What is BONE Coin? ShibaSwap Explained
ShibaSwap is a decentralized exchange (DEX) that belongs to the Shiba inu coin project. It is a popular meme coin and a major competitor to dogecoin that has gained popularity in the last year and a half. Unlike centralized platforms like Binance and MEXC, DEXs enable users to exchange tokens directly without the involvement of a middleman or counterparty.
ShibaSwap was launched in July 2021 and offers a variety of features that are commonly found on decentralized exchanges, including token swapping and liquidity pools. It also offers additional features such as staking, governance, and a Shiboshis non-fungible token (NFT) marketplace.
What is Shibaswap’s BONE Token
ShibaSwap has its own governance token called BONE (ticker symbol: BONE). BONE is designed to be used for the platform's governance functions and has a total supply of 250 million coins. This means that holders of BONE tokens have the ability to propose and vote on changes to the ShibaSwap protocol through its "Doggy DAO."
In addition, BONE plays a crucial role in promoting liquidity, swapping, and staking activities within the SHIB ecosystem. Users can buy or stake their BONE tokens to earn BONE tokens and receive a portion of 1% of all BONE per block as a reward for holding BONE. Those who dig BONE tokens are also rewarded with a portion of the BONE-ETH SSLP.
Why do people use BONE?
BONE has a vital role in supporting Shibarium, a Layer 2 network developed by Shiba Inu. Shibarium employs EVM to ensure faster and more secure transactions and enhanced scalability for BONE and other Shiba Inu assets. BONE's governance capabilities allow Shiba Inu to promptly and effectively implement the necessary changes to provide users with an exceptional experience.
On ShibaSwap, users have the option to swap their BONE tokens for another cryptocurrency. Furthermore, they can generate passive income rewards in the form of BONE by utilizing the Bury function, which involves staking SHIB, LEASH, or BONE tokens.
The amount of rewards earned is directly proportional to the number of tokens staked. Liquidity Providers (LP) can also participate in ShibaSwap through the Dig function, and they will be rewarded with BONE tokens. Becoming an LP is an additional benefit, as users will be able to receive BONE rewards for their contributions.
BONE also plays a crucial role in SHIB: The Metaverse, an upcoming virtual world developed by Shiba Inu. Users who want to acquire virtual land in the metaverse can lock their LEASH tokens and become eligible to receive plots of land.
As a reward for trusting the Shiba Inu ecosystem, 3% of the revenue generated by Land Event Sales will be awarded to those who have locked LEASH in the form of BONE. BONE acts as the main currency for purchasing digital land in SHIB: The Metaverse and is a valuable asset for early adopters who want to get involved in the project at an early stage.
BONE Token: Shibaswap Roadmap to Glory
ShibaSwap has achieved impressive success in its short existence. It boasts a high number of users and a significant daily trading volume of almost $3 million. It also has a considerable amount of assets locked on the platform, approaching $20 million. However, it all started as a meme coin with no utility purposes.
After ShibaSwap was launched, the Shiba Inu coin gained significant utility. ShibaSwap is essentially a decentralized exchange (DEX) for the Shiba Inu project that runs on the Ethereum blockchain. It was created in July 2021 and functions similarly to SushiSwap. One of its main advantages is that it allows users to swap tokens without relying on a central authority or intermediary.
Smart contracts are used to automate the exchange process, and liquidity is provided by users. Along with token swapping, ShibaSwap also offers staking, liquidity pools, and a non-fungible token (NFT) marketplace called Shiboshis. All of these services center around Shiba Inu, as well as two other Ethereum-based tokens: ShibaSwap Bone (BONE) and Doge Killer (LEASH).
Analysis of the Future Prospects of Shibaswap
Shiba Inu does not enjoy the same level of support from Elon Musk, the founder of SpaceX and Tesla, as Dogecoin does. Musk's tweets have had a significant impact on the crypto world, and his endorsement of Dogecoin has been instrumental in driving its price up. However, despite not having Musk's support, some crypto market analysts believe that Shiba Inu could still potentially surpass Dogecoin in the future.
According to supporters of SHIB, the launch of ShibaSwap is just the beginning of a series of major upgrades that could impact the price of Shiba Inu, as well as its associated tokens Leash and Bone. The fact that the platform saw a surge of $1 billion in transactions within 24 hours after its launch is seen as a positive sign by SHIB holders. Furthermore, Vitalik Buterin is one of the key figures in the SHIB community. He basically owned about half of SHIB tokens’ supply. Nothing is certain yet for the Shiba ecosystem. However, there is a high chance that it will continue to prosper.
Price Prediction for Bone Token in 2030
It's important to note that price predictions are based on various assumptions and are not guaranteed to be accurate. That being said, some analysts predict that the crypto market will enter a new era in 2030, with a focus on real project-based digital assets. Based on these assumptions, some forecasts suggest that by the end of 2030, the average BONE Token price could be around $62.80, with a minimum price value of around $54.37.
Along with BONE Shibaswap, many other cryptocurrencies may reach their new all-time highs this year. The maximum price for BONE Shibaswap is expected to be around $67.84, but if there is a bull rally in 2030, the prices could skyrocket and exceed these predictions.
Bone Shibaswap is a robust project with numerous new meme coins in the market, and the SHIBA community's efforts suggest that it is a long-term investment. Prices may skyrocket in the future, but it is still too early to predict with certainty. It will take a few more months to determine Bone Shibaswap's future more accurately. Until then, trade with care!