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A blog post<\/a> from Shiba Inu gives an update on ecosystem developments per \u2018Riyoshi\u2019s Vision.\u2019 Riyoshi is the project\u2019s anonymous founder who claims to hold 0<\/a> $SHIB tokens, as doing so would affect his judgment and decision-making.<\/p>\n \u201cDon\u2019t worry, the great Shiba will reward me in other ways i guess.\u201d<\/p>\n<\/blockquote>\n Riyoshi\u2019s Vision<\/a> 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 \u2018decentralized and perpetual community\u2019 based on personal responsibility.<\/p>\n Achieving this would require the rollout of four specific features\/protocols, ShibaSwap, Shibarium, the SHI stablecoin, and the Shibarium Financial Ecosystem.<\/p>\n Shiba Inu\u2019s Lead Developer, Shytoshi Kusama<\/a>, said all four components of Riyoshi\u2019s Vision \u2014 that are in development \u2014 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.<\/p>\n \u201cI 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.\u201d<\/p>\n<\/blockquote>\n Giving further details on individual components, Kusama pointed out that the ShibaSwap dex is already out and has been operational since July 2021<\/a>.<\/p>\n Shibarium is a layer-2 blockchain for Ethereum which will use the $BONE token to offer scaling and low fees to a \u2018myriad of projects.\u2019 Kusama did not expand on these projects but did mention a hackathon is due to take place soon.<\/p>\n 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<\/a> 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 \u2018catcher coin\u2019 to maintain the peg.<\/p>\n \u201cThe 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.\u201d<\/p>\n<\/blockquote>\n Kusama did not give details on which route the devs took. And nor are there details available elsewhere.<\/p>\n Details were light on the Shibarium Financial Ecosystem. But it is known that Riyoshi<\/a> expects Ethereum liquidity protocols, including Aave, Curve, and Compound, to fork over to Shibarium.<\/p>\n Following the collapse of Terra\u2019s UST stablecoin, US Treasury Secretary Janet Yellen<\/a> has voiced her concerns over the \u2018rapidly growing risks.\u2019<\/p>\n \u201cI think that this simply illustrates that this is a rapidly growing product and there are rapidly growing risks.\u201d<\/p>\n<\/blockquote>\n Fears are now mounting that regulators will take a heavy-handed approach to stablecoins to prevent similar occurrences in the future.<\/p>\n 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.<\/p>\n Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n On-chain analysis<\/strong><\/p>\n Price snapshots<\/strong><\/p>\n More context<\/strong><\/p>\n<\/div>\n Join now for $19\/month<\/a> Explore all benefits<\/a><\/div>\n<\/div>\n\n
Shiba Inu lead dev gives tentative rollout date<\/h2>\n
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Stablecoins have been under fire since the UST disaster<\/h2>\n
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Get an Edge<\/span> on the Crypto Market \ud83d\udc47<\/h2>\n