"What would happen if a cryptocurrency project was 100% run by its community?"
"A community is held together by hundreds, if not thousands, of interconnected moments. By studying those drawn to our project, we realized that true power doesn’t come from a single perspective, it comes from working together in harmony."
- Shiba Inu Woofpaper
A straightforward question that led to quite a stir in the cryptosphere. This was Ryoshi’s vision. And a great step to achieve his vision, Shiba Inu. Shiba Inu started off as just a meme token and developed into a powerful and growing ecosystem led by the ShibArmy that redefines the tenets of decentralization. In February, the Shiba team had 1000 members. Now, they have more than 80,000 members and yet still more members are joining. Its Reddit community has 200,000+ members and yet it's still actively growing. It even managed to clog the entire Ethereum network once! So, what’s the big fuss? Read on to find out more.
Table of Contents
- Why do we need Shiba Inu ?
- How was Sbiba Inu founded ?
- Shiba Inus ?
- The Team
- The Shiba Incubater
- Amazon Smile
- ShibaSwap’s “Grrr List”
- The tokenomics of $SHIB, $LEASH, $BONE and the soon to come $TREAT
Why do we need Shiba Inu?
Shiba Inu was a project that was made to be manipulated fully by just its community. Crypto assets are decentralized – that’s a prominent feature that distinguishes them from fiat currencies. But are they utterly decentralized? Most cryptos had a central authority in one way or the other, for one reason or the other. Cryptocurrencies that were prosperous and had a huge market cap could just pay journalists, youtubers, tiktokers, etc to promote their assets. XRP / ADA have loads and loads of money and can simply employ the market to generate rich content about them. Ryoshi wanted to see whether a crypto would prosper even through organic growth. And it has.
This made the basis of Ryoshi’s vision. Each member of their community was a cog in the great machine that Shiba Inu became. No one was paid to produce rich content. No central authority that enforces the decisions, not even in the slightest bit. And most importantly, the community is the crowned head. It was developed for everyone, at such a cheap price. And in a constantly changing world, where technology is advancing in light years, we need to find our niche in the crypto market, especially in something like SHIB. But will it really reach the moon, or slump back to the abyss of blockchain? A big question, but without further ado, let’s take the plunge.
How was Shiba Inu founded
Ryoshi had a vision of an organic crypto that is more decentralized than ever, true and a community-driven crypto that consists of an egalitarian society of members. Him and his friends thought that the current ideals of a decentralized world are barking up the wrong tree. So came the rise of Shiba Inu.
In 2019, Ryoshi met an anonymous friend, who was a successful businessman, in the Ethereum Devcon conference situated at Osaka, Japan. Ryoshi shared his vision with his friend who gladly agreed to help him. His friend deployed the smart contract of the Shiba token in the Ethereum blockchain and made an ERC-20 token. Also, his friend gave 10 ETH for liquidity in order to add a trading pair in Uniswap. Ryoshi and his friend minted a quadrillion Shiba Inu tokens, which in turn allowed users to buy billions, even trillions of coins.
Their token mascot was Shiba Inu, a canine hunting dog breed originating from Japan, and they nicknamed their coin the DOGE Killer. Dogecoin (DOGE), another meme coin, was rising ranks in the crypto industry, and naming Ryoshi’s token Shiba Inu was probably to use Dogecoin’s popularity as a stepping stone. Elon Musk, the CEO of SpaceX and Tesla, tweeted countless messages supporting cryptos and Dogecoin which made Shiba Inu pick up steam. Also, half the Shiba Inu in circulation was burnt to Vitalik Buterin, a Russian Canadian founder of Ethereum and crypto billionaire. And burning in this case is not like the traditional burning, i.e. removing some coins from circulation so no one has access. Instead the coins ‘burnt’ to Vitalik Buterin remain in his possession. So, with all those coins, Vitalik Buterin decided to donate 50,000,000,000,000 (50 trillion) coins (1 billion USD) to a Covid Crypto Relief Fund run by MATIC in India. Yet still Vitalik Buterin had 45% of the total SHIB supply. So that means 1 billion USD was just 5% of their supply. And after VB donated some coins to the Covid Crypto Relief Fund, he burned approximately 40% of the supply (410 trillion Shiba Inu coins).
And you may think, with the pumps and dumps of SHIB, Ryoshi might be really rich. But the truth is, Ryoshi also has invested in 0 SHIB and spent no personal money in SHIB, because if he does, he won’t be unbiased with the bull and bear markets.
But he’s not a complete mystery who came out of the blue. Ryoshi was a crypto trader who triumphed with Chainlink. He has been spotted in a picture with Ethereum founder and crypto billionaire, Vitalik Buterin and Ethereum Foundation director Aya Miyaguchi. Also, this picture might have been taken at the Ethereum DevCon Conference, which was where Ryoshi met his friend. Ryoshi also mentioned that he was a successful businessman and Vitalik is successful. So, Ryoshi might be connected to some of the greatest crypto minds.
An internet meme was made for a dog breed called the Shiba Inu, a hunting dog from Japan. This meme became popular around the year 2013. To make a long story short, a dog called Kabosu, of the Shiba Inu breed, was adopted by a Japanese kindergarten teacher called Atsuko Satō when her puppy mill was shut down. Then, the teacher posted several pictures of Kabosu on her personal blog on February 23rd 2010. The pictures also contained another Shiba Inu dog, belonging to the photographer Jonathan Fleming, which wore a scarf on a cold winter night in February 2010. Jonathan Fleming’s wife put the scarf in the wash and made it shrink. These pictures were transformed into memes by adding multicoloured text in the font ‘Comic Sans’ and thus came the formation of doge. With the rising popularity of this meme, several coins related to this emerged and one of them is the SHIB.
To start with, let’s take a quick glance at the ‘Big 5’ of Shiba Inu, the main men behind its voyage in the world of crypto.
Ryoshi is the founder of SHIB. He wanted a pure and unbiased coin that was driven by its community. Ryoshi said that all the coins make ‘promises’ but never implement them. But Shiba Inu would really do something.
Shytoshi Kusama is an unpaid volunteer tasked to carry out Ryoshi’s vision. He is the ‘Manager’ of all things SHIB. Like the other Shiba members, his personal history is covered in secrecy. He often comes into discord, gives updates, Q&A and doesn’t just chat about SHIB. UFOs, astrology, name it – they discuss all those. He works in California, can write code in several different programming languages, has a degree in Business Technology and his field of expertise is social media marketing and community management.
LC administers the SHIBa telegram account and discord and joined the SHIB team right after the first post of Ryoshi in Medium. He also sponsors the discord server. Along with this, he is also entrusted with the responsibility of administering the official twitter account and giving updates on their website. He also tested ShibaSwap. Unlike Ryoshi, LC held 5 trillion Shiba Inu tokens. However, he sold it after the first dip in the price of SHIB. The trading volume was really low, it even touched $0 on some days. But now Shiba Inu’s trading volume maxed at around $500 million. LC sold his holdings right before the surge in price due to Elon Musk’s Saturday Night Live skit on May 8th and his posts about dogecoin. Elon Musk called Dogecoin a “Hustle” during the session and as a result of that, the price of Dogecoin went down, whilst SHIB’s price rose up. And following that, there was another price surge as Shiba Inu was listed in famous exchanges such as Coinbase, Binance and OKEx. If he hadn’t sold all his holdings, he probably would have been a centimillionaire. But that’s how it is in the crypto market. Just like Laszlo Hanyecz’s pizzas.
Shib Informer was just someone minding their own business, inspired by the vision of Ryoshi. And so, in order to show his support towards the project, he made a Twitter account that supported them. Later, Shib Informer was offered the role to be the official tweeter of Shiba Inu by Ryoshi. And he accepted it.
CAT moderates the discord team for approximately a maximum of 14 hours a day. His role in contributing to Shiba is the community manager. He bought some SHIB and LEASH and sold half of it for £10,000. CAT is 25 years old, lives in England and worked on voicecom with Trophias.
ShibaSwap is a DEX released by Shiba Inu. ShibaSwap has many options such as Dig, Fetch, Bury, Swap, Bonefolio and Woof. All the features of ShibaSwap are related to what dogs do. Some of them are yet to come but let’s discuss the available ones now.
First of all, to get started using ShibaSwap, we need to connect it to an Ethereum wallet. Ethereum wallets are like an internet banking app for cyptos. Ethereum wallets allow you to manage your transactions, access your funds, etc. Now, before we get into the features of ShibaSwap, let me briefly explain about liquidity. Liquidity is the ability of a crypto asset to be converted into other crypto assets or cash. A liquidity pool is like a group of secured funds/assets in a smart contract. They are used to facilitate exchanges, lending etc and have many more purposes. A simple form of a liquidity pool consists of two coins that are a pair. Providing liquidity is funding some of our own coins to assist trading in a DEX and earning some income. When we provide liquidity in ShibaSwap, we earn some BONE, another coin in the Shiba Inu ecosystem. When we click on DIG, we can either create our own custom pair or add liquidity to an existing pool. If we dig, we earn an SSLP token. If we dig SHIB, we receive a Shib-Eth SSLP token. If we dig LEASH, we receive a Leash-Eth SSLP token. If we dig BONE, we receive a Bone-Eth SSLP token.
FETCH allows us to move our liquidity from Uniswap or Sushiswap to ShibaSwap. When we do this we earn BONE tokens.
Staking is the process of buying and locking some crypto assets in order to earn rewards. In doing this, we support the security of the blockchain by strengthening its ability to protect itself from attacks. When we stake SHIB we earn xSHIB, when we stake LEASH we earn xLEASH and when we stake BONE we earn tBONE. These tokens (xSHIB, xLEASH and tBONE) are only representations of our tokens that we get back after the time period for which our tokens were staked. xSHIB holders who are part of the SHIB pool are all distributed 3% of the BPB (Bones Per Block). From all ETH transaction fees in ShibaSwap, xSHIB pools 0.1%.
With SWAP, we can trade the tokens that we are holding in order to get other tokens.
The Bonefolio shows your portfolio and the analytics of ShibaSwap. It shows all the stats of ShibaSwap such as the Doggos (gainers), the Puppies (losers), the tokens and so on.
In WOOF, you can stake ShibaSwap liquidity pool (SSLP) tokens and earn rewards. You can also see the tokens ‘Woofed’ till now, ‘UnWoofable’ tokens and the ‘Woofable’ date in the side panel. The USDC, WBTC, DAI and USDT are only for LEASH-ETH Stakers. Also, you immediately earn 33% of your reward. The rest of the reward will be time-locked for 6 months and can be ‘woofed’ after that is over. You can see all the SSLP tokens on the left side of the window and they can be sorted on the basis of the TVL and APR. TVL stands for total value locked and it’s… Well, that’s self-explanatory – it’s the total value in dollars that has been locked. And the APR is the annual percentage rate that is charged for borrowing or earning money. And that’s about all the basics that you need to know for trading in ShibaSwap.
The Shiba Incubator
The Shiba Incubator, previously known as the Artist Incubator, is an NFT project that allows us to bid, trade, view and auction digital artworks. Non-Fungible Tokens are those that we can use to represent ownership of unique items such as art and other collectibles. Each token in the blockchain of an NFT is unique.
SHIB loves Shiba Inu dogs and so, they found a way to protect these dogs. When purchasing with Amazon, if we use smile.amazon.com and select Shiba Inu Rescue Association we can give shelter to Shiba Inu dogs.
ShibaSwap’s “Grrr List”
Shiba Inu only gives WOOF returns to holders that are using ShibaSwap. This feature was introduced as the holders that have the most NFTs are using other exchanges. So, when the holders in other exchanges want to earn ShibaSwap rewards, CEX authorities or someone else doesn’t stake with their coins.
The tokenomics of $SHIB, $LEASH, $BONE and the soon to come $TREAT
SHIB was the first coin of Shiba Inu that started off as just a puppy and a meme coin, but now is something much more. Their DEX, ShibaSwap, is based on SHIB. We can also stake SHIB to earn rewards in the ShibaSwap’s staking pools. When it was initially minted, the price of SHIB was only $0.00000000051, allowing crypto enthusiasts to buy billions upon billions of coins. Even a trillion coins bought when SHIB was first minted would have only been $510! We’ve pretty much covered a lot about SHIB above so let’s move on.
At first, LEASH was planned to be pegged to the price of DogeCoin through a rebase function, which ties the price of a crypto asset to the price of another. Later on, the rebase function was terminated and LEASH’s price surged to around $1000 as compared to dogecoin’s $0.5 value. Similar to SHIB, we can stake LEASH as well in order to earn rewards through DIG and BURY in ShibaSwap. Unlike SHIB, which had a quadrillion coins minted, LEASH only has 107,647 coins minted, explaining the high price of LEASH.
BONE is the governance token of Shiba Inu. This means that, the more BONE you have, the more power your votes will account for in case of any governance proposals by Shiba Inu.
A new token, TREAT, is yet to come. “TREAT is another very special token, but the detailed Tokenomics will be revealed after the release of ShibaSwap with an update to this document.” said Ryoshi in their woofpaper (whitepaper). A whitepaper in cryptocurrency is a detailed guide about that coin, giving readers an insight to that crypto asset and mentions its future plans. ShibaSwap has been released now, but its tokenomics hasn’t been revealed so far.
Well, we covered a lot about Shiba Inu till now. Shiba Inu’s roadmap stands tall and it’s doing well. It has released their DEX, ShibaSwap and is working on the TREAT token. If it continues like this, Shiba Inu may really prosper, but what to make of it – that’s up to you.
Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.