008844251, $2,465 and $18.84 as highlighted in the following screenshot.
Also from the above screenshot, it can be observed that ShibaSwap has a total of six functions as explained below.
- DIG – Providing liquidity to earn BONE
- FETCH – Migrating UNI V2-LP or SLP tokens to earn BONE
- BURY – staking tokens to earn returns
- SWAP – exchange Ethereum tokens through ShibaSwap
- BONEFOLIO – a way to track your individual portfolio in the Shiba Inu ecosystem
- WOOF – yield farming involving various Ethereum based tokens
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.