Dogecoin is a token that is highly envied upon. To eliminate or alleviate its domination in the market, a new token came up called the ‘Doge Coin Killer’ called the LEASH.
It is a part of the Shiba Inu Ecosystem which was created in the first place to eliminate the market capitalization that the DOGE token has. Let us learn more about this LEASH token.
What Is The LEASH Coin?
First, let us understand the story from the beginning. In August 2020, SHIB, a cryptocurrency token like many others in the market, was introduced as a direct competitor to DOGE, which had become fairly popular at that time.
SHIB became quite popular and with that, they launched their own cryptocurrency exchange (ShibaSWAP) with three native tokens – SHIB, LEASH and BONE. So, users can perform activities (like trade, swap etc) with these three tokens on the exchange.
ShibaSwap also became popular because of the simplicity it offered to its users. They could trade, swap, stake and connect to decentralised wallets such as Metamask which further facilitated the purchase of NFTs etc.
The LEASH coin is a rebase coin, which in other words is kind of a stablecoin but its price is linked to a cryptocurrency rather than the fiat currency.
LEASH was initially launched to peg its value to DOGE but then it was unleashed and now its an independent token and the community is in the process of realising its full potential.
There are immense rewards for holders of LEASH on ShibaSwap as they contribute towards its liquidity.
What Is A LEASH Doge Killer?
The LEASH token is an integral part of the SHIBA Inu Ecosystem. Due to the enormous popularity of the token, it gained the name as DOGE Killer.
To recall, DOGE is based on Script, and SHIB wants to be its counterpart but based on Ethereum, and SHIB is also the second largest crypto-coin inspired by a canine (the first one being DOGE, of course).
LEASH, BONE and SHIB are all a part of this canine-inspired cryptocurrency system, and they are alongside others that are not more commonly known such as – BabyDoge, LAS, JIND, DRUNK etc.
The Doge Killer is also known as a maximum circulating supply of 100,000 tokens. At the time of writing, the price of 1 LEASH token is $1429.18 and it is having a market cap in upwards of $154M. It is being traded on 20+ active trading markets and more than $20M worth of tokens is traded every 24 hours.
Also Read: Will Shiba Inu Coin Reach $100?
What Is LEASH For Shiba?
The fundamental purpose of the LEASH token (after it was de-leashed) is to provide incentive to liquidity providers.
For example, when you buy LEASH tokens (that is swap them with the other tokens), or bury them or stake them, you receive xLEASH tokens. Having these tokens makes you a part of the xLEASH liquidity pools.
When you are a member of the pool, you receive 0.5% of BONE tokens added to the blockchain. To recall, BONE is also part of the Shiba Inu Ecosystem.
Note that for the liquidity providers, the rewards are not only in the form of LEASH but also in SHIB and BONE therefore adding relevance and use case to everyone of them.
Also, if you provide liquidity to the LEASH tokens, you will also receive a share of the LEASH/ETH ShibaSwap Liquidity Pool.
What Is The Purpose Of LEASH Coin?
The LEASH coin is built on the ERC-20 token ecosystem and contributes significantly to the Shiba Inu Ecosystem. The goal is to support this ecosystem by diverting the funds earned through these tokens to enhancing the ecosystem of Shiba Inu.
Also, LEASH provides more value to investments because the token supply is just 100,000 (compared to billions for DOGE and SHIB), therefore the value is usually in thousands of dollars.
Another purpose of LEASH is that it is a good pathway to DeFI investments (by connecting to Metamask). It adds more diversity to the crypto space and also enables you in the future, to buy and sell NFTs.
Where To Buy SHIBA LEASH?
LEASH is purchased through the SHIBASWAP exchange. But SHIBA LEASH can also be purchased on Uniswap and other CEXs. But it is always recommended to buy from DEX because it supports the entire functionality of all related tokens and also you get the incentives.
Also Read: Is Shiba Inu Coin a Good Investment?
How To Buy Shiba Leash?
Steps to Buy Shiba Leash:
Step 1: Create Metamask Wallet
You can create it either through the Metamask app or the browser extension on your desktop. The sign-up process is simple and straightforward like any other cryptocurrency platform.
On Metamask wallet, you will receive LEASH, and from there you can sell LEASH as well.
Step 2: Transfer ETH To Metamask Wallet
Metamask allows you to purchase ETH directly or you can transfer it to the wallet if you already have ETH stored in exchanges such as Binance, Coinbase etc.
While transferring ETH, ensure to use ERC-20 Network (because LEASH is built on ERC-20)
Step 3: Connect ShibaSwap To Metamask
On the Shibaswap exchange (after you have created your account that is), click on ‘connect to a wallet’ and choose Metamask.
Step 4: Swap ETH For LEASH
As soon as the ETH is made available on Shibaswap, you can swap it for LEASH tokens (or even the other tokens of the Shiba Inu Ecosystem). Once you have got the LEASH, the same will reflect on the Metamask wallet.
Conclusion
This is everything you needed to know about LEASH. Read more about the token, the ecosystem and its related whitepaper here – https://shibatoken.com/. Do take into consideration the risks associated with putting money on LEASH, it is extremely volatile like any other cryptocurrency token.
