Bone ShibaSwap Price

What Is Bone ShibaSwap (BONE)?

Bone ShibaSwap (BONE) is one of the flagship tokens for ShibaSwap, a decentralized ecosystem associated with the Shiba Inu community.

ShibaSwap is a decentralized exchange (DEX) that allows users to swap tokens and leverage various DeFi opportunities such as staking, providing liquidity and farming. ShibaSwap is part of Shiba Inu’s decentralized vision of providing utility to token holders through DeFi. 

Combined with SHIB and LEASH, BONE tokens play an integral role in the innovative reward system of ShibaSwap.

What Is BONE Used For?

BONE is a utility-enabled token. As the governance token for ShibaSwap, BONE allows users to vote on important proposals on the protocol. Owning BONE gives one voting rights to DOGGY DAO, which is ShibaSwap’s decentralized autonomous organization (DAO). Additionally, by voting on DOGGY DAO, one receives tBONE tokens as a reward.

BONE can also be used to DIG (add liquidity) on ShibaSwap to gain WOOF returns generated by trades on a ShibaSwap Liquidity Pool (token: SSLP). Users can also BURY (stake) their tokens to earn BONE rewards. 

Also, BONE will be used to pay gas fees on Shibarium, Shiba Inu’s much-hyped Layer 2 solution. Upon its launch (sometime in 2022), Shibarium will provide added utility for BONE.

Bone ShibaSwap Price and Tokenomics

BONE has a max supply of 250 million tokens, with 10% of all BONE emissions allocated to a multisig controlled development and marketing fund. 

However, to prevent the over-minting of BONE tokens, the community voted to cap the total supply of minted tokens to 230 million. The remaining 20 million BONE tokens will be used to secure the Shibarium network and reward its validators. BONE’s current circulating supply is around 74 million tokens. 

Bone ShibaSwap launched at its highest price at $15.50 on July 7, 2021. However, it dropped significantly within a few days to $4.48 on July 12, 2021. Its price continued to drop further, almost to zero, in mid August 2021. Yet within a few days, it started rising again to around $2. It continued trading around $1 to $2 before ascending to its second highest price in Nov. 2021 at almost $3, in tandem with the crypto bull run. 

The price of Bone ShibaSwap then started decreasing steadily before breaking a critical resistance level in the range of $1.07–$1.14 in August 2022 to start an upward climb. 

Who Is the Founder of ShibaSwap? 

ShibaSwap is the brainchild of Shiba Inu’s development team, led by its pseudonymous founder (known as Ryoshi). ShibaSwap operates as a DAO whose community stakes BONE tokens to vote on important proposals on the protocol.

ShibaSwap also uses a multisig model, taking assertive actions to safeguard the best interests of its community. The 3/5 multisig wallet and the 6/9 emergency multisig wallet are authorized by trusted members of the SHIB community.

Ryoshi deleted all social media posts and left the ShibaSwap community in May 2022. However, Shiba Inu and ShibaSwap operations remained unaffected as the pseudonymous lead developer, Shytoshi Kusama, released an announcement to continue working toward actualizing Ryoshi’s vision. 

How Does Bone ShibaSwap Work?

As a DEX, ShibaSwap not only allows for the swapping of ERC-20 tokens within the ShibaSwap ecosystem, but also provides two main ways to earn BONE rewards – DIG (adding liquidity) and BURY (staking). 

When BONE token holders add liquidity through DIG, they receive BONE SSLP tokens. The liquidity providers can then earn allocated BONE tokens and 0.1% of DAI and USDT returns by depositing their SSLP tokens in WOOF. 

SHIB token holders and LEASH token holders can also earn BONE rewards by burying (staking) their SHIB and LEASH tokens. 

Meanwhile, BONE token holders who bury (stake) BONE can earn tBONE tokens, along with 0.05% of the allocated swap fees converted to BONE.

For both DIG and BURY features, 33% of the BONE rewards can be claimed anytime through the WOOF function, while the rest are time-locked for six months.

What Makes Bone ShibaSwap Unique?

One of the unique features of ShibaSwap is its highly incentivized passive income reward system. Through its BURY option, BONE, SHIB and LEASH token holders can earn high-interest yields by staking their tokens and receiving BONE rewards.

Also, its innovative analytics dashboard (known as “Bonefolio”) has various portfolio trackers to provide important information about current yields and token pairs on the platform.

Using Bonefolio, one can view top BONE liquidity pairs, such as BONE-ETH, including the fees generated and the 24-hour trading volume for each pair. There’s also information about Bone ShibaSwap reward pools, such as the amount of BONE rewards per $1,000, and the return on investment (ROI).

How to Store BONE

Similar to Shiba Inu (SHIB), Bone ShibaSwap is an ERC-20 token and can be stored in most Ethereum-compatible wallets, such as MetaMask and Trust Wallet.

BONE can also be stored offline in hardware wallets, such as Ledger and Trezor, to ensure maximum safety.