ShibaSwap is a decentralized exchange for cryptocurrency. It has an average review score of 3% on the website, but it’s actually unsafe and should be avoided at all costs.
New decentralized cryptocurrency exchanges are being launched practically every now and then, thanks to the anticipated advancements adoring blockchains. The question of whether these Decentralized Exchanges (DEX) are really legitimate is a separate one. Many turn out to be scams, causing further anxiety and mistrust.
ShibaSwap’s thrashing
The ShibaSwap is one such Decentralized Exchange (DEX) that debuted only two days ago, on Tuesday. This DEX is entirely based on the Shiba Inu, a Doge Coin (DOGE) follower and rival (SHIB).
The maniacs who are obsessed with Elon Musk’s dog motif have undoubtedly caught the fever. The SHIB was created specifically to compete with the DOGE. The SHIB, on the other hand, has seen its fair share of increasing speculations and market surges.
Despite its modest success, SHIB launched ShibaSwap, a decentralized exchange with incredible offers and additives for quick liquidity providers. As a consequence, in less than 24 hours, the Total Value Locked (TVL) accounted for more over $1 billion on the DEX.
Citing this, DeFi Safety, the most well-known and unique decentralized platform analyst, reviewer, and critic, expressed its thoughts on ShibSwap. On Wednesday, they also made it official with a Tweet on their official Twitter page.
ShibaSwap was pummeled by DeFi Safety as the worst DEX ever. Furthermore, they only awarded it a 3 percent out of 100 percent score. Also, they recently said that investing via ShibSwap is the equivalent as losing money in a black hole!
Concerns about DeFi Safety
ShibSwap failed the majority of DeFi Safety’s 22 criteria, passing just two of them. ShibSwap, on the other hand, received a 30 percent pass, the best score company has ever received on its white paper papers. ShibSwap, on the other hand, is a total failure according to DeFi Safety.
The team behind ShibaSwap was kept secret, according to the review’s author, Rex Hygate, who is also the creator of Caliburn Consulting and SecuEth. They also lacked openness, and the majority of their papers were damaged. The public software repository, according to Hygate, is also entirely missing. For the codes, there were no records of appropriate testing or development history.
Finally, DeFi Safety said that they would consider increasing ShibaSwap’s review grade only if the company provides and maintains openness with respect to further appropriate documents.
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