Convert
Singapore Dollar (SGD) to Bone ShibaSwap (BONE) Instantly

Frequently Asked Questions

What does the SGD/BONE pair represent in the digital asset market?

The SGD/BONE pair represents a direct fiat on-ramp, allowing you to purchase Bone ShibaSwap (BONE) tokens using Singapore Dollars (SGD). BONE is the core governance token for the ShibaSwap ecosystem and is designated as the gas token for transactions on Shibarium, its Layer-2 network. This pairing provides direct access from a major fiat currency into a key utility asset within the Shiba Inu ecosystem.

What is the core utility of BONE within the ShibaSwap and Shibarium ecosystems?

BONE serves two primary functions. First, it is the governance token, allowing holders to vote on proposals in the Doggy DAO (Decentralized Autonomous Organization). Second, and crucially, it functions as the gas token for the Shibarium Layer-2 network. This means every transaction on Shibarium requires BONE to pay for computation, similar to how ETH is used on Ethereum. It's also used for staking and providing liquidity on ShibaSwap for yield farming rewards.

What types of fees should I expect when processing a SGD to BONE blockchain transaction?

The process involves several potential fees. First, a deposit fee might apply when you fund your exchange account with SGD via bank transfer. Second, the exchange will charge a trading fee (either a maker or taker fee) for the SGD/BONE conversion. Finally, when you withdraw your BONE to a personal digital wallet, you will pay a network withdrawal fee, which corresponds to the Ethereum gas fee since BONE is an ERC-20 token.

What are the typical methods to buy BONE with Singapore Dollars (SGD) on a cryptocurrency exchange?

To purchase BONE with SGD, you'll typically use a centralized cryptocurrency exchange that supports SGD deposits. The process involves completing KYC/AML compliance, then funding your account using Singapore-based payment methods like a FAST transfer or PayNow. Once your SGD account is funded, you can place an order on the SGD/BONE order book to execute the digital asset purchase.

Are there specific security practices for handling BONE tokens after purchase with SGD?

Yes. After acquiring BONE on an exchange, it is a security best practice to withdraw the tokens to a non-custodial digital wallet where you control the private keys. Since BONE is an ERC-20 token, it is compatible with most Ethereum-based wallets, including hardware wallets for maximum security. Avoid leaving large amounts on exchanges and be vigilant against phishing scams targeting your wallet's seed phrase.

Should I use a centralized exchange (CEX) or a decentralized exchange (DEX) to get BONE with SGD?

For a direct SGD to BONE transaction, a centralized exchange (CEX) is your only option, as it provides the necessary fiat on-ramp and requires KYC. A decentralized exchange (DEX) like ShibaSwap does not handle fiat currencies. To use a DEX, you would first need to buy a primary crypto like ETH or a stablecoin on a CEX with your SGD, then transfer it to a self-custody wallet and swap it for BONE within a liquidity pool.