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ShibaSwap V1 Review 2026: The SHIB Ecosystem DEX

ShibaSwap V1 is the decentralized exchange of the Shiba Inu ecosystem, offering swaps, liquidity provision and staking on Ethereum and Shibarium. It is mainly relevant to SHIB, LEASH and BONE holders, and its liquidity is modest.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

6.5/10

Good

Visit ShibaSwap V1

Our verdict on ShibaSwap V1

6.5/10

ShibaSwap V1 suits holders of SHIB, LEASH and BONE who want to swap, provide liquidity or stake within that ecosystem, on either Ethereum or Shibarium. Its main strengths are the focus on its own community, non-custodial access and a listed pair of audits. The main caveats are modest liquidity of about $5.7 million, rewards tied to the BONE token, impermanent loss for liquidity providers, and fees that must be checked in the interface. Treat it as a niche DEX and use only the verified site.

Score breakdown

How ShibaSwap V1 scores

Security: 6.0/10
Ease of use: 7.0/10
Fees: n/a
Features: n/a

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is ShibaSwap V1?

ShibaSwap V1 is the decentralized exchange of the Shiba Inu ecosystem. It lets users swap tokens, provide liquidity and stake assets from their own wallets, with no sign-up or custodian. The project describes itself as a next-generation decentralized exchange, with a focus on yield opportunities.

The platform is built around three tokens: SHIB, LEASH and BONE. Its core actions are named Dig (provide liquidity), Bury (stake) and Swap, and rewards are branded as WOOF returns. BONE is the governance token and is used to pay farming rewards.

DefiLlama tracks ShibaSwap V1 on Ethereum and Shibarium with about $5.7 million in total value locked, roughly flat over the past week. It lists two audits. Fee levels and the team's details are not set out in its homepage.

How ShibaSwap V1 works

ShibaSwap is an automated market maker. Instead of matching buyers and sellers, it holds pools of two tokens, and a pricing formula sets the exchange rate from the balance between them. When a user swaps, they trade against the pool and the balance shifts.

Liquidity providers fill those pools. In ShibaSwap's wording this is Dig: a user deposits a token pair and receives a claim on the pool. One source describes V1 farming as paying BONE to liquidity providers who stake their LP tokens.

Bury is the staking side. Users lock supported tokens to earn rewards under what the project calls WOOF returns. The three core tokens are SHIB, LEASH and BONE, with BONE as the governance token.

6 features

Key features

Token swaps

Users exchange tokens through on-chain liquidity pools instead of an order book or a central intermediary.

Liquidity provision

Called Dig. Users deposit token pairs into pools and receive a share of the trading activity along with possible rewards.

Staking

Called Bury. Users stake tokens to earn passive rewards, which the project brands as WOOF returns.

BONE rewards

BONE serves as the governance token and is paid as a farming reward to liquidity providers staking in V1.

SHIB ecosystem tokens

SHIB, LEASH and BONE are the three tokens at the core of the platform, which is aimed at that community.

Ethereum and Shibarium

DefiLlama lists Ethereum and Shibarium as supported chains, so users can reach the platform on both networks.

Pros and cons

What we like

Clear role as the home DEX for SHIB, LEASH and BONE holders
Non-custodial: users keep control of their tokens in their own wallet
Supports both Ethereum and Shibarium, giving a choice of network costs
Combines swapping, liquidity provision and staking in one interface
Two audits are listed on DefiLlama
Open to anyone with a wallet, with no account required

Watch out for

Rewards depend on the BONE token, whose value can swing sharply and is tied to one community's sentiment
TVL of roughly $5.7 million is small next to the largest DEXes, so large trades may face thin liquidity and price impact
Fees and reward rates are not set out on its homepage, so users must check the interface before each action
Liquidity providers face impermanent loss, especially in pools pairing volatile meme-style tokens
Lookalike sites appear in public reporting, which raises the risk of phishing and wallet-drain scams
This is the V1 product, and the project does not say how actively it is being developed

ShibaSwap V1 fees

ShibaSwap's published material does not give a fee schedule in its homepage. Swap fees, any share paid to liquidity providers and reward rates are shown in the interface at the time of a trade or deposit.

Beyond protocol fees, users pay network gas on every transaction. On Ethereum this can be a meaningful cost for small trades, and Shibarium is generally a cheaper network for transactions. Check the quoted price impact before confirming any swap.

Is ShibaSwap V1 safe?

DefiLlama lists two audits for ShibaSwap V1. The project does not name the auditors or the scope, so readers should look for the reports on official channels. An audit lowers the chance of a code flaw but does not remove smart-contract risk.

The exchange is non-custodial, so funds stay in your wallet until you deposit into a pool or stake them, at which point they are exposed to contract risk. Liquidity providers also face impermanent loss. Fake sites mimicking ShibaSwap appear in public reporting, so use only a verified link and never share a seed phrase. Regulatory status is not described publicly, so check the rules for DeFi where you live.

6 steps

How to get started with ShibaSwap V1

1
Reach the official site through a link you have verified, since lookalike sites exist.
2
Set up a self-custody wallet and fund it with the tokens you want to trade, plus the native gas token for the chosen network.
3
Connect the wallet and choose Ethereum or Shibarium.
4
To swap, select the token to sell and the token to buy, then review the quoted rate, price impact and fees.
5
To earn rewards, add liquidity to a pool (Dig) or stake supported tokens (Bury), and read the pool terms first.
6
Start with a small amount and keep track of your positions, because pool values and rewards change.

Open ShibaSwap V1

Who ShibaSwap V1 is for

ShibaSwap V1 is for people who already hold SHIB, LEASH or BONE and want to put those tokens to work through swaps, liquidity pools or staking. It is less suited to traders who need deep liquidity across many assets, or to anyone who cannot tolerate token-price and impermanent-loss risk.

ShibaSwap V1 FAQs

What is ShibaSwap?

ShibaSwap is a decentralized exchange built around the Shiba Inu ecosystem. Users swap tokens, add liquidity (Dig) and stake tokens (Bury) directly from their own wallets, with no account needed.

What is the BONE token used for?

BONE is the platform's governance token and is also used to pay rewards. One source describes ShibaSwap V1 farming as paying BONE to liquidity providers who stake their LP tokens.

Which blockchains does ShibaSwap V1 support?

DefiLlama lists ShibaSwap V1 on Ethereum and Shibarium. One source describes the V1 farming rewards as Ethereum only.

Is ShibaSwap safe to use?

DefiLlama lists two audits for the project, but the details are not reproduced here. Like any DeFi protocol, it carries smart-contract risk, so audits reduce risk without removing it.

How do I swap tokens on ShibaSwap?

Open the official site, connect a wallet, choose the token to sell and the token to buy, then confirm the swap. Check the quoted price, price impact and fees in the interface first.

Are there fake ShibaSwap sites?

Public reporting includes several lookalike sites hosted on generic web-builder domains. Reach the platform through a link you have verified, and never enter a seed phrase on any site.

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