Shiba Inu

An anonymous individual/group created Shiba Inu under the pseudonym “Ryoshi” in July 2020. According to the project whitepaper, the founding purpose was to become a full community-run meme project. In May 2022, Ryoshi announced their departure from the protocol.

The project’s decentralized exchange, ShibaSwap, was launched on Ethereum on July 6, 2021. ShibaSwap provides in-app staking (SHIB, BONE, LEASH), swapping, liquidity provisioning, and yield farming (LP token staking). Rewards earned from staking in-app tokens or staking LP tokens received from liquidity provision are in BONE. Additionally, users can vote (Doggy DAO) in community governance by using BONE and can burn SHIB in Shiba Inu’s burn portal to earn RYOSHI rewards. BONE is the governance token of Shiba Inu, and staking BONE for tBONE enables users to vote on governance proposals.

The protocol launched a Layer-2 Proof-of-Stake (PoS) blockchain on Aug. 16, 2023, to create an ecosystem of decentralized applications. Shibarium will also be used to facilitate automatic burns of SHIB, which was previously expected to be implemented in January 2024. Shibarium validators and delegators stake ERC-20 BONE on Ethereum to validate transactions on the network. Lastly, users can bridge tokens, e.g., SHIB, from Ethereum to Shibarium.

Upcoming products are planned to include (1) a Shiboshi NFT marketplace, (2) Shiba Inu Metaverse, where users will be able to purchase digital land in the Shiba Inu Metaverse, (3) more Shiba Inu games, (4) SHI, an algorithmic stablecoin with a full Shibarium Financial Ecosystem (SHIBFE), (5) Shib Name Service, a wallet address service, and (6) TREAT, an upcoming reward token for validators and delegators on Shibarium.

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