The Future of Shiba Inu: Exploring the Potential of Shibarium’s Lending Protocol

Sahana Kiran
Shiba Inu
Source – Unsplash

Shibarium, the highly anticipated layer-2 network of Shiba Inu, has been generating significant buzz within the crypto community. With its beta launch already underway, excitement is building for the network’s official launch scheduled for August. The project team has been actively providing regular updates to keep the community informed about the progress being made. In light of the same, the team recently revealed the importance of Canis in Shibarium.

What is Canis?

Canis is a lending protocol that is expected to play a significant role in boosting the capabilities of Shibarium. According to NFA Labs, Canis will enable users to invest in the network by providing leverage options. This means that users will have the opportunity to borrow funds to amplify their investments on the Shibarium network, potentially maximizing their returns.

Here’s how it is expected to aid Shibarium

Leveraging Holdings for Greater Potential – Canis provides a range of services with the goal of empowering Shibarium users. Leverage of holdings is one of the key characteristics. Therefore, users are able to access extra cash or make investments in projects inside the Shibarium network using their current assets as collateral. Users can maximize the potential of their assets. Additionally, they can also take a leading role in the network and its expansion by leveraging their holdings.

Yield Generation for NFAI Holders – Canis will provide holders of the NFAI token from NFA Labs the chance to earn returns on their investments. This encourages NFAI token owners to take an active role in the lending protocol and furthers the ecosystem’s development.

Fueling Ecosystem Growth – Canis also significantly adds to the growth of Shibarium through its leveraging skills. The network gains from additional liquidity and participation. As more people join Canis and utilize their assets to invest in initiatives. The broader ecosystem is strengthened by this dynamic cycle of leverage and investment.

Supply Reduction Mechanism – Canis’ contribution to decreasing the number of Shiba Inus in circulation is another important feature. Canis is expected to add to the overall tokenomics of Shiba Inu by putting in place measures that assist cut supply. Details about the same are under wraps.

Establishing Market Leadership – By producing significant income and offering a safe and effective liquidity solution, Canis hopes to present itself as a major lending protocol inside the Shibarium and Shiba Inu network.

Additionally, Lucie, a member of the Shiba Inu community took to Twitter to acknowledge this initiative.