SHIB Becomes ETH’s 3rd Largest Consumer of Gas as ShibaSwap Goes Live

Shiba Inu (SHIB) is now the third-largest consumer of gas on the Ethereum network
This milestone is the result of ShibaSwap going live earlier today
ShibaSwap is a decentralized exchange and DeFi protocol focusing on the Shiba Inu ecosystem
Three tokens are at the core of ShibaSwap: SHIB, LEASH and BONE

Shiba Inu (SHIB) token is now the third-largest consumer of gas on the Ethereum network due to the launch of ShibaSwap earlier today. The current network activity and consumption of gas surrounding Shiba Inu (SHIB) has been captured by Etherscan as highlighted in the following screenshot courtesy of the tracking website.

ShibaSwap Goes Live

As earlier mentioned, the high consumption of Ethereum gas fees by transactions in the Shiba Inu ecosystem is due to the launch of ShibaSwap earlier today. The team behind the Shiba Inu project announced the launch of ShibaSwap through the following tweet.

Wen swap…. #ShibaSwap is now live! https://t.co/h2JK14m1PD #ShibArmy

— Shib (@Shibtoken) July 6, 2021

Three Tokens at the Core of ShibaSwap: SHIB, LEASH and BONE

According to the Shiba Inu Whitepaper, ShibaSwap ‘is a decentralized ecosystem enriched by its own decentralized exchange’.

At the core of ShibaSwap are the three tokens of SHIB, LEASH and BONE. Each of these tokens can be staked (BURIED) to earn xSHIB, xLEASH and tBONE respectively. Holders of the three tokens can also provide liquidity (DIGGING) to receive SSLP tokens.

A quick glance at the ShibaSwap website reveals that the protocol already has $221.39 million in total value locked. Additionally, the value of SHIB, LEASH and BONE currently stands at $0.000008844251, $2,465 and $18.84 as highlighted in the following screenshot.