SHIB, yes, but here’s what is going on with Shiba Inu’s DEX

ambcrypto.com:

A part of the Shiba Inu ecosystem and launched in July 2021, ShibaSwap is a decentralized exchange (DEX). It facilitates cryptocurrency trading on a peer-to-peer basis. According to the project’s whitepaper, the DEX was launched to provide a “safe place,” one where traders can conduct cryptocurrency transactions.

Powered by Shiba Inu’s three flagship tokens, SHIB, LEASH, and BONE, ShibaSwap was designed to let users “DIG” (provide liquidity) or “BURY” (stake) any of the tokens for “WOOF returns” as the project’s whitepaper puts it.

In essence, users of the DEX can stake SHIB to receive xSHIB, LEASH to receive xLEASH, and BONE to get tBONE. When liquidity is provided with any flagship token, a liquidity provider can obtain Shib-Eth SSLP, Leash-Eth-SSLP, or BONE-Eth SSLP.

Having been in operation for over a year, what do we know about how the DEX has performed?

According to data from Dune Analytics, as of press time, SHIB was the most held token on ShibaSwap. It had a total of 1,119,593 token holders. This, followed by LEASH with 54,044 token holders and BONE with 49,271 holders.

As for the staked versions of these flagship tokens, xSHIB was atop with 59,401 holders. tBONE followed with 32,782. xLEASH came last, with just 9,462 addresses holding the token. Per the tokenomics of the DEX, LEASH is the least staked token on ShibaSwap. 

Source: Dune Analytics

Regarding ‘buried’ (staked) tokens since launch, a total of 31,457,736,343,210 SHIB tokens have been staked. 175,375,853 BONE tokens have been ‘buried.’ Seeing the lowest action, 33,858 LEASH tokens have been staked on the DEX since launch.

Over the last 14 days, among the three tokens powering the DEX, BONE, and SHIB has logged the most users in terms of Hourly Contract