Shytoshi Kusama, Shiba Inu’s lead developer, shared updates on the development of the SHIB token ecosystem. In a podcast called “Meme Mania and the 36 Chambers of Tech,” Kusama described the roles of SHIB, BONE, LEASH, and the upcoming TREAT token, explaining that these tokens contribute to Shiba Inu’s growth as a decentralized ecosystem.
The community has been looking forward to January 14, 2025, when TREAT will be launched. According to Kusama, this is significant for innovation and marketing within the ecosystem.
Shiba Inu’s Governance System and Utility of SHIB, BONE, LEASH, and TREAT
Kusama discussed each token’s purpose in the Shiba Inu ecosystem. SHIB is the primary governance token for making decisions and fostering active participation within the community. The existence of the SHIB token contributes to the community’s decentralization and guarantees participants’ engagement. On the other hand, BONE is focused on aspects such as technology and infrastructure, such as enhancing the scalability and security of the platform’s users.
The LEASH token provides legal aspects for the ecosystem and ensures compliance with its internal rules and regulations. As Kusama stated, TREAT, set to launch in January, will be involved in the innovation and marketing of the ecosystem, greatly aiding in the growth of it’s decentralized ecosystem. Kusama noted that the TREAT’s introduction would increase community engagement and contribute to the project’s future development plan.
This four-token governance system clarifies that Shiba Inu wants to become even more decentralized and allows the community to make changes actively to affect the project. According to Kusama, decentralizing decision-making provides a roadmap for future growth and development and increased user participation.
The Shiba Inu “Network State” and Its Vision for Web3
Kusama discussed the “Shib Network State” concept, comparing it to the Montevideo Convention when defining state of the network. He stated that Shiba Inu is not just a native meme coin anymore but is evolving into an autonomous entity in the ecosystem. Through its governance system, the project seeks to establish a robust digital territory that includes its members and technological developments. There are other components of Shiba Inu, such as “shib.com,” which is Shiba’s metaverse and digital assets within Shiba Inu’s digital community.
Kusama outlined his vision of making Web3 user-friendly and accessible like Web2. This ambitious goal aims to make blockchain technology more accessible to people worldwide. Shiba Inu plans to increase usage and set new standards in the decentralized ecosystem through an integrated strategy.
Shiba Inu’s Market Performance Amid Market Volatility
Nevertheless, Shiba Inu has continued to evolve, and the tokens associated with this project have rapidly experienced dramatic price changes mainly due to the general tendencies in the crypto market. SHIB and other tokens experienced a decline, with SHIB’s price dropping to $0.00002128, while BONE and LEASH saw dips of 7.09% and 4.32%, respectively. All these declines happened at a time when the market was volatile for most of the cryptocurrencies.
Moreover, it shows that trading volumes for such tokens have increased, indicating a sustained interest in the tokens. For instance, LEASH traders’ trading volume grew by 5.77%, indicating that investors and traders remain active in the market regardless of the challenges. These developments suggest that despite the fluctuating nature of the market, the Shiba Inu’s ecosystem is gradually expanding and gaining more attention from a wide pool of users.