- The operator of the FUND validator for Unification explained how the Shiba Inu community can participate by purchasing FUND tokens through several exchanges.
- Shiba Community is eagerly waiting for the launch of the Layer 2 scalability platform Shibarium, which is almost production ready.
The Shiba Inu (SHIB) ecosystem is set to get more utility as Unification proposes interesting plans ahead in the pipeline. In a Twitter thread on Thursday, February 16, Ringoishi Tōitsu, the operator of the FUND validator for Unification shared plans of the blockchain tool provider for creating a liquid staking derivative (LSD) for FUND on the Ethereum blockchain network.
Samuel McCulloch, the operator of the BigBossCapital validator, authored the entire proposal, wherein he noted that the LSD will employ FRAX’s novel dual token model, and thus allow users to earn ETH staking rewards and liquidity pool yield.
This would further require the creation of two tokens along with a Curve liquidity pool. Pegged to FUND, the first token aFUND will be used to earn rewards in return for providing liquidity on the proposed aFUND/FUND pool. The second token sFUND will be received whenever the users deposit aFUND in the staking vault thereby accruing staking rewards.
In a further disclosure, Tōitsu added that the fund has already secured 33% of the DAO voting power, and a staggering 98.8% voted in favor. “The vote is ongoing, but 33% of the DAO thus far has voted 98.8% YES as of 7:53am EST 2/17/23,” he wrote.
How Does the Shiba Inu Community Benefit?
As and when the launches in the market, the Shiba Inu Community members can participate by purchasing the FUND tokens either from Uniswap, Ploniex, BitForex, and MEXC Global.
Tōitsu noted that the FUND token is not currently available on ShibaSwap, however, it will be available on the upcoming version ShibaSwap v2 which will run on Shiba Inu’s Layer-2 scalability platform Shibarium.
Interestingly, the Unification team will be responsible for the building of the Layer-2 scalability platform Shibarium. There’s been a lot of buzz around the launch of Shibarium scheduled on February 14 earlier. However, the launch has been delayed due to the development work on its Oracle of Oracles (OoO), which seeks to provide secure price feeds for the protocol.
Shiba Inu’s pseudonymous lead developer Shytoshi Kusama recently stated that Shibarium is ready for launch. However, he added that they would only launch after fellow lead developer Kaal Dhairya is done mourning his father.
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Shytoshi Kusama said that he would be leading the efforts to educate people about Shibarium while detailing some of the core values of the Layer-2 platform. “With Shibarium, we can simply walk away from the systems that oppress us and work together to make a better world with the culmination of all our skills, experiences, and a common vision,” he wrote.
Memecoin Shiba Inu (SHIB) has so far participated in the crypto market recovery of 2023. Currently, SHIB is trading at a price of $ 0.00001321 and a market cap of $7.2 billion. The SHIB price is already trading at over 50% gains year-to-date.
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