Shiba Inu, a popular meme coin, plans to expand its ecosystem by launching a decentralized stablecoin as well as a reward token. Shytoshi Kusama, the lead developer of Shiba Inu, announced a new update to the meme currency community. He also revealed plans for a stablecoin, a reward token and a collectible game card for its metaverse.
Kusama admitted that he had a concern after seeing other stable tokens fall and billions of dollars disappear from the market. He teased the launch SHI, an experimental stablecoin protocol.
The developer stated that the SHI stablecoin would be launched if everything goes according to plan.
“We have witnessed independent development from a group decentralized network developers. They submitted a version SHI that appears to avoid issues found in other moonshots,” Kusama wrote, hinting at May’s dramatic collapse of Terra’s UST stablecoin.
Shiba Inu plans to also expand its network using a reward token called TREAT.
According to the blog post TREAT was “quietly designed” and will be widely used across the Shiba Inu ecosystem. This includes the metaverse project and the forthcoming Shiba Collectible Card Game. It has been described as “the most collectible card game ever on the planet.”
Kusama did not provide any additional information, as these are being developed by Playside Games and Shiba Games. He stated that the project deserves its own blog post, which will be published at a later stage.
Shiba Inu’s lead designer said that the TREAT token would also “help balance” the SHI stablecoin.
Developer updates also covered progress on Shibarium, the project’s layer-2 solution. This will allow developers and users to create new applications using the existing blockchain infrastructure.
Kusama stated that the project brought in “a lot of new developers we’ve met over a year to help with the UX/UI, redesign of our web portals, and complement this project.”
He said, “As of right now, everything remains on track and we are moving as quickly as we can in order to complete this core component of our ecosystem.”
However, the public beta launch date of Shibarium has yet to be set.
Shiba Inu is described as “an experiment of decentralized spontaneous community building,” and was launched in August 2020 by Ryoshi, a pseudonymous developer.
Shiba Inu, unlike another popular meme cryptocurrency Dogecoin which runs on its own blockchain and is therefore an ERC-20 token that was built on Ethereum. This means it can also be subject to the network’s development decisions.
Shiba Inu currently holds the 14th largest cryptocurrency market with a total value of $5.7 billion.