Discover the ins and outs of ShibaSwap, Shiba Inu’s decentralized exchange, with our detailed guide. Released on June 6, 2024, three tutorial videos walk you through adding tokens, providing liquidity, and withdrawing your assets on ShibaSwap.
Originally launched in July 2021, ShibaSwap now supports both Ethereum and Shibarium Layer 2, making it easier than ever to manage your tokens and liquidity pools.
Dive into our step-by-step instructions and start maximizing your DeFi experience today.
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Tutorial Videos Released for Using ShibaSwap
On June 6, 2024, Shiba Inu (SHIB)’s decentralized exchange (DEX), ShibaSwap, released three tutorial videos explaining how to use ShibaSwap.
ShibaSwap is a decentralized finance (DeFi) platform launched by the SHIB team in July 2021. It offers various services such as cryptocurrency exchanges, liquidity provision, and bridging.
Initially, this service supported only Ethereum’s blockchain, but on May 16, 2024, it also became compatible with “Shibarium,” Shiba Inu’s Ethereum Layer 2. This allows users to exchange tokens based on Shibarium as well.
The newly released videos cover the following three topics: “How to Add Tokens to ShibaSwap,” “How to Provide Liquidity,” and “How to Withdraw Provided Liquidity.”
Below are detailed instructions on how to use these features.
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How to Add Tokens to ShibaSwap
To create a new token liquidity pool and add tokens to ShibaSwap, follow these steps:
1. Click on “Add your tokens” in the banner image on ShibaSwap.
2. Select the token you created and the token you want to pair it with.
3. Click “Manage” at the bottom of the second token selection screen.
4. Navigate to the “Tokens” tab at the top of the screen.
5. Enter the contract address of the token you want to add.
6. Click “Import” when the token name appears.
7. Check the warning content, tick “I understand,” and click “Import.”
8. Enter the amount you want to provide as liquidity for both tokens and click “Approve.”
9. Approve token access on your wallet by entering the amount and granting access (repeat this for both tokens).
10. Once access is approved, the details of the created liquidity pool will appear on ShibaSwap.
11. Detailed information about the created liquidity pool can be checked on the “Liquidity Pools” page.
How to Provide Liquidity to Existing Pools
To provide liquidity to an already created liquidity pool on ShibaSwap, follow these steps:
1. Access “Liquidity Pools” on ShibaSwap.
2. Click “Add Liquidity” in the token pair section you wish to provide liquidity to.
3. Enter the amount of tokens you want to provide as liquidity.
4. Confirm the details and click “Supply” if everything is correct.
5. Confirm the transaction by clicking “Confirm supply” if everything is in order.
How to Withdraw Provided Liquidity
To withdraw tokens deposited for liquidity provision on ShibaSwap, follow these steps:
1. Access “Liquidity Pools” on ShibaSwap.
2. Find the token pair you want to withdraw from in the “My Liquidity Pool” section and click “Withdraw Liquidity.”
3. Specify the amount you want to withdraw in percentage and click “Remove.”
4. Confirm the details and click “Confirm” if everything is correct.
New tokens are gradually being added on Shibarium, and recently, “ShibariumScan,” Shibarium’s blockchain explorer, introduced a “gas fee replenishment function” that allows users to easily exchange gas tokens from other blockchains to Shibarium-based BONE.
>> For the latest SHIB-related news, click here
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