Bone ShibaSwap (BONE) is the ShibaSwap decentralized exchange (DEX) governance token with voting functionality. BONE allows the Shiba Inu community, also known as Shib Army, to vote on upcoming proposals, submit proposals and access future NFTs. The more BONE tokens users have, the more significant their votes are.
BONE is the Ethereum-based token in the Shiba ecosystem, including Shiba Inu (SHIB) and Doge Killer (LEASH) tokens. According to the Shiba Inu website, SHIB is the "Dogecoin (DOGE) killer." Due to its popularity, the project is the second-largest dog-inspired memecoin in the crypto space.
The ShibaSwap exchange was launched on July 7, 2021 to allow platform users to trade their SHIB tokens for other cryptos. BONE is a middle link in the ecosystem. On ShibaSwap, SHIB holders provide liquidity for BONE reward tokens. Users can stake tokens to earn rewards. Rewards depend on the amount and duration of the staked tokens.
The Bone ShibaSwap project was established by the team behind Shiba Inu (SHIB), which was founded in 2020 by an anonymous person/group of people known as Ryoshi.
BONE was introduced to the community in parallel with the launch of the decentralized exchange (DEX) — ShibaSwap, in July 2021.
The ShibaSwap team is building a metaverse platform — combining three tokens, SHIB, LEASH and BONE — towards the development of what the project calls "the best Decentralized Ecosystem (DECO) on the planet."
BONE is a governance token for ShibaSwap, which allows owners to participate in governing activities, make proposals for future development, and vote on the decentralized autonomous organization (DAO) — Doggy.
On the platform, users can DIG (provide liquidity as SSLP), BURY (stake SHIB, LEASH, BONE), SWAP ERC-20 tokens and receive WOOF returns (rewards), FETCH (migrate Uniswap V2 liquidity to ShibaSwap and earn additional BONE), and utilize BONEFOLIO (analytics for ShibaSwap).
Shiba Inu is the second most valuable memecoin by market capitalization, currently standing at $5.2B, and once hit a high of $40B.