The Shibarium Ecosystem – Are the Three Tokens Worth the Purchase?

Key Takeaways

  • The Shibarium ecosystem was created by a trader with the pseudonym “Ryoshi”.
  • The final vision of Shibarium is to build a decentralized ecosystem that can be launched from zero and grown without any vested interests primarily driving the development or price in any one direction. 
  • This started as an experiment in total decentralized community-led governance that became a multi-billion dollar project. 
  • Ryoshi started the project from zero and launched it without fanfare, and neither the team nor Ryoshi has any locked tokens to influence further action.  
  • All development of the Shibarium ecosystem is voluntary. 

The Shibarium Ecosystem has several layers that work in unison even though it has no central person or team leading it. The roadmap has one final goal which is to use blockchain as a global and immutable system to exchange value. 

Based on this one vision, the Shibarium experiment was started to see if this goal can be achieved with the following conditions:

  1. There is no founding person or team directing development.
  2. No one has any locked tokens and therefore any financial gain or loss is done based on community decisions and actions.  
  3. All of the tokens were available from day one and anyone who holds any token purchased or earned their holdings.
  4. No official partnerships or promotions are being done; everything is based on who volunteers and then takes further action on their inspiration. 
  5. The community must wholly own and maintain its own decentralized exchange- the ShibaSwap. 

To ensure proper decentralization, two key ingredients were required:

  1. A blockchain was needed that could minimize fees but still ensure fast transaction processing and settling. 
  2. A decentralized exchange (DEX) that kept no or low fees for its users.

The Shibarium blockchain as a standalone concept is a layer 2 solution that includes three main tokens as a part of the total ecosystem.  This solution was formulated and then created by a team of developers who voluntarily undertook the work. The point is to have true decentralization for the community while keeping the transaction fee near zero but maintaining excellent transaction speed. 

The three tokens for the Shibarium blockchain are:

  1. Shiba Inu ($SHIB)
  2. BONE
  3. LEASH Token

Each token is designed to serve a different purpose within the ecosystem: burning, staking, and issuing rewards. 

The Shiba Inu token was launched in 2020 and is based on the Ethereum network; this is considered the key token for Shibarium. Based on the woofpaper (the whitepaper for $SHIB), $SHIB is used to provide liquidity, and once staked, it is used to generate the BONE token. 3% of all BONEs generated as well as 0.3% of all ETH swap transactions that occur on the DEX are pooled and then redistributed to the holders of $SHIB. Therefore by staking or providing liquidity via the DEX holders are doubly rewarded for participating in the community.  

$SHIB is available on the Binance, Coinbase, Bybit, OKX, Kraken, KuCoin, and ShibaSwap platforms. When using the centralized exchanges, a user must sign up for an account and pass the KYC/ AML requirements before being able to trade. To use the decentralized exchange, a user must connect their wallet for example MetaMask, Wallet Conntect, or Coinbase wallet then swap based on the available pairs. 

BONE is the passport to the Shibarium blockchain as it covers governance within the DAO, gas, and it can be staked for rewards. For example, each staked BONE gives the holder access to 1% of a pool that grows with each block. Additionally, by providing liquidity on ShibaSwap, there is a 0.3% return distributed for all DAI and USDT transactions done on the platform. The total supply of BONE is 250 million tokens and it is only available on the ShibaSwap platform. 

Designated as the DOGE killer, the original idea was to have a LEASH rebase thereby assuring price stability over token holding, instead, it exists as an ERC20 token for holders. There are only 107,646 LEASH tokens, and this is the one token designed only for the Shibarium ecosystem’s loyalists. Holders of this token enjoy perks including the most BONE rewards, Shiboshi NFT minting access, and early entry to the Shib Metaverse land sales. Just as with BONE, LEASH is available on the ShibaSwap platform and is currently priced at $404 per token. 

Conclusion

The Shibarium ecosystem is an experiment that aims to organically grow a token from zero and with zero financial input into a wholly community-governed, lead, and open project. The three tokens in the system help to encourage different behaviors all designed around giving the token holder a reason to opt into behaving in an altruistic fashion because of a belief in the ecosystem rather than a hope for infinite upward gains. According to the founder, the final measurement of success is when the Shibarium ecosystem becomes the preferred global medium of exchange while being completely decentralized from all forms of power, including government and/or mining consortiums.

Via: 2Usethebitcoin.com

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