Using the Swap Function​

To use the Swap, navigate to the Swap page.

From here, select your base token (remember, this is the token you want to swap from.) Next, select the token you would like to swap to. In this example, we will be swapping from BONE to USDC.

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Remember, users must first click Approve before ShibaSwap is able to interact with the tokens in your wallet! Each token will require a separate approval the first time they are selected for that wallet.

1. Base token: This is where you select the token you would like to swap from. The panel allows you to select your token, view your balance, and allocate the maximum possible to sell if desired.

2. Desired token: This is where you select the token you would like to receive. The panel allows you to select your token, view your balance, and allocate the maximum possible to buy if desired.

3. Minimum received: This is the minimum number of tokens you will receive in the event of price changes. Your transaction will revert if there is a large, unfavorable price movement before yours is confirmed. Users can specify their tolerance for price movements by changing the slippage value (see Advanced Settings below).

4. Price Impact: Any buy or sell order will affect the price of the underlying tokens. This amount of change is called price impact. Generally, the larger the liquidity pool, the smaller the price impact will be. Token pairs with a small liquidity pool will have a higher price impact.

5. Liquidity Provider Fee: The portion of each trade to be distributed to liquidity providers as a protocol incentive.

6. Swap button: Click this to start the transaction. Users will then be prompted to complete the transaction within their wallet.

7. Transaction settings: Contains various advanced options.

8. Swap versions: Easily switch from V1 and V2 pools.

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Alternatively, you can head to the ShibaSwap tokens page, where you will see a list of all available tokens in our application. You can choose the tokens you want to swap for there.

Using Custom Tokens​

Sometimes, a user might wish to swap a token that does not automatically appear in the token list. In order to do this, first obtain the correct contract address for the token.

You can find the contract address for any Ethereum token by using Etherscan and navigating to the token page.

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It is important to verify that you are entering the correct contract, and not an imitation posing as the legitimate token. Only swap for tokens you can trust, and always make sure you have entered the official contract address.

Advanced Settings​

The transaction settings menu allows the user to customize various aspects of their transaction.

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These advanced features should be used by experienced traders. We do not recommend that beginner users change these settings.

1. Slippage tolerance: This is the allowed price change before a transaction is canceled and reverted. Setting the tolerance too low will result in failed trades, as the market price of tokens is constantly changing. Setting this number too high may result in over-payment due to frontrunning bots. The default setting is 0.5%.

2. Transaction deadline: This is the maximum amount of time allowed before a transaction is canceled. Selecting high gas or above can help alleviate this issue by making sure your transactions are completed in a timely manner. The default setting is 20 minutes.

3. Toggle expert mode: By default, ShibaSwap does not allow for extreme slippage tolerances as there is virtually never any reason to use it. However, if desired, a user can enable expert mode to allow the trading of ultra-high-risk trades at the expense of protection from bot attacks. This setting is extremely dangerous and should only be enabled for very specific use-cases. We do not recommend users enable this feature. The default setting is off.

4. Disable multihops: This restricts ShibaSwap to swap only between direct liquidity pairs only. This restricts multi-step routing for trading between tokens without a direct pair. With multihops disabled, users may find that they are unable to trade certain pairs, or that price impact is much higher than it would be with multihops enabled. The default setting is off.

Other features

Smart suggestions

The swap service comes with a set of smart suggestions to assist the user with better prices. The image below shows the system recommendation for better pricing on V2.

Clicking on the link takes the user to a better swap opportunity.

You can also see this feature in action below:

Multi-hop swap

A multi-hop swap is a mechanism where a trade routes through multiple intermediary tokens or liquidity pools to complete a swap. This is useful for trading where direct swaps between some token pairs may not have sufficient liquidity. The protocol optimizes the swap path across multiple pools to provide better prices and liquidity.

You might disable multi-hop swaps to reduce transaction complexity, gas fees, and potential slippage risks. Since multi-hop trades involve multiple pools and intermediary tokens, each "hop" might incur additional gas costs. Additionally, if the intermediary tokens experience significant price volatility, the swap could result in unexpected outcomes.

Enabling multi-hop swaps unlocks better price optimization and liquidity access by allowing trades through multiple token pairs, even if direct pools are underfunded or unavailable. This feature enhances the protocol’s flexibility by automatically finding the most efficient route to minimize slippage and improve trade execution. It also enables users to access tokens with lower liquidity, giving them more trading opportunities without requiring direct pairings for every token they wish to swap.

You can also see this feature in action below: