A developer for meme token $SHIB, Shytoshi Kusama dropped updates on upcoming plans within the ecosystem. Capitalizing on the successful launch of their native DEX ShibaSwap, they plan to release a Layer 2 as well as two other tokens. Named $Leash and $BONE, the Shib army seems to be rolling out non-stop despite market conditions.
In the blog post, Shytoshi announced that their stablecoin, $SHI, has seen “Independent development from a group of developers”. Taking a dig at the Terra Luna fiasco, they stated that $SHI would be an “experimental protocol”. Their aim is for $SHI to be a reliable payment method, working despite price volatility.
This would imply moving away from the $LUNA/$UST algo-stable model, and potentially some form of innovation.
If all goes well, the stablecoin should be released this year.
Shib’s Metaverse and Rewards Token
Alongside $SHIB, $LEASH (originally a rebase token), and $BONE (governance token), the Shiba Inu project is planning on releasing its fourth token, $TREAT.
$TREAT will be the central token to the ecosystem’s metaverse, with Shytoshi stating that it will be used for a collectible card game, and also to protect their stablecoin’s peg.
$TREAT will also be a rewards token, likely to spur deeper liquidity and incentivize staking and participation. The project claims that they are currently in talks with a AAA studio to build their metaverse, but there has been no confirmation of this.
While this news may have seen double-digit spikes during the bull market, $SHIB has been trading almost flat since the medium post.
$BONE and $LEASH, on the other hand, are up about 9%, amidst 95% drawdowns since all-time highs. Despite its fall from grace, $SHIB is still within the top 15 by market cap, and higher when excluding stablecoins.
While this project faces heavy skepticism from most of the market, strong network effects have enabled it to retain market share in the bear. One thing to note is that $DOGE is one of the most used cryptocurrencies for retail payments. Should $SHIB find success in its stablecoin, we may very well see it escape from meme currency status.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
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