Shibaswap is a new, decentralized finance platform that is based on everyone’s favorite meme dog breed, the Shiba Inu! There are six basic functions to the Shibaswap platform: DIG, NFTS, BURY, SWAP, BONEFOLIO, and WOOF. Today, we’ll be looking at the BURY function, so here’s how to stake tokens to gain returns in Shibaswap: BURY.
How to Use Shibaswap: BURY
To get started on Shibaswap, you’ll need to create or already own a compatible Ethereum crypto wallet. You can choose one of these three wallets:
After you’ve set up your wallet with your chosen site, please make sure to back up your secret/recovery wallet phrase. Try not to use a digital recording of it, and instead write it down on a physical piece of paper. If malicious attackers get a hold of your phrase, your wallet will be compromised. Once you’ve funded your wallet to cover transaction fees, you’re ready to go!
Shibaswap’s BURY function allows users to stake their tokens to earn WOOF returns. To do this, simply hit the Stake Tokens button under the BURY window on the Shibaswap website. You are given three options: bury either Shib, Leash, or Bone. You can see the APY for each token, and once you commit to a token you’ll receive xSHIB, xLEASH, or tBONE, which represent your share of the pool.
To maximize your returns, leave your tokens staked. You’ll earn more returns the longer you leave your tokens in the pool, but if you constantly move your tokens in and out of the pool, you’ll lower your long-term gain rate. WOOF returns are distributed weekly. You’ll get 33% of your return, and the remaining 67% is time-locked for six months.
That’s how you use the BURY function on Shibaswap. If you have any other questions, let us know in the comments below, and don’t forget to check out the help section on the Shibaswap website for some valuable info.