1/ Shiba Inu meme-coin is launching its own Layer 2, Shibarium.
At a $6.2B market cap, it will be the second largest L2 solution.
That's not allโthey are building their own DEX, NFTs, Metaverse, and stablecoin, too.
Here's why you should pay attention: ๐งต
At a $6.2B market cap, it will be the second largest L2 solution.
That's not allโthey are building their own DEX, NFTs, Metaverse, and stablecoin, too.
Here's why you should pay attention: ๐งต
2/ @ShibaSwapDEX launched in July 2021 and TVL reached $1.66B.
Today, it stands at only $30M, but generates ~$17M in daily volume.
ShibaSwap gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns through their reward system.
Today, it stands at only $30M, but generates ~$17M in daily volume.
ShibaSwap gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns through their reward system.
3/ $BONE is a governance token for ShibaSwap.
What's more interesting, is that $BONE will be used to pay gas, and reward Validators/Delegators in the soon-to-be-launched Shiba's Layer 2 Shibarium.
What's more interesting, is that $BONE will be used to pay gas, and reward Validators/Delegators in the soon-to-be-launched Shiba's Layer 2 Shibarium.
4/ Why an L2? In 2021, 10k Shiboshi sold out in 35 min.
But high gas fees plagued the sale, proving to the team that an L2 solution was needed.
Floor price: 0.52 ETH. ATH: 2.4 ETH.
But high gas fees plagued the sale, proving to the team that an L2 solution was needed.
Floor price: 0.52 ETH. ATH: 2.4 ETH.
5/ The testnet of Shibarium L2 is supposed to launch in a few weeks.
The number of Shibarium validators are limited to 100 and they need to stake at least 10,000 BONE.
Interestingly, while $BONE is used for paying gas, $SHIB will be burned from the base gas fee.
The number of Shibarium validators are limited to 100 and they need to stake at least 10,000 BONE.
Interestingly, while $BONE is used for paying gas, $SHIB will be burned from the base gas fee.
6/ There's a stablecoin $SHI in the pipeline.
Following the collapse of $UST, the devs are exploring a version that "seems to avoid the issues found in other moonshots."
Not many details are available yet, but having a stablecoin backed by a meme token would have been fun ๐
Following the collapse of $UST, the devs are exploring a version that "seems to avoid the issues found in other moonshots."
Not many details are available yet, but having a stablecoin backed by a meme token would have been fun ๐
7/ Shib will launch a new reward token, $TREAT.
The reason, it seems, is to avoid further $BONE dilution.
Not many details are out yet, but it will be used in ShibaSwap, Shiba Metaverse, the Collectible Card Game, and as rewards to validators, etc. Sounds highly inflationary.
The reason, it seems, is to avoid further $BONE dilution.
Not many details are out yet, but it will be used in ShibaSwap, Shiba Metaverse, the Collectible Card Game, and as rewards to validators, etc. Sounds highly inflationary.
8/ Finally, 'SHIB: The Metaverse' is set to be released in 2023. This is where the Shib ecosystem tokens will meet.
The plan has started selling out part of 100,595 land plots.
You need to lock $LEASH tokens or Shiboshis NFTs, and purchases can be made with ETH.
The plan has started selling out part of 100,595 land plots.
You need to lock $LEASH tokens or Shiboshis NFTs, and purchases can be made with ETH.
9/ @coindesk wrote a good summary on how the Shib Metaverse will work, but a model looks similar to The Sandbox metaverse game.
Buy land -> put pictures and stuff on it -> lend it out-> earn from it -> rinse & repeat.
coindesk.com
Buy land -> put pictures and stuff on it -> lend it out-> earn from it -> rinse & repeat.
coindesk.com
10/ So, why should you care?
They chose to build their own AMM and Layer 2 instead of working together with Uniswap/Sushi or building on Arbitrum/Optimism.
Why pay fees to other protocols if you can keep them in your own ecosystem?
They chose to build their own AMM and Layer 2 instead of working together with Uniswap/Sushi or building on Arbitrum/Optimism.
Why pay fees to other protocols if you can keep them in your own ecosystem?
11/ It also makes me understand the need for Avalanche subnets.
Projects want to pay fees in their own tokens and have more control and customization.
But if protocols choose to build their own L2s or subnets, liquidity will become crystallized โ so secure bridges are crucial.
Projects want to pay fees in their own tokens and have more control and customization.
But if protocols choose to build their own L2s or subnets, liquidity will become crystallized โ so secure bridges are crucial.
12/ What's more, it is moving away from "memenomics" to "tokenomics", which is a double-edged sword.
Moving away from a meme narrative means that users will check $SHIB fundamentals instead of following the meme alone.
If fundamentals ๐, price will also ๐.
Good for $DOGE
Moving away from a meme narrative means that users will check $SHIB fundamentals instead of following the meme alone.
If fundamentals ๐, price will also ๐.
Good for $DOGE
13/ What's your thoughts on this?
Follow me @DefiIgnas for more.
Like/Retweet the first tweet below if you can:
Follow me @DefiIgnas for more.
Like/Retweet the first tweet below if you can:
Loading suggestions...