2022-06-08
The Shiba Inu development team is reportedly working to improve the yield farm feature on the Shibaswap. The Ethereum-based altcoin that was launched in 2021, Shiba Inu has lots of features, which include the yield farm feature. A token that has good features will in turn have good utility and this will attract investors and traders to consider buying such tokens. The Shiba Inu team constantly looks for ways for the community members to earn passive income, which is commendable for the project.
At press time, Shiba Inu is trading at a price of $0.0000107433 on a SHIB/USDT trading pair. Shiba Inu is currently up by 0.18% in a 24-hour trading volume. Shiba Inu started this week on a bullish trend and hopefully, this week will also end on this bullish trend. The Shiba Inu token has different trading pairs on the Gate.io crypto exchange. You can buy/sell crypto on gate.io trading platform and it has other features such as staking. With the plans by the dev to upgrade the yield farm feature of Shiba Inu, will there be any effect on the price of the token?
Enhancing Yield Farm Features On Shibaswap
The popular meme coin and rival of the Dogecoin, Shiba Inu has its own exchange called the ShibaSwap, which functions as a decentralized exchange and was deployed on the Ethereum network in July 2021. This native decentralized exchange of the Shiba Inu coin called ShibaSwap operates like every other DEX, it has features such as staking, governance, Non-Fungible token (NFT), liquidity pool, and token exchange. There are three tokens that power the Shibaswap and these are Shiba Inu (SHIB) which fuels ShibaSwap, and the other two tokens are ERC-20 tokens, namely Bone ShibaSwap (BONE) and Doge Killer (LEASH).
According to the official website of the Shibaswap, it offers six features at the time of writing. These features are Dig, NFT, Bury, Swap, Doggy DAO, and Woof. The Dig is a staking feature for the liquidity pool on the ShibaSwap, and the reward is in BONES. The NFT uses Shiboshis as the NFT collection of the Shiba Inu. On the ShibaSwap, you can buy, sell and trade 10,000 unique Shiboshis. You can stake any of the three tokens that power the ShibSwap in bury so you get returns. The Swap feature enables users to swap one token for another asset, while the Doggy DAO serves as a DAO for Shiba Inu and grants community members voting power. Also, the Woof feature allows ShibaSwap’s users to exchange BONE rewards by swapping SSLP tokens.
However, the ShibaSwap provides yield farming rewards. Since voting can be done through the Doggy DAO regarding the addition of a new feature to the ShibaSwap platform, one of the discord admin of the Shiba Inu community named MILKSHAKE, made a call on the community members that the dev team should come up with more yield farming strategies and the suggestions from the community have already started and will be terminated by June 9th. In the end, it will be proposed to the Doggy DAO. What will be the likely outcome of the suggestions from the community members and what will the reward system be like?