SHIBASWAP Review - Are you Woofing Serious????
Shibaswap swaps makes me very happy using HIVE!
Shibaswap Fees are way too HIGH, coupled with Failed Transactions, lost fees, using it is a very stressful experience!!!! I used shibaswap a few times in the past week, however today I ran into trouble when it failed on me! None of my swaps went through, probably because crypto was dipping causing network congestion.
I thought I was paying plenty for gas fees, boy was I wrong? I was just using the same shibaswap defaults, however I had one failed transaction, a dropped tx, and now two perpetually stuck transactions.. Basically, using any ETH based swap is the worst user experience ever. Hopefully SHIBA will migrate to their own blockchain soon in the future, but until then I don't think I'm going to be doing much, if any swapping, woofing, farming, or burying any more.
All I tried to bury was three hundred dollars worth of shib,, but the fees were so high they took well over $100 of it or 1/3rd of my money to do so. First crypto cro took a huge fee to send the ETH, then there is another medium sized fee to swap to SHIB, large fee to buy leash, and Leash, a medium fee to bury of course, and a supersized fee to add liquidity pairs. Finally I was never able to get my LP in the farm, that's where I got stuck and it kept failing. The only positive is that after you get staked, supposedly you will earn some of the extra Shibaswap fees from other users.
So when your transaction fails, you get totally ripped off, it's always a risk using SHIBASWAP!
All in all the swap seems seems to be built more like a giant ponzy scheme on the back of an old dinosaur Ethereum network.
I say ponzy scheme because some of the burying rewards are just based off a greater fool rushing in after you, so if no one else keeps using it there won't be any more of these big burying and farming gains.
My other worry is that what if I can't get out of the swap in the end in a few years?
What-if in the distant future fees become astronomical? I don't feel comfortable locking up a lot of funds in the swap, I have a little bit in there, and will leave it at that. I expect it may take a very very long time to simply make back the fees it cost me to get it there, and all this spells scam for the small users. We'll see, if anything changes and it's turns out to pay me back faster, I'll surely post about it here. So far they don't even show you the bury rewards for a week, leaving a lot to the imagination.
This is what 300 dollars worth of Eth got me on Shibaswap - much Joke on me!
I like to give everything a benefit of a doubt, unfortunately after testing out Shibaswap I really wouldn't recommend it to the casual small user.
Unless you're a rocket scientist that can calculate every nuance of the fees, or a big eth whale and don't care about money, then Shibaswap is not for you.
I still think Shiba may have a future, if everything about the current setup changes!
The main thing going for shiba is that it does appear to have a big following, so I think somehow the coin will end up rising in price anyway(due to inflation) like ETH did. Seems like people are brainwashed around the token, and they are going to continue to keep buying it and wasting fees on it no matter what?? Since Shiba's really still just a joke meme token at the moment with an unusable swap, the devs know this and hold a lot of coins and eventually will want the price to rise so the y can make money, there is a high probability they will figure out a better plan to make it more user friendly in the future!! If they didn't rip me off so hard using it I would not have a reason for this bad review, so in time they will be forced to change or get everybody to turn on it like me.
The best bet for now, if you must have some SHIBA, is to hold it and keep it liquid so you can trade it and sell it on the spikes.
SHIB is a traders coin, there is one quadrillion coins max supply, so there will probably always be tons of sell pressure on the spikes! The passive alternative to trading, and using shibaswap is to simply stake the tokens on cryptocro with crypto earn and take the lower percent roi while you wait for it to moon in a few years from now after btc halves.
One benefit to using Shibaswap: it was a learning experience!
What I learned from using Shibaswap is that HIVE is still the KING, HIVE will be the best solution for all this swapping stuff in the future! Maybe we can add SHIBA to Hive-engine and start now? Using Ether based swaps really makes me appreciate using the HIVE blockchain more and more, and gives me high hopes for the price of HIVE in the future. Using HIVE gives me a piece of mind that I don't get with using shibaswap on Ethereum, so all in all I would say to not concentrate on Shiba, and buy HIVE instead!