Despite the immediate success of dog-themed decentralized exchange ShibaSwap, there are warnings the DEX’s liquidity providers are throwing capital into an opaque protocol of questionable security.
Building on the popularity of their Doge-style toke, Shiba Inu (SHIB), amid the Elon-Musk stoked dog-token trading frenzy, the coin’s developers launched their DEX with enticing yield incentives for liquidity providers on July 7.