The universe is vast and so does the crypto realm. The universe comprises an uncountable number of elements that complete its composition. If considering the example of the universe in the context of crypto assets, we can say that it is quite similar to it. The reason is simple….uncountable number of trading bodies are involved in the crypto trade, and one among them is the DEX.

DEX is an important part that crafts the complete crypto realm. Decentralized exchanges (DEXs) provide ample of trading and investment opportunities to investors by adding liquidity, or through many other actions.

But many of us are unaware of them. So, today with this piece of document, we have taken an initiative to help you know about one of the DEXs- ShibaSwap, and its working. Follow us through the complete read to build an understanding of it.

ShibaSwap is a decentralized exchange that was launched back in July 2021. The exchanges provide similar services as are provided by the other decentralized exchanges. While tracing its roots, we found that is the native DEX of the “Shiba inu coin project”. 

The DEX has launched “Shiboshis”- a marketplace for NFTs. The platform does provide other features also like staking, liquidity pools, swapping, and governance of the tokens.  

As mentioned above, it is a decentralized exchange. The platform has three native coins – SHIB, LEASH, and BONE. Further, the exchange provides six functions to incorporate the coins. To engage in this activity, investors have to connect any of the crypto wallets compatible with this DEX. We will be looking into the complete process of creating a wallet and connecting it with the DEX in the upcoming sections of the read.

Six functions are supported by ShibaSwap, and they are:

• Dig: This is the liquidity pool function of the exchange. The investors can deposit the pairs of crypto assets in the existing liquidity pool or they can even create one.

• Swap: As the name says, with this feature investors can swap between the tokens.

• NFTs: Users can access “Shiboshis” and trade with over 10,000 unique NFTs.

• Bury: This function is related to the Staking. Investors here can stake their SHIB, LEASH, and BONE tokens, and as a reward of it, they can yield high returns.

• Bonefolio: This is an analytical dashboard, that displays the current interest rates and tracks the yield returns. This gives a complete picture of the trading and investors can easily study every aspect taking place in the trade.

• Woof: This function is associated with redeeming the BONE rewards. This can be done by cashing out the SSLP tokens on the DEX.

Before getting engaged with the activities relating to this DEX, what’s important is that the investor should be holding a wallet. If you are not having one compatible to work with the ShibaSwap then here we will be guiding you about the same. But before learning the steps of how to create a wallet, let’s check out what are the wallets that can work with this DEX.

As per the official website of the DEX, it provides few wallet options, and investors should have any one of them. The provided list of the crypto wallets options are:

• MetaMask

• WalletConnect

• Coinbase wallet

If you are not having any one of them, then create a new wallet by picking any one of them. For your convenience, we are listing the steps for creating a new wallet account on MetaMask on your mobile device.

• Start by downloading the mobile app

• After downloading, open the app, and bang on “Get Started”

• Select “Create a Wallet”

• Acknowledge the information relating to the improvement of MetaMask's working

• Craft an unbreakable and unique wallet password

• Re-enter the crafted password to confirm 

• Mark a tick in the box before the “Terms of Use”

• Click on the dark area on the following page to know your wallet’s Secret Recovery Phrase

• On the next page, re-arrange the jumbled words according to the recovery phrase

• Tap on “Confirm”> “All Done”

To be noted, make an offline note of the recovery phrase somewhere safe. It is so because a recovery phrase is the most important element of the wallet or you can say it is the lifeblood of the wallet.

Another important thing to be remembered here is that you will have to fund the wallet with a suitable amount that covers the transaction fees. Moreover, to adopt the staking, you’ll need to get the amount converted in the SHIB, LEASH, and BONE.

Well!! In the above section of the read, we have looked into the steps of creating a new wallet. Once the wallet is created, we can now take our next move to explore the DEX i.e. to connect the wallet. The roadmap to do so is:

• Navigate to the official website of the ShibaSwap using the web

• Drag your cursor to the right side of the screen and hit on “Connect Wallet”

• A list of the compatible crypto wallets will then get displayed before you

• Select any of the wallets, from the list that you are holding (here, MetaMask)

• Follow the further prompts to link the wallet with the DEX

Kudos!! You are now all set to explore and interact with the DEX.  

ShibaSwap is a safe platform for your funds with which you can explore and interact. Certik, a blockchain security ranking service, after the technical evaluation of the exchange has given it a safety score of 93 out of 100. However, before proceeding with it, we would suggest you to do a comprehensive study of it on your own and then reach the conclusion.