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Shiba Inu Provides Update Regarding Ecosystem Developments: The SHI Stablecoin, Shibarium

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In the latest blog post, Shiba Inu provides updates regarding the ecosystem developments as outlined under ‘ Riyoshi’s Vision.’  

Riyoshi is the anonymous founder and claims that it holds 0 $SHIB tokens in order to be fair while making decisions for the ecosystem.

Around five months before SHIB climbed its all-time high of $0.00008870, in May 2021, the Riyoshi’s Vision was first released in a Medium article published. 

The document set out plans to create a ‘decentralized and perpetual community on the basis of personal responsibility.

This would be achieved through the launch of four specific features/protocols: Shibarium, the SHI stablecoin, ShibaSwap, and the Shibarium Financial Ecosystem.

Shiba Inu Gives Out Rollout Date

Shytoshi Kusama, a lead developer at Shiba Inu, reveals that all four components are approaching completion. Although, Kusama didn’t provide any details regarding the date, just hinted that one or two would be launched around August to September.

Kausama then gave details on each individual component and pointed out that the ShibaSwap dex is already launched and functional since July 2021. 

Regarding a layer-2 blockchain for Ethereum, Shibarium, Kusama said that soon a hackathon will take place. Shibarium uses the $BONE token to offer low fees to a myriad of projects and provide scaling. 

The SHI stablecoin, an algorithmic stablecoin pegged to 1c, is also close to completion and testing will start soon. Riyoshi was doubtful of which path to take when details of SHI first came out, whether to use a synthetic collateral model or a FRAX-type model, which runs a fractional reserve system and a ‘catcher coin’ to hold the peg.

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SHI, which operates both on ETH and the Shibarium, becomes a global stable currency that is common across all countries are able to use as both store of value and a method of payment.

However, Kausama didn’t provide details on which path the devs would take. Further, these details are available elsewhere. 

Riyoshi anticipates Ethereum liquidity protocols, including Aave, Compound, and Curve, to fork over to Shibarium.

Steve Anderrson

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