Key Takeaways:
Shiba Inu (SHIB), the leading dog-themed meme coin, has announced a partnership with Shiro Neko (SHIRO), an Ethereum-based, cat-themed token, to launch a dual-staking mechanism, aiming to create new earning opportunities for both communities while driving engagement. The collaboration will see both ecosystems introduce a program to allow users to stake SHIB to earn SHIRO, while those who lock up SHIRO will be rewarded SHIB.
The dual-staking initiative will be available for SHIB and SHIRO users starting December 3, 2024.
SHIB Community Questions Legacy of Kusama, and If it Can Be Trusted
Despite the excitement surrounding the partnership, the reactions to the announcement were mixed. While some Shiba Inu community members supported the initiative, believing it could further drive adoption rates for SHIB, others questioned the legitimacy of Shytoshi Kusama, the lead developer of Shiba Inu, and his involvement with the development of Shiro Neko.
Popular Shiba Inu community member Danoshi took to X and jokingly suggested to Kusama that the partnership between the two meme coins “is not scammy”. However, the lead developer replied to the post by stating that he has no involvement with Shiro Neko, requesting the community to not link him to the project.
Concerns surrounding Shiro Neko aren’t new. Last month, Susbarium, a community-led scam awareness channel tied to Shiba Inu, issued a warning after the project conducted a significant token burn, eliminating 5.58 billion SHIB in a single transaction. Following the token burn event, Shiro Neko asked whether they could become friends with Shiba Inu.
A few minutes after the post, Susbarium encouraged Shiba Inu community members to be wary of new token projects as a promotional strategy for their SHIRO token. Although it did not label the token as a scam, it urged community members to conduct due diligence before investing in the asset.
Shiba Inu Releases Liquid Staking Protocol
Last week, Shiba Inu’s lead marketing expert, Lucie, teased about liquid staking options for users. The memecoin ecosystem partnered with K9 Finance, a decentralized finance (DeFi) protocol built on the Shibarium blockchain, and a network associated with SHIB.
K9 Finance provides a liquid staking derivative (LSD) solution that allows users to stake their assets while retaining liquidity. Lucie emphasized that the feature would provide Shibarium participants with more revenue, claiming that users could receive cash rewards of up to $500. However, this prize is only available to new users, who are yet to participate in the network.
It was reported that Shiba Inu launched its liquid staking protocol on the Shibarium network on September 18. The feature will allow users to secure their Bone SHIBAINU (BONE) token and collect rewards while unlocking the liquid staking token kBONE, which can be used internally within the ecosystem.
Shibarium, which is a layer-2 scaling solution for Shiba Inu, has experienced a major surge in liquidity since introducing liquid staking functionality on its blockchain. The network’s total value locked (TVL) reached an all-time high of $7 million before the end of September, as liquid staking activities dominated on-chain activities.
At the time of writing, Shiba Inu (SHIB) is trading at $0.0000000002097 – up 1.62% over the last 24 hours.
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