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The cryptocurrency industry is a fast-moving field and new technologies are often built. You need to stay ahead of the curve to keep up with all the new developments that are emerging in the industry every day. As the crypto market evolved, different trading platforms also developed. Shibaswap is one of them which is used for trading.
The exchange supports cryptocurrency trading. These exchanges act as a source of liquidity. Cryptocurrencies run on the network. The network maintains and operates the verification required for transactions made using these cryptocurrencies. Centralized and decentralized exchanges are two types of exchanges.
Since the development of decentralized finance, the popularity of decentralized exchanges has skyrocketed. The Defi boom began in 2020 and has continued ever since. Our article will review several decentralized exchanges spawned by this Defi craze, including Shibaswap.
Shiba Inu launched the decentralized exchange Shibaswap, bringing a new dimension to the Defi space.
What is Shibaswap?
In short, Shibaswap is a decentralized exchange where you can trade many types of crypto.
The shibaswap release date on July 6, 2021. Shiba inu launch this exchange. Shibaswap is built on the Ethereum network Blockchain. It supports Erc-20 tokens running on the Ethereum network and is 100% built for the Shiba Army community.
As a decentralized exchange, shibaswap Exchange allows users to create pools of their choice to provide liquidity. The liquidity of the exchange is provided in two different crypto pools.
The user can exchange their crypto for the crypto they want to trade as long as the liquidity pool contains the crypto they want to exchange. As well as, the user has another pair of cryptocurrencies in the pool with which to exchange their crypto.
Shibaswap has a special feature called FETCH. This feature will help users get liquidity from other decentralized exchanges.
Users will migrate or withdraw their liquidity from these decentralized exchanges to Shibaswap using the fetch platform on the Shibaswap exchange. This liquidity migration is enabled because the withdrawal function essentially migrate users’ liquidity tokens (LP) from these exchanges to Shibaswap.
Main things to know about Shibaswap
Shibaswap Trading Service
The exchange provides trading services to over 311,000 users. The Shibaswap exchange has 266 trading pairs. These pairs are known as liquidity pools. Due to the fact that Shibaswap is a decentralized exchange, anyone can use any liquidity pool the exchange chooses.
Shibaswap fee
Users who trade on the Shibaswap exchange are required to pay transaction fees to process and validate their swaps. These fees are part of the funds used to reward liquidity providers. Liquidity providers will be rewarded with Shibaswap liquidity pool tokens.
Shibaswap fee structure is based on network activity on the Ethereum network Blockchain on which Shibaswap is hosted and runs. This makes it impossible to have a fixed fee system on Shibaswap, like several other decentralized exchanges. Users sometimes pay high gas fees to trade on the Shibaswap exchange. This trend has been a topic of concern for users. These high gas fees are highly dependent on the volume of transactions done on the Ethereum network Blockchain.
Shibaswap Withdrawal and Deposit Fees
The Shibaswap exchange has no standard withdrawal or deposit fees. This is because the exchange is a decentralized exchange, not a centralized exchange. Therefore, withdrawal or deposit of Shiba coin transactions on exchanges is charged by gas fees and activity on the Ethereum Blockchain.
Users must connect their wallets to Shibaswap through the exchange’s external wallet connect button on the exchange homepage in order to use the exchange.
Exchange API
Shibaswap exchange users can join to the exchange using their API. Shibaswap allows its users to connect to the exchange using the connect button on the exchange’s website, Shibaswap. The Shibaswap exchange API can be easily integrated and connected to major wallets for a hassle-free trading experience.
The Shibaswap exchange API is very important. Without it, users will not use the exchange. Because users do not deposit to the Shibaswap exchange to exchange their tokens but connect to the exchange with their wallets.
Shibaswap limits and liquidity
Users have no restrictions on the amount of cryptocurrencies they can exchange. Users can trade on all 181 tokens and coins listed on the Shibaswap exchange. This is why Shibaswap easily reached over $1 billion in total traded assets on its first day of launch. Since then, Shibaswap has continued to lock in record volumes and value in its short existence as a decentralized exchange.             Â
Shibaswap Portfolio
The Shibaswap exchange hosts a variety of tokens and provides users with a way to diversify their portfolios for greater profits, experience, and trading composure. Shibaswap Exchange has over 181 tokens/coins exchangeable, with over 266 exchange pairs, and mining pools for users to diversify their portfolios while using the exchange.
Shibaswap interface
The Shibaswap exchange has a very attractive and user-friendly interface on the Shibaswap app that showcases various trading services when the website lands late. The website color is also very dark, not very bright, so it is suitable for various eye conditions.
How safe is Shibaswap?
The Shibaswap exchange is highly secure as its source code and contract addresses have been audited by CERTIK, one of the cryptocurrency industry’s leading security auditors.
In conclusion
The Shibaswap exchange has seen very sporadic growth which is showing good signs. It also means that the exchange is well accepted among cryptocurrency traders. The acceptance of the Shibaswap Exchange has also helped the Shiba Inu coin appreciate significantly since the announcement and launch of the Shibaswap Exchange.
If you want to experience the best of decentralized exchanges, Shibaswap Exchange will be your decentralized exchange of choice.
