The Ultimate Guide to Shiba Swap

Shiba Swap is the DEX (decentralised exchange) for the Shiba Inu coin, a meme coin created in 2020 by Ryoshi, an anonymous entity responsible for the project. It is named after the Shiba Inu breed of Japanese dog, which the mascot of the Dogecoin project.

The History of Shiba Swap

The story of Shiba Swap starts with Shiba Inu, but to understand Shiba Inu, we must understand Doge, and to do that we must travel back in time to 2013.

2013 was a very ‘lol’ time. It was the first year where global tech adoption had started reaching saturation. Most living people (and some dead) were on social media. New trends were popping up and spreading on the internet from the fringes to the mainstream. Everyone was doing stuff ‘for shits and gigs’.

Also in 2013, cryptocurrency was experiencing its first rise in pop culture. Blockchain meetups were arranged on internet forums and held in dark bars all over the world. From New York to New Zealand, programmers and technophiles were talking about crypto and forming a community around the niche.

In the mainstream, bitcoin was viewed very differently. Even now in 2022, a few billionaires like Warren Buffet are still saying that bitcoin has no worth and putting your money into cryptocurrency is foolish. In 2013, everyone was saying that. According to the bitcoin price calculator, in late 2013 the price of Bitcoin was around $700 USD, up from $13 at the beginning of that same year.

Also in 2013, Facebook had become a meme farm. These memes started in forums like 4Chan and Reddit, and then spread to mainstream forums like Facebook. Soon, smartphone and messenger keyboards came with meme extensions so people could communicate in memes. And they did.

The top meme in 2013 was Doge.

In the Doge meme, a Shiba Inu dog looked placidly at the camera while text in colourful comic sans font floated around its head. People would post the meme with the words, ‘Such Doge. Much wow!’.

Doge became so commonplace that me and my associates would say ‘Such Doge. Much wow!’ in conversation when depicting sarcastic surprise.

Even the Congress of the United States posted the meme. Some argue that this led to the meme's demise.

Because the cryptocurrency and meme communities shared many of the same online hangouts, there was invariably some overlap in their participants.

In December 2013, a Sydney software engineer working at Adobe Systems by the name of Jackson Palmer put together a simple landing page on dogecoin.com. The website showed the Shiba Inu dog with some comic sans floating around its head.

Within 30 days, more than 1 million people had visited the dogecoin.com website.

IBM software engineer Billy Markus was one of those people. When he saw the page, he loved it. Billy immediately arranged to meet Jackson Palmer, quit his job, and started working on the cryptocurrency platform full time.

To fully appreciate the scale of the effect that the doge meme had on these two men’s lives, one must realise that they both quit their Tier 1 jobs to pursue doge, and became millionaires.

On December 6, 2013, Dogecoin officially launched.

Between 2013 and 2022, a lot has happened with Dogecoin. Just some of the highlights include the first major cryptocurrency theft and Elon Musk effectively controlling the price of the currency with his tweets. What a time to be alive.

In 2020, Shiba Inu was created as a competitor to dogecoin. According to its website, its founder, the anonymous entity “Ryoshi', locked in 50% to the Uniswap exchange, then sent the remaining 50% to Ethereum founder Vitalik Buterin for safekeeping.

Vitalik then donated 10% of the Shiba Inu token SHIB to India to help the country recover from the devastating effects of COVID-19. At the time, this was worth more than $1 billion USD. This sent the price of the token spiralling downwards, and it has since lost more than 50% of its value since its peak in October 2021. Vitalik then sent the remaining 40% to a dead cold wallet, effectively burning it and ensuring the viability of the platform.

The SHIB ecosystem lives on today, and it is kind of hilarious. There are two more tokens, called LEASH and BONE. Members of the Shib Army, a dao (decentralized autonomous organisation) that operates the network, can use BONE to vote on resolutions. The SHIB ecosystem is like a game where you can buy in with ETH, and Elon Musk might tweet and make you rich. At $12 billion USD market cap at the time of this writing (May 2022), SHIB is not a small game.

Anyway, here’s the bit you were looking for…

Summary

What is Shiba Swap?

Shiba Swap is the native exchange of the Shiba Inu cryptocurrency project.

Using Shiba Swap, users can:

• earn
• rewards by providing liquidity
• earn rewards by staking
• swap SHIBA tokens for other coins
• buy NFTS
• vote on daos

How can I calculate my Shibaswap returns?

Use the ShibaSwap Staking Rewards Calculator to calculate your returns.