Despite odd terminology, ShibaSwap is hoping dogs to attract new users to their platform.
Happy Tails for Happy Tales
In a tweet thread jam-packed with news, the ShibaSwap team has announced two burn events and new yield farming opportunities. A $25,000 burn for $SHIB token has been completed, as has a $25,000 burn for $LEASH. The total burn for both tokens is $50,000.
The thread, which ran on August 7th, went on to detail the exact nature of the burn and farms. Several Twitter users have since expressed their delight with the ShibaSwap announcement.
The next day the pseudonymous crypto trader Crypto Dog said: “I bet big on $shib and $doge, I liked the volume coming in earlier. Think we’ll manage to find liquidity higher.”
Kyle Davies, the co-Founder of Three Arrows Capital, was more succinct in his appreciation -hinting a some dog themed token.
“Woof,” said Davies.
The project has also added two new farmable pools for PerlinX (PERL-ETH) and Ryoshi (RYO-ETH). Users are now invited to ‘dig’ for these new yield farming rewards or ‘bury’ for staking rewards.
Barking Away
The team at ShibaSwap has genuinely embraced the dog theme of their exchanges and has carried that through every aspect of this Decentralized Finance (DeFi) platform. For that reason, some users may find themselves initially baffled at some of the terminologies.
On ShibaSwap, the term ‘dig’ is used for providing liquidity, including the recently added liquidity pairs of PERL-ETH and RYO-ETH.
After providing liquidity to one of these pools and receiving liquidity provider (LP) tokens, these Shiba Swap LP tokens (SSLP) can then be staked in the ‘woof’ section of the site.
If that sounds overly complex, the ‘bury’ staking option offers users a chance to easily bury/stake $SHIB, $BONE, or $LEASH for high annual percentage yields (APY).
What Is ShibaSwap?
ShibaSwap is another clone of popular Ethereum Swapping protocols, SushiSwap and Uniswap. The protocol has similar features, giving users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF returns through its sophisticated and innovative passive income reward system. In addition, the protocol also gives users access to upcoming Non-fungible tokens (NFTs) and tools like portfolio trackers, ensuring that crypto navigation is easy.
Where to find ShibaSwap?
Source : bsc.news
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