SHIBA INU SHIB

Shiba Inu

Shiba Inu is a decentralized ecosystem operating on the Ethereum network. It was created in August 2020 as a parody of Dogecoin, a popular meme-inspired cryptocurrency. The project's name and logo are based on the Shiba Inu dog breed, which is popular on the internet. The symbol of the Shiba Inu token is "SHIB". Due to the project's rapid price growth and high volatility, the SHIB token became a popular choice for crypto traders and speculators.

Key Takeaways:

• SHIB is the main token of the Shiba Inu ecosystem with a total supply of 1 quadrillion SHIB
• Users can trade, provide liquidity or stake their tokens on the ShibaSwap
• Shiba Inu has a collection of 10 000 randomly generated NFTs called SHIBOSHIS
• A Layer 2 blockchain Shibarium with BONE gas fees and implicit SHIB burn is in development
• Shiba Inu has a gaming department operating independently which released a competitive card game Shiba Eternity
• The Doggy DAO ensures decentralized governance of the Shiba Inu ecosystem

Brief History

The project was founded in August 2020 by an anonymous creator or a group called "Ryoshi". The original idea was to create a Dogecoin alternative operating on the Ethereum network, unlike Dogecoin, which has its own blockchain. Shiba Inu was inspired by a Japanese dog breed of the same name.

During the year 2021, the SHIB token gained mass public attention and the price skyrocketed. The first high occurred on May 21, followed by the current all-time high on October 21 ($0.000081). From that point on, the price has been decreasing slowly as the sentiment in the market cooled.

Upon the generation of SHIB tokens, one half of the total amount was sent to the Ethereum co-founder Vitalik Buterin. A notable moment occurred on May 21, when Vitalik donated over a billion dollars worth of SHIB to the COVID-crypto relief fund. This fund was established to support the healthcare system during the second wave of the COVID-19 pandemic in India.

SHIB tokenomics

The total amount of SHIB tokens is hard capped (no additional minting) at 1 quadrillion tokens. As mentioned before, the first half was given to Vitalik Buterin, and the second half was locked into a liquidity pool on Uniswap DEX. This smart contract provides gradual distribution of the tokens to maintain their value.

Several mechanisms were introduced to keep the SHIB price in a desired ratio, such as token burning. Once a token is burned, it is removed from circulation completely, lowering the total amount. The biggest burn in the history of SHIB was conducted by Vitalik Buterin ($6.7 billion) after receiving half of the total supply. However, the original burning platform is being reworked and is currently unavailable - some alternative projects have taken over the role.

Features of the ecosystem

Shiba Inu has developed from being a single meme token into a whole DeFi ecosystem, where users can utilize their SHIB.

Shiba Swap

ShibaSwap is a decentralized exchange (DEX) of the Shiba Inu ecosystem. Users can trade ecosystem tokens such as SHIB, LEASH, and BONE, as well as other Etheruem-based tokens. It utilizes Automated Market Maker (AMM) and liquidity pools. By providing liquidity to the liquidity pools ( "Digging" ), users receive rewards in a form of BONE tokens. These rewards are collected from trading fees of the individual liquidity pool and redistributed to the providers.

All Shiba ecosystem tokens can be staked in the Bury section. Staking tokens means locking them in a smart contract to receive a proportional yield (APY/APR). However, bear in mind that this type of staking does not really serve any purpose - it is done just to incentivize users not to sell the tokens too early.

SHIBOSHI NFTs

A collection of 10 000 unique tokens with randomly generated pixel art. Shiboshis were available for presale on October 14 2022 as a benefit for LEASH token holders. At this time all Shiboshis have been minted and sold out, but can be purchased from their current holders at OpenSea.

Holding a Shiboshi NFT provides a certain level of utility in the ecosystem, such as:

• Direct communication with the developer team and participation in the development
• unique and early information on new releases
• land rights in the Shib Metaverse

Gaming 

Shiba Inu Games is a new company focused on developing games related to the Shiba Inu ecosystem. It has partnered with PlaySide Studios to create its debut game, Shiba Eternity, a competitive card game that will be available on mobile with features such as NFT integration and play-to-earn mechanics. The company operates separately from the Shiba Inu project and has brought on gaming veteran William Volk as lead consultant.

Metaverse

The Shib Metaverse is currently in the development phase, so not much is known at this time. Currently, land pieces are available for sale with a total amount of 100 595. It is expected that the LEASH token will play a key role in this upcoming metaverse.

Shibarium L2

Shibarium is the projected Layer 2 blockchain of the Shiba Inu ecosystem. It will run on top of the Ethereum mainnet and solve issues with scalability and transaction speed. This new blockchain will provide additional utility for the BONE token, which will be used to pay for gas fees. Every transaction on Shibarium will burn a certain portion of SHIB through an implicit burning mechanism.

Shibarium will use a delegated proof of stake (DPoS) model that consists of validators and delegators. Validators create Shibarium blocks and stake BONE to receive interest. In case of malicious behavior of the validator, the staked BONE tokens may be taken from them. Delegators delegate (lend) some of the BONE tokens to validators in order to support the network and gain some part of their interest.

Governance

The Shiba Inu project operates as a decentralized autonomous organization they call "Doggy DAO" and is governed by its community of BONE token holders. Token holders have a say in the direction and decisions of the project through the use of voting mechanisms.

The governance structure of Shiba Inu is designed to be transparent and democratic, allowing token holders to propose and vote on proposals that impact the project. This includes proposals related to fund allocation, project development, and changes to the protocol.