Shiba Inu gives update on new developments, including the SHI stablecoin

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A blog post from Shi­ba Inu gives an update on ecosys­tem devel­op­ments per ‘Riyoshi’s Vision.’ Riyoshi is the project’s anony­mous founder who claims to hold 0 $SHIB tokens, as doing so would affect his judg­ment and decision-making.

“Don’t wor­ry, the great Shi­ba will reward me in oth­er ways i guess.”

Riyoshi’s Vision was first set out in a Medi­um arti­cle post­ed in May 2021, approx­i­mate­ly five months before $SHIB hit its all-time high of $0.00008870. The doc­u­ment sets forth plans to build a ‘decen­tral­ized and per­pet­u­al com­mu­ni­ty’ based on per­son­al responsibility.

Achiev­ing this would require the roll­out of four spe­cif­ic features/protocols, ShibaSwap, Shibar­i­um, the SHI sta­ble­coin, and the Shibar­i­um Finan­cial Ecosystem.

Shiba Inu lead dev gives tentative rollout date

Shi­ba Inu’s Lead Devel­op­er, Shy­toshi Kusama, said all four com­po­nents of Riyoshi’s Vision — that are in devel­op­ment — are close to com­ple­tion. How­ev­er, Kusama did not give any firm dates, only say­ing that one or more will be com­ing out around August to September.

“I refuse to give any hard dates at this time, but I expect to see one or mul­ti­ple of these tech­nolo­gies before the end of sum­mer or very ear­ly fall.”

Giv­ing fur­ther details on indi­vid­ual com­po­nents, Kusama point­ed out that the ShibaSwap dex is already out and has been oper­a­tional since July 2021.

Shibar­i­um is a layer‑2 blockchain for Ethereum which will use the $BONE token to offer scal­ing and low fees to a ‘myr­i­ad of projects.’ Kusama did not expand on these projects but did men­tion a hackathon is due to take place soon.

The SHI sta­ble­coin is close to being fin­ished, and test­ing will com­mence short­ly. SHI is an algo­rith­mic sta­ble­coin pegged to 1c. When details of SHI first emerged, Riyoshi was unsure about which path to take, either a syn­thet­ic col­lat­er­al mod­el or a FRAX-type mod­el, which oper­ates a frac­tion­al reserve sys­tem and a ‘catch­er coin’ to main­tain the peg.

“The end goal is that SHI (oper­at­ing both on ETH and the Shibar­i­um) becomes a glob­al sta­ble cur­ren­cy that plebs across all coun­tries are able to use as both a store of val­ue and method of payment.”

Kusama did not give details on which route the devs took. And nor are there details avail­able elsewhere.

Details were light on the Shibar­i­um Finan­cial Ecosys­tem. But it is known that Riyoshi expects Ethereum liq­uid­i­ty pro­to­cols, includ­ing Aave, Curve, and Com­pound, to fork over to Shibarium.

Stablecoins have been under fire since the UST disaster

Fol­low­ing the col­lapse of Terra’s UST sta­ble­coin, US Trea­sury Sec­re­tary Janet Yellen has voiced her con­cerns over the ‘rapid­ly grow­ing risks.’

“I think that this sim­ply illus­trates that this is a rapid­ly grow­ing prod­uct and there are rapid­ly grow­ing risks.”

Fears are now mount­ing that reg­u­la­tors will take a heavy-hand­ed approach to sta­ble­coins to pre­vent sim­i­lar occur­rences in the future.

Ilan Solot, Part­ner at Tagus Cap­i­tal, said the whole deba­cle might bring light to the dif­fer­ence between dif­fer­ent types of sta­ble­coin per their peg mech­a­nism. UST oper­ates an algo­rith­mic mod­el, which does not fea­ture reserve assets back­ing it.

Post­ed In: Alt­coins, Meme­coins

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