ShadowSwap Crypto Exchange Review: Is This Core Network DEX Worth Your Time?
David Wallace 14 November 2025 18

ShadowSwap Liquidity Impact Calculator

ShadowSwap's trading pools have very low liquidity (24h volume: $477). This calculator shows how much price slippage you can expect when trading on this platform.

Trade Result

Estimated tokens received:

Slippage:

Important: With ShadowSwap's extremely low liquidity, these calculations may not reflect actual trade results. The bid-ask spread is 0.632%, but real-world execution may be significantly worse due to minimal trading volume.

ShadowSwap isn’t another Uniswap. It’s not even close to PancakeSwap. If you’re looking for a big, liquid, well-known decentralized exchange, you won’t find it here. But if you’re curious about what’s happening on the Core blockchain-a quieter, cheaper alternative to Ethereum-then ShadowSwap might be worth a closer look.

What Exactly Is ShadowSwap?

ShadowSwap Finance is a decentralized exchange (DEX) built entirely on the Core blockchain. Launched in 2023, it’s designed to let users swap tokens without intermediaries, earn rewards through staking and farming, and even trade NFTs-all on a network that claims to be faster and cheaper than Ethereum. The platform’s native token, SHDW, powers everything: trading fees (which are zero), staking rewards, and access to its launchpad for new projects.

Unlike centralized exchanges like Binance or Coinbase, ShadowSwap doesn’t hold your crypto. You connect your wallet-MetaMask, WalletConnect, or others-and trade directly from your account. That’s the whole point of a DEX: no middlemen, no KYC, no account freezes. But that also means no customer support if something goes wrong.

How Does ShadowSwap Work?

ShadowSwap uses the Automated Market Maker (AMM) model, which is the industry standard for DEXs. Instead of buy and sell orders like on a stock exchange, trades happen against liquidity pools. If you want to swap CORE for SHDW, you’re trading against a pool of other users’ deposits. The price shifts slightly based on supply and demand.

The platform runs on the Core blockchain, which uses a proof-of-stake consensus and focuses on low fees and fast finality. That’s a big deal if you’re tired of paying $5-$20 in gas fees on Ethereum just to swap a few tokens. On Core, most transactions cost less than $0.10.

ShadowSwap currently supports only 3 tokens and 6 trading pairs. That’s tiny compared to giants like Uniswap, which offers thousands. But it’s not meant to be a general-purpose exchange. It’s a niche tool for the Core ecosystem.

Key Features: More Than Just Swaps

ShadowSwap isn’t just a swap tool. It’s trying to be a full DeFi hub:

  • Shadow Pool (Staking): Lock up your SHDW tokens and earn more SHDW. Rewards are distributed based on how much you stake and for how long.
  • Farms: Deposit LP tokens (from providing liquidity to trading pairs) into yield farms to earn bonus rewards, often in new tokens from early-stage projects.
  • Shadow Launchpad: Get early access to new token launches on the Core blockchain. This is where projects raise funds and users can buy in before listing on other exchanges.
  • NFT Marketplace: A dedicated space for Shadow Puppets NFTs. These aren’t just collectibles-they unlock access to exclusive features like higher staking rewards or early launchpad entries.
  • Multi-Chain Bridging: You can bridge assets from Ethereum, BSC, Optimism, and others into the Core network using ShadowSwap’s tools. This is useful if you want to move your crypto to a cheaper chain.
These features make ShadowSwap feel more like a mini DeFi ecosystem than just a DEX. But here’s the catch: most of these features rely on one thing-liquidity. And liquidity is thin.

Trading Volume and Liquidity: The Big Problem

As of October 2025, ShadowSwap’s 24-hour trading volume is around $477.30 USD. That’s less than what a single large trade on Uniswap might move in minutes.

The SHDW token price is $0.002021, down over 99% from its all-time high of $10.88. That’s not just a correction-it’s a collapse. Either the tokenomics changed dramatically, or the initial hype was built on speculation, not utility.

The bid-ask spread is 0.632%, which is decent for a small DEX, but the normalized trading volume ratio is 1.0, meaning reported volume matches actual activity. That’s rare. Most small DEXs inflate numbers. ShadowSwap doesn’t. That’s honest-but it also means there’s almost no trading happening.

Pageviews? Reported as 0.0. That’s not a typo. No one’s visiting the site. That’s not because it’s broken. It’s because no one knows it exists-or trusts it enough to use it.

User connecting wallet to ShadowSwap, contrasting high Ethereum fees with low Core transaction costs.

Is ShadowSwap Safe?

There’s no audit report publicly available from a major firm like CertiK or PeckShield. That’s a red flag. Audits don’t guarantee safety, but they’re the baseline expectation for any DeFi project.

The Core blockchain itself is relatively new. It launched in 2022 and is still proving its security. If Core gets hacked or loses decentralization, ShadowSwap goes down with it.

There are no known exploits on ShadowSwap so far, but with such low activity, it’s not a target for hackers. That doesn’t mean it’s safe-it just means it’s ignored.

Who Is ShadowSwap For?

This isn’t for beginners. It’s not for casual traders. It’s not for people looking to make quick profits.

ShadowSwap is for:

  • Developers and builders working on the Core blockchain
  • Early adopters who believe in Core as a long-term alternative to Ethereum
  • Liquidity providers willing to take high risk for potentially high rewards
  • NFT collectors interested in Shadow Puppets and their utilities
If you’re just trying to swap ETH for USDC, use Uniswap. If you want to try out a new chain with low fees and a community-driven ecosystem, ShadowSwap might be worth testing with a small amount of crypto you’re willing to lose.

How It Compares to Other DEXs

ShadowSwap vs. Major DEXs (October 2025)
Feature ShadowSwap Uniswap (Ethereum) PancakeSwap (BSC)
Blockchain Core Ethereum Binance Smart Chain
Trading Pairs 6 Thousands Thousands
24h Volume $477 $1.2B+ $450M+
Trading Fees 0% 0.3% 0.2%
Staking & Farms Yes Yes Yes
NFT Marketplace Yes (Shadow Puppets) No Yes
Launchpad Yes No Yes
Community Size Very small Massive Large
ShadowSwap offers features similar to PancakeSwap, but on a much smaller scale. It’s like a startup version of a platform that already has millions of users. The upside? If Core takes off, ShadowSwap could be the first mover. The downside? It might never gain traction.

Anonymous team figure atop fallen giants, lighting up the new Core blockchain with SHDW token as users build DeFi features below.

Should You Use ShadowSwap?

Here’s the bottom line:

  • Don’t invest more than you can afford to lose. SHDW is extremely volatile and illiquid. You might not be able to sell it later.
  • Don’t use it as your main exchange. It’s not reliable enough for daily trading.
  • Do use it if you’re experimenting with Core. If you believe in the blockchain’s future, ShadowSwap is the only native DEX on it.
  • Do try the NFT marketplace if you like collectibles. Shadow Puppets are unique and have real utility inside the ecosystem.
  • Don’t expect customer support. No emails, no chat, no help desk. It’s decentralized. You’re on your own.
ShadowSwap isn’t a scam. It’s just… quiet. No big marketing campaigns. No influencers pushing it. No press coverage. Just a small team, a blockchain, and a handful of users trying to build something from scratch.

If you’re the kind of person who likes being early-not just in price, but in adoption-then ShadowSwap might be your kind of project. But if you want safety, liquidity, and proven track record? Keep looking.

Frequently Asked Questions

Is ShadowSwap a scam?

No, ShadowSwap isn’t a scam. The code is open, the team is anonymous but active on Discord and GitHub, and there’s no evidence of rug pulls or stolen funds. But that doesn’t mean it’s safe. Low liquidity, no audits, and zero user traffic make it a high-risk experiment. Only use money you’re willing to lose.

Can I buy SHDW on Coinbase or Binance?

No. SHDW is only available on decentralized exchanges, primarily ShadowSwap itself and a few small DEXs on the Core blockchain. You won’t find it on any major centralized exchange. To buy it, you’ll need to first get CORE or another token supported on Core, then swap it for SHDW using ShadowSwap’s interface.

What’s the point of Shadow Puppets NFTs?

Shadow Puppets aren’t just art. They’re utility tokens. Owning one gives you access to higher staking rewards in the Shadow Pool, early access to Shadow Launchpad events, and potential future airdrops. Some versions even unlock bridging discounts. They’re designed to reward long-term users, not speculators.

How do I connect my wallet to ShadowSwap?

Go to the ShadowSwap website and click ‘Connect Wallet.’ You’ll see options for MetaMask, WalletConnect, or other EVM-compatible wallets. Make sure your wallet is set to the Core blockchain network. If you don’t have it added, you’ll need to manually input the network details: Chain ID 111, RPC URL, and token symbol (CORE). Once connected, you can start swapping or staking.

Why is SHDW price so low compared to its all-time high?

The $10.88 all-time high was likely driven by hype, speculation, or a short-lived liquidity event. Since then, the token has undergone a massive correction. The current price reflects real demand-or lack thereof. With minimal trading volume and no major partnerships or updates, the market has priced it accordingly. This isn’t unusual in crypto, but it’s a warning sign for anyone looking to invest.

Next Steps

If you’re still interested after reading this:

  1. Set up a MetaMask wallet and add the Core blockchain network manually.
  2. Buy a small amount of CORE from a CEX that supports it (like Bitrue or MEXC).
  3. Send it to your wallet and connect to ShadowSwap.
  4. Swap 1-2 dollars’ worth of CORE for SHDW.
  5. Try staking or joining a farm with a tiny amount. See how it feels.
Don’t go all-in. Don’t chase pumps. ShadowSwap isn’t a get-rich-quick play. It’s a test of belief-in a blockchain, in a team, in a community that’s still building. If you believe in it, start small. If you don’t? There are plenty of other DEXs waiting for you.