- One of Ryoshi’s original long-term visions, SHI, is reportedly developing as Shiba Inu’s marketing lead drops details and expects contributions.
- Based on the original idea, SHI could be pegged at $0.01 and is being designed to mitigate the risk of price manipulation.
Shiba Inu (SHIB) marketing lead Lucie has announced that the developer team is currently working on the development of SHI stablecoin, one of pseudonymous founder Ryoshi’s long-envisioned projects. According to her, this stablecoin would significantly enhance the Shibarium network and the ecosystem by providing a reliable framework for Decentralized Finance (DeFi).
A Brief Introduction to SHI Stablecoin
In her latest post on X, Lucie introduced the asset as a key development for stability and utility in the Shibarium ecosystem. According to her, Ryoshi first unveiled this asset in 2021 with the primary intent to operate as a stable and decentralized currency. However, the recent technical and regulatory challenges existing stablecoins face have forced the project team to resort to a cautious approach to make it a secure and sustainable option.
The SHI Stablecoin: A Key Development for Stability and Utility in the Shibarium Ecosystem. The SHI stablecoin is a crucial development within the Shib ecosystem, currently in the works and not yet released. Its introduction is expected to significantly enhance the Shibarium… pic.twitter.com/UyrJgnYR45— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 26, 2024
Over the past several months, Developers Shytoshi Kusama and Kaal Dhairya have explained that SHI is still under development and going through a series of tests before the official launch. This implies that the asset will be integrated into the Shiba ecosystem once the infrastructure is fully ready.
For efficient implementation, Lucie also highlighted that the community has been largely involved with ongoing discussions focused on the use of collateral options to support its peg. Based on the original idea, SHI is expected to be pegged at $0.01. However, the specific mechanism to attain this level has not yet been disclosed.
What Could be the Importance of the Stablecoin to the Ecosystem?
Lucie outlined ten main points in terms of its contributions to Shibarium, the first of which focused on price stability. According to her, SHI would ensure that the risk associated with the transaction of a fluctuating crypto asset is offset through the provision of a reliable value. SHI would also enhance utility by enabling seamless transactions within the ecosystem. Per her post, this would position the asset for daily usage, including payment and remittances.
Another expected importance of SHI is its liquidity provision. This implies that users would be able to carry out trade and transactions on the network without impacting the price. On top of that, SHI would trigger an increased adoption, serve as a foundational asset for DeFi applications, simplify the onboarding process for crypto newbies, and empower the community by allowing users to maintain value within the ecosystem.
Analyzing her post, CNF also discovered that the upcoming SHI stablecoin could tend to secure transactions while improving interoperability with other blockchain platforms and traditional financial systems. In addition to that, it has the ability, just like any other stablecoin, to mitigate risks of price manipulation and sudden market changes.
This discovery came soon after Lucie disclosed an upcoming “big announcement” that would trigger extreme excitement within the Shib ecosystem. As we reported, the Shiba team is working on several projects, including SHIB Metaverse, Shib Marketplace, and TREAT token. However, Lucie hinted that this announcement could be about a completely “new world.”
At press time, Shiba Inu was trading at $0.00001644 after surging by 10% in the last 24 hours and 16% in the last seven days.
