Disclaimer! Defi has great rewards, but this comes with risks. Some DeFi protocols have suffered exploits in the past. Always do your own research.
What is Shiba Inu
Shiba Inu is a decentralised meme token that has very enthusiastic supporters worldwide cheering it on. Shiba Inu is dubbed the Doge killer, although no Doge killing has yet occurred.
Before you buy your Shiba Inu to stake you might want to know that the gas fees are quite high. Shiba Inu is an ERC20 token and it runs on the Ethereum blockchain.
How to buy Shiba Inu
Shiba Inu can be bought on most exchanges or you can swap your Ethereum to Shiba inside the Shibaswap interface.
I bought Shiba Inu in Binance and sent it to my Metamask wallet. Once my Shiba arrived, I was ready to go.
Inside Shibaswap, you can provide liquidity to earn rewards, or stake your tokens. I wanted to Stake my Shiba.
How to Stake Shiba Inu
I clicked on Stake tokens inside the Bury tab.
Chose between 3 tokens to bury: Shiba, Leash, and Bone. I clicked on Shiba.
Now you have to choose how much your Shiba token you want to stake. I chose a 100 % and clicked on approve. Once it is approved, you can click on Stake. You will be rewarded in XSHIB tokens. You will also be rewarded in Ryoshi tokens that will be distributed weekly for the next 6 months from when you staked.
How to check your XSHIB token rewards without unstaking your Shiba tokens.
Go to https://debank.com/ and put in your wallet address. Scroll down to ShibaSwap and see the total amount of tokens. This is a different amount than what you have staked in Shibaswap. Subtract your staked amount from the amount you see in debank and this is your cumulative XSHIB token reward.
Shiba Inu important links
Enjoy and have fun with MemeTokenising your life. 🙂