I’ve not been in crypto that long to know how it was before, but meme tokens are growing like crazy this year for sure.
I’m not a 100% supporter of the trend, but I can relate to anyone who decided to buy a couple just for fun. You know, just so you can own a token with a very stupid name and symbol, that isn’t useful at all.
Well, as it happens, sometimes tokens with stupid names will surprise you (every popular "Swap" is an example), and I think it may be the case with SHIB.
If you followed it in the last weeks, you may think it already mooned and it’s over, but I would like to wait until ShibaSwap is released before passing my sentence.
As I said, very often these tokens don’t do a thing. They just need to exist and people will buy them following the meme craze, just to complain shortly afterward because they didn’t become millionaires overnight.
Well, SHIB is trying quite hard to stand out and prove to the crypto world that it, in fact, has real use and can be profitable also without relying only on the memes. They built their own dApp that should be out in the next few weeks and just released their whitepaper (sorry, woofpaper) where they explain how it will work.
So? If you’re curious, just take a look at the first investment opportunities that will be available on the platform.
The ShibaSwap ecosystem will be composed of 3 tokens (two already in circulation and a new one yet to be released):
- SHIB: the token that originated it all.
- LEASH: you used to get these by staking SHIB, but now have their own life. It used to be called “DogeCoin Killer”, as originally had a rebase function tied to DogeCoin price, but that has now been turned off some time ago.
- BONE: the new governance token that you will be able to earn directly on ShibaSwap using the other tokens.
With all the above tokens you will have 2 options on ShibaSwap:
- Staking, here called BURY: place your tokens in the respective pool and earn a fixed percentage reward
- Liquidity Farming, here called DIG: provide liquidity and place your LP tokens in the respective pool and earn a percentage of transaction fees collected
The 3 tokens will have different returns and different LP pairs, so make sure to check the possibilities as soon as it will be released.
A "Liquidity Event" is scheduled during the first 2 weeks after release, where you will be able to gain 10x BONES rewards by providing liquidity, so if you’re interested in joining, you may want to do it as soon as possible!
Which token is more convenient? Well, I think we will have to wait for the actual release of the platform to check the final APYs and how they evolve. Based on the info released until now, there’s this useful table created by Twitter user lukiiji941 that sums up the gains that you should expect: