Shiba Inu investors can now earn interest on their SHIB holdings. Euler Finance, the lending protocol activated the meme-token for holders to borrow or lend tokens and earn interest in return. Euler is a noncustodial protocol on Ethereum that permits users to borrow or lend almost any cryptocurrency and earn interest.
“$SHIB was activated on Euler! Users can now borrow or lend tokens and earn interest. Welcome to our community @Shibtoken! #ShibArmy,” tweeted Euler Finance.
Euler Finance also commended the SHIB community for growing into a vibrant ecosystem in less than 2-years since its inception. “SHIB hosts a dedicated community that has grown the token from a meme coin to a vibrant ecosystem with a nearly $16B market cap!” they tweeted.
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Here’s How to Earn Interest From Your Shiba Inu Holdings on Euler Finance
Firstly, users need to download the Euler app and create a log in ID. Secondly, after the verification process is complete, you can click on the ‘Transaction’ button to begin the deposits. An entire list of cryptocurrencies would display in the dropdown and you can select your assets accordingly.
After selecting your assets, click on ‘Approve’ and then ‘Deposit’. The deposited cryptos would remain in the wallet until another user selects to ‘Borrow’ the said asset. When a user borrows your assets, you will start earning interest based on the amount on your holdings.
That’s not all, the decentralized borrowing finance has added more options for the benefit of its users. The other options include hedging positions, shorting, arbitrage trading, and also enabled flash loans through their in-house transaction builder. There is a variety of ways to earn an income in Euler with different asset tiers.
Shiba Inu investors can make the most of their holdings in Euler Finance and earn a steady passive income.
Shiba Inu : The Way Forward
SHIB is taking a beating in the indices as its down -19.3% in the last 7-trading days. The meme-token reached new weekly lows and shed most of its gains. 2022 began on a harsh note as the crypto market experienced a bloodbath with Bitcoin plummeting and eventually dragging all coins down along with it.
The market is yet to be stable and has not fully come out of the slump. However, many investors are seeing the dip as an opportunity to accumulate more Shiba Inu tokens.
Investors believe that 2022 will be a good year for SHIB as the meme-token has many developments to be released. The developments include Shibarium, Shibosis, partnership with Playside Games among many others.
At the time of publishing, Shiba Inu was trading at $0.00002679 and is down -6.3% in the day’s trade.