6 Things you Need to Know About Shiba Inu (SHIB)
Ryoshi, SHIB/LEASH/BONE/TREAT tokens, Bury & Dig mechanisms, and More!
Shiba Inu is a MEME project, born in 2020. The founder(s) and developers of the project are anonymous and the token does not have any real use case. The community around the project is promoting SHIB as a DOGE killer token.
In this story, I am going to explain 6 things you better need to know about this project. For more info, you can also check the official documentation of the project here.
#1 — Ryoshi
Ryoshi is the anonymous leader of the Shiba Inu project. Throughout the documentation of Shiba, “his” pronoun is used to make references to Ryoshi. Yet, his full identity is unknown. Here are some of the references to his name from the Whitepaper of Shiba Inu project:
While the term DeFi literally includes the word decentralized, this is in reference to economic status as opposed to its internal hierarchy. Our founder, Ryoshi, said this of our beginnings, “We are an experiment in decentralized spontaneous community building(…)”
2021 opened our eyes to how little control the average person has in the face of these overarching, generational structures when GameStop and AMC stock value exploded seemingly overnight. WallStreetBets tested the waters of what it would look like to disperse control to consumers and inexperienced investors alike. MonthsMonths before any of these events made international news, Ryoshi was already setting his 100% community-based, cryptocurrency experiment into motion.
Ryoshi approached the creation of our community from a unique perspective. “We believe through the power of collective decentralization we can build something stronger than a centralized team ever could create. A community-run token is nothing without the united individuals who give it purpose.
We are proud of where the Shib Army originated and equally excited for our future. Our founder, Ryoshi, chose to start Shib from nothing, and gave the direction of the currency to our army (which rapidly grew to be over 120,000+ members strong).
#2 — SHIB as an ERC-20 token
SHIB is an ERC-20 token deployed on the Ethereum blockchain.
At the time of writing this story, SHIB was ranked 6th among all ERC-20 tokens.
According to the developers of the project, SHIB was launched on Ethereum because:
- Ethereum is already secure and well-established.
- Ethereum has high levels of decentralization.
- Ethereum is less subjected to regulations.
- Ethereum will eventually have fast and cheap transactions with ETH 2.0.
#3 — SHIB, LEASH, BONE, and TREAT tokens
SHIBA INU ecosystem has three main tokens:
- SHIB is the main token of the ecosystem. The maximum supply of SHIB is 1 quadrillion tokens.
- LEASH initially was a rebase token tied to the price of the dogecoin. Now it is a simple ERC-20 token. The maximum supply of LEASH is 107,647 tokens.
- BONE is the governance token of the ecosystem. It is only available on ShibaSwap. The maximum supply of BONE is 250,000,000 tokens.
All these three tokens can be staked. Moreover, they can be used with other pairs to provide liquidity on SushiSwap or other platforms such as Uniswap V2.
The anonymous team behind the Shiba Inu project also promised to release a new token called Shiba Treat (TREAT). The details about the use case of this token and its tokenomics are yet unknown!
#4 — ShibaSwap
ShibaSwap is the DeFi protocol (decentralized exchange) of the Shiba Ecosystem. At the moment of writing this story, the following options are available through this protocol:
- DIG: to provide liquidity and earn BONE rewards.
- NFTs: to buy and sell NFTs (shiboshis).
- Bury: to stake tokens and earn rewards.
- Swap: to swap tokens (under construction).
- Bonefolio: to see ShibaSwap’s analytics
- WOOF: Stake Shiba Swap Liquidity Pars (SSLP) & Claim Returns (double yield).
Not all these options are fully functional now. The team behind the project promised to add more features as the project grows. For example, they promised to onboard more than 500 new pairs by the end of 2021!
#5 — Bury & Dig
Bury and Dig are the fancy terms in the Shiba ecosystem. In simple words, bury means staking, and dig means liquidity providing.
SHIB, LEASH, and BONE tokens can be buried (staked) on ShibaSwap. In return, the platform will give xSHIB, xLEASH, and tBONE rewards.
To be more specific, once SHIB tokens are staked, users are eligible to receive the following incentives:
- xShib as share of the pool
- 3% BONE Minted per block
- 0.3% of all Ethereum Transaction Fees.
Users can also provide liquidity (DIG) to the ShibaSwap Liquidity pars (SSLP). These pools will distribute rewards in the BONE tokens.
The amount of the incentive will depend on the liquidity allocation, and there is no clear explanation on this mechanism yet.
#6 — Story behind the SHIBs of Vitalik Buterin
Once the Shiba Inu project launched in August 2020, half of its supply (half quadrilion tokens) were put into Uniswap. The remaining 50% was sent to Vitalik Buterin’s wallet.
Vitalik almost instantly sent all received tokens to India Covid-Crypto Relief .
India Covid-Crypto Relief was founded by Sandeep Nailwal, who is also the co-founder of Polygon (Matic) project. It is a community-run fund delivering relief during the ongoing Covid crisis in India.
In January 2022, Sandeep announced that they will return the funds received from Vitalik, mainly to avoid the potential legal issues they may confront in the future.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.
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