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ShibaSwap V2 Review 2026: SHIB-Ecosystem DEX on Shibarium

ShibaSwap V2 is a decentralized exchange for the Shiba Inu ecosystem on Ethereum and Shibarium, offering swaps, liquidity provision (DIG) and staking (BURY). Its liquidity is very small, so it suits community members more than active traders.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.5/10

Mixed

Visit ShibaSwap V2

Our verdict on ShibaSwap V2

5.5/10

ShibaSwap V2 suits SHIB, LEASH and BONE holders who want to swap, stake and provide liquidity inside the Shiba Inu ecosystem from their own wallet. Its main strength is a clear DIG, BURY and SWAP structure on Ethereum and Shibarium. The main caveat is size: about $65,700 in TVL means thin liquidity, fees and reward rates are not published in its homepage, and returns depend on a small group of related tokens.

Score breakdown

How ShibaSwap V2 scores

Security: 5.0/10
Ease of use: 6.5/10
Fees: n/a
Features: 6.0/10

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 V2?

ShibaSwap V2 is a decentralized exchange for the Shiba Inu ecosystem. It lets users swap tokens, add liquidity and stake, with rewards paid in the ecosystem's tokens. The project describes SHIB, LEASH and BONE as the three tokens that come together on the platform.

It is tracked on Ethereum and Shibarium, the ecosystem's own network. One source reports that ShibaSwap 2.0 launched on Shibarium in May 2024 to improve scalability, staking and liquidity, and another says the original exchange launched on Ethereum in July 2021.

Its size is modest. Total value locked is about $65,700, with a small gain over the past week. That points to a community-focused product rather than a deep trading venue. The project lists two audits and a BONE token.

How ShibaSwap V2 works

ShibaSwap is an automated market maker. Instead of an order book, users deposit pairs of tokens into liquidity pools, and traders swap against those pools at prices set by the ratio of tokens inside. The pool earns fees from swaps, and the project adds token rewards on top.

The platform uses its own vocabulary. DIG means supplying liquidity to a pool, BURY means staking tokens, and SWAP means exchanging tokens. The project says these actions earn WOOF returns, a passive-income reward system tied to SHIB, LEASH and BONE.

Everything is done from a user's own wallet, with no account or personal details required to trade. The protocol is listed on Ethereum and Shibarium, so a user needs the right network selected and enough gas token to pay for transactions.

6 features

Key features

Wallet-based token swaps

Users swap tokens directly from their own wallet without opening an account or handing over funds to a company.

DIG liquidity provision

DIG lets users add tokens to liquidity pools, which traders use for swaps, in exchange for rewards.

BURY staking

BURY lets users stake tokens such as SHIB, LEASH and BONE to earn additional rewards.

BONE-based rewards

Rewards are framed as WOOF returns, a passive-income system built around the ecosystem tokens, with BONE as the platform token.

Ethereum and Shibarium

The protocol runs on Ethereum and Shibarium, which gives holders a choice between the main network and the ecosystem's own chain.

Listed audits

Two audits are listed for the protocol, which is a basic security signal even though the reports are not detailed here.

Pros and cons

What we like

Built around well-known community tokens (SHIB, LEASH, BONE), so existing holders can swap, stake and provide liquidity in one place.
Non-custodial: users trade from their own wallets and do not need an account.
Supports both Ethereum and Shibarium, giving a choice of networks and gas costs.
Clear DIG, BURY and SWAP structure that makes the reward actions easy to understand.
Two audits are listed for the protocol.

Watch out for

Total value locked is only about $65,700, so liquidity is thin and larger trades may move prices sharply.
Rewards depend on the BONE token and the SHIB ecosystem, so yields are tied to the price of a few related tokens.
Swap fees, liquidity provider fee tiers and reward rates are not published on its homepage.
The project does not publish team details, and the audit reports are not detailed.
Two chains (Ethereum and Shibarium) mean bridging and extra network risk for users moving assets.

ShibaSwap V2 fees

ShibaSwap does not publish swap fees, liquidity provider fee splits or reward rates in its homepage. These details are normally shown in the app when you preview a swap or a deposit.

Beyond protocol fees, users pay network gas on whichever chain they use. Gas on Ethereum is usually higher than on Shibarium, so check the estimated cost before you confirm.

Is ShibaSwap V2 safe?

ShibaSwap is non-custodial, so funds stay in your wallet until you deposit them into a pool or staking contract. The main risks are smart-contract bugs, impermanent loss for liquidity providers, and price swings in the ecosystem tokens. Two audits are listed, but the auditors and findings are not described, and an audit does not guarantee safety.

The project does not publish team or licensing information. Thin liquidity (about $65,700 TVL) raises slippage risk, and users moving funds between Ethereum and Shibarium take on bridge and network risk. Always confirm you are on the official site, and check local rules before trading.

6 steps

How to get started with ShibaSwap V2

1
Check that using a decentralized exchange is allowed where you live, and only use funds you can afford to lose.
2
Set up a self-custody wallet such as MetaMask and keep your recovery phrase offline.
3
Fund the wallet with SHIB, LEASH, BONE or ETH, and choose Ethereum or Shibarium depending on where your tokens are.
4
Open the official ShibaSwap site and connect the wallet, checking the address carefully to avoid look-alike sites.
5
Start with a small swap to see the price impact, fees and gas cost before you commit more.
6
If you want rewards, review the pool or staking terms for DIG or BURY and understand impermanent loss before depositing.

Open ShibaSwap V2

Who ShibaSwap V2 is for

ShibaSwap V2 is for existing holders of SHIB, LEASH or BONE who want to use those tokens for swaps, staking or liquidity within one ecosystem. It is less suited to traders who need deep liquidity or low slippage on large orders, and to anyone who wants detailed fee and team disclosures before depositing.

ShibaSwap V2 FAQs

What is ShibaSwap V2?

ShibaSwap V2 is a decentralized exchange built around the Shiba Inu ecosystem. Users swap tokens, provide liquidity and stake from their own wallets, and can earn rewards in the BONE token.

What do DIG, BURY and SWAP mean on ShibaSwap?

DIG means providing liquidity to a trading pair, BURY means staking tokens, and SWAP means exchanging one token for another. The project describes these as the ways to earn what it calls WOOF returns.

Which blockchains does ShibaSwap V2 run on?

The protocol is tracked on Ethereum and Shibarium. Shibarium is the Shiba Inu ecosystem's own network, and one source reports that ShibaSwap 2.0 launched there in May 2024.

What is the BONE token used for?

BONE is the token listed for the project, and it is associated with rewards. SHIB and LEASH are the other tokens named in the project's description as part of the platform.

What are the fees on ShibaSwap V2?

Swap fees and reward rates are not stated. They are normally shown in the app before you confirm a swap or deposit, so check them there.

Is ShibaSwap V2 safe?

Any DEX carries smart-contract risk, impermanent loss for liquidity providers and price risk on the tokens. Two audits are listed for the project, but an audit does not remove those risks, and the very low TVL adds liquidity risk.

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