Bone ShibaSwap (BONE) is the governance token of the ShibaSwap decentralized exchange (DEX) within the Shiba Inu ecosystem. It allows users to vote on proposals through the Doggy DAO, earn rewards by staking or providing liquidity, and participate in community events. BONE is used to fund liquidity pools and can be bought, sold, and traded on exchanges.
Bone ShibaSwap (BONE) is used in several ways within the ShibaSwap decentralized exchange (DEX):
Liquidity Provision: BONE is used to help fund liquidity pools on the ShibaSwap DEX, allowing users to provide liquidity and earn rewards.
Governance: Holders of BONE tokens have the right to vote on changes to the network, making it a governance token. The more BONE tokens a user holds, the more significant their votes are.
Staking: BONE can be staked, or set aside, in return for rewards. This incentivizes users to participate in the network and maintain liquidity.
- Trading: BONE can be bought, sold, and traded on exchanges, allowing users to access the token and participate in the ShibaSwap ecosystem.
Overall, BONE plays a crucial role in facilitating the functioning and governance of the ShibaSwap DEX, which primarily caters to Shiba Inu (SHIB) holders.
To store Bone ShibaSwap (BONE) tokens securely, you will need a cryptocurrency wallet that is compatible with ERC-20 tokens, as BONE is built on the Ethereum network. Some commonly used solutions include:
Software Wallets:
- MetaMask: Offers an easy-to-use interface and the ability to interact directly with decentralized applications (dApps) like ShibaSwap.
- Trust Wallet: Provides a user-friendly interface and supports a wide range of cryptocurrencies, including ERC-20 tokens like BONE.
Hardware Wallets:
- Trezor: Offers an added layer of security by storing your private keys offline, making them less susceptible to hacking attempts.
- Ledger: Supports a wide variety of cryptocurrencies, including ERC-20 tokens like BONE, and provides offline storage for enhanced security.
Regardless of the wallet you choose, it is crucial to keep your private keys and backup phrases safe and secure, as these are the only ways to access your funds if you lose access to your wallet.
To buy Bone ShibaSwap (BONE) tokens, follow these steps:
Choose a Reliable Exchange:
- Select a trustworthy and reliable cryptocurrency exchange that supports BONE purchases. Popular options include CoinEx, OKX, gate.io, MEXC, and KuCoin.
Create an Account:
- Register on the chosen exchange by providing the required personal information and setting a secure password. Enable two-factor authentication (2FA) for added security.
Verify Your Identity:
- Complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features. The required information may vary based on your nationality and region.
Add a Payment Method:
- Add a supported payment method such as a credit/debit card, bank account, or other options. The specific requirements may vary depending on your bank's security policies.
Buy BONE:
- Use your added payment method to purchase BONE tokens. You can either buy directly with fiat currency if supported or first purchase a popular cryptocurrency like USDT and then exchange it for BONE.
Store Your BONE:
- Ensure you have a secure crypto wallet to store your purchased BONE tokens. You can use the exchange's built-in wallet or a third-party wallet like Trust Wallet.
- Monitor Your Investment:
- Keep track of your BONE investment's performance and adjust your strategy as needed.
Remember to always research the exchange, fees, and security features before making a purchase, and be mindful of market risks and price volatility.