Understand the ShibaInu L2 expansion solution in one article: Can you get rid of the Meme narrative?
The ShibaInu meme-coin is launching a second layer called Shibarium. With a market cap of $6.2B, it will be the second largest L2 solution. That's not all - they're also building their own DEX, NFT, Metaverse and stablecoins. Here's why you should pay attention:
ShibaSwapDEX will be launched in July 2021 with a TVL of $1.66 billion. Today, it has a TVL of just $30 million but generates around $17 million in transaction volume per day.
ShibaSwap provides users with DIG (providing liquidity), BURY (staking) and SWAP functions, and obtains WOOF rewards through its incentive system.
$BONE is the governance token of ShibaSwap.
Even more interesting, $BONE will be used to pay for Gas and reward validators/delegators in the upcoming Shibarium.
Why L2? In 2021, 10,000 Shiboshi sold out in 35 minutes. But high gas fees plagued the sale, which proved to the team that an L2 solution was needed.
The Shibarium L2 testnet should be launched within a few weeks. The number of Shibarium validators is limited to 100 and they need to stake at least 10,000 BONE. Interestingly, while $BONE is used to pay for gas, $SHIB will be burned from the base gas fee.
The stablecoin $SHI is also in the pipeline.
After the $UST debacle, the developers are exploring a new release. There aren't many details yet, but it would be interesting to have a stablecoin backed by a meme token.
Shib will be launching a new rewards token, $TREAT. The reason seems to be to avoid further dilution of $BONE.
At present, $TREAT has not announced too many details, but it will be used for ShibaSwap, Shiba Metaverse, Collectible Card Game, and as a reward for validators. Sounds like there is strong inflation.
Finally, SHIB: Metaverse will be released in 2023. The program has already started selling some of the 100,595 lots. You need to lock $LEASH tokens or Shiboshis NFT, which can be purchased with ETH.
More importantly, SHIB is moving from"meme economics"Token Economics"Token Economics", this is a double-edged sword. Getting rid of the meme narrative means that users will investigate the fundamentals of $SHIB instead of just following the meme narrative.
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