Lead developer behind Shiba Inu (SHIB) Shytoshi Kusama has announced a new update for the meme coin community, announcing plans to launch a stablecoin for the SHIB ecosystem, a reward token and trading card game for its metaverse.
Admitting to an “existing concern after seeing other stablecoins crash and billions of dollars completely wiped from the market,” Kusama teased the launch of SHI, an experimental stablecoin protocol.
If all goes according to plan, the SHI stablecoin will launch as early as this year, the developer said.
“We have seen independent development from a group of developers in our decentralized network. They have submitted a version of SHI that appears to avoid issues seen in other moonshots,” Kusama wrote alluding to the stablecoin’s dramatic collapse. Terra UST in May.
Shiba Inu also plans to expand its network with a new reward token called TREAT.
According to the blog post, TREAT was “quietly crafted” and will have broad application across the Shiba Inu ecosystem, including the project’s Metaverse Project and the upcoming Shiba Trading Card Game, described as “the best game in collectible cards on the planet”.
Kusama didn’t provide any additional details, which are being developed by Playside and Shiba Games, saying it deserves a separate blog post that will come at a later stage.
The TREAT token will also “help balance” the SHI stablecoin, the lead developer of Shiba Inu added.
The Shiba Inu Community Aims For The Metaverse
The developer update also included updates on the progress of Shibarium, the project’s Layer 2 solution that will allow users and developers to build new applications on existing blockchain infrastructure.
According to Kusama, the project was successful in attracting “a host of new developers that we’ve met over the past year to help us with the UX/UI and redesign of our web portals to complete this project.”
“For now, everything is still on track and we are moving as quickly as possible to complete this essential component of our ecosystem,” he added.
The launch date for the Shibarium public beta, however, is yet to be determined.
Described as “a decentralized spontaneous community building experience”, Shiba Inu was created by a pseudonymous developer under the alias Ryoshi and launched in August 2020.
Unlike another popular cryptocurrency Dogecoinwhich runs on its own blockchain, Shiba Inu is an ERC-20 token built on Ethereumwhich means that it is also subject to network development decisions.
With a market capitalization of over $5.7 billion, Shiba Inu is currently the 14th largest cryptocurrency in the world.
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