Shiba Inu (SHIB)

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Shiba Inu
TypeMeme Coin
Consensus mechanismERC20 on Ethereum
Total supply1 quadrillion
Websitehttps://shibatoken.com/

Basics

History

"I am an independent trader of cryptocurrency for a couple of years and have always been fascinated about the genesis of decentralized communities. To be specific, to what degree are they seeded and guided by invisible hands or can they really grow from seed to something perpetual and 100% community owned in the same way we see BTC or DOGE with no central figure or organization maintaining. So when we design the SHIBA experiment, our goal was very altruistic to give an opportunity for fair distribution and ownership from day 1. This means even if I RYOSHI and my frens setup SHIBA, we have no more potential for ownership that anybody else in the world."

"According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure. The website proclaims "Many doggie wars have been waged over precious treasure and delicious goodies.""

Audits & Exploits

Bugs/Exploits

"Shiba Inu's much-hype layer-2 network Shibarium is off to a rocky start after encountering serious issues just a day after its launch. Examining the network's bridge contract, which ports funds from Ethereum to the layer-2 solution, approximately $1.7 million worth of Ethereum is currently stuck between the two networks. Additionally, $762,000 worth of BONE, a Shibarium governance token, was sent to the contract, as highlighted by blockchain sleuth ZachXBT.

At the time of this writing, no new transactions have been confirmed on the Shibarium chain for over three hours, blockchain data shows. The Shibarium team so far has been staying silent on the matter."

  • On August 22, 2022 Shiba Inu leaked AWS credentials in its public repo.
  • From their blog (1-2-2021):

"Our official twitter got hacked so until we get that back, don’t trust anything published there."

Governance

Admin Key

Doggy DAO

"The Doggy DAO phase 1 will provide “immediate power to the community to decide which crypto projects and pairs on the Shibaswap WOOF Pools will be, and how the $BONE rewards (Allocation Points) are to be distributed amongst them,” the blog post explains. The governance system will leverage $tBONE for votes and $BONE for staking.

“This is a crucial first step, orienting our Decentralized Exchange to grow, while promoting all the benefits to the #Shibarmy from such pairs, and welcoming new investors to use the platform,” the SHIB team says."

Treasury

Token

Launch

"First thing is I had a fren that i met at devcon last year in Osaka who has some influence in the space, we talk sometimes about Crypto philosophy and I told him the vision and he agreed to help. So he made a token contract and put half of it on Uniswap with 10ETH pair (he is successful business man so 10ETH is nothing for him) and threw away the liquidity keys so the ETH or the tokens can never be withdrawn. He then transferred the rest to me to do my part. STEP ONE complete, we have a $SHIB token made and 50% Supply locked into sale contract and the other half to my burning wallet. Thank you fren!"

Token Allocation

"We locked the 50% of the total supply to Uniswap and threw away the keys! The remaining 50% was burned to Vitalik Buterin." For more detail, check Coin Distribution below.

"Buterin burnt 410.24 trillion in Shiba Inu (SHIB) coins on Sunday, worth as much as $6.74 billion at the time of the transaction. The amount burnt also represents more than 40% of all SHIB in circulation."

Utility

Other Details

Stablecoin

"In a Medium blog post, pseudonymous developer Shytoshi Kusama said that "independent developers" are crafting a decentralized stablecoin called SHI. TREAT, the SHIB metaverse's upcoming reward token, will be tied to the Shiba Collectible Card Game. The token will also "help provide balance to" Shiba Inu's stablecoin, the blog post said without describing how that would work. Developers are also reserving "a limited supply" of TREAT for longtime backers of the project."

Coin Distribution

Vitalik's Stash

"His wallet now holds $13 billion of the coin. The most recent deposit to Buterin totaled 3.1 billion SHIB, an amount worth approximately $90,000. Buterin has not commented on whether he is aware of the deposit and whether he intends to sell or hold the tokens, and after a year of holding, a selloff seems unlikely. Nevertheless, the unusual situation makes the coin’s price unpredictable."

"According to The Block, Buterin sold 660 billion SHIB, 140 billion AKITA and 43 billion ELON via those exchanges for a total of about $63 million. However, exchange liquidity soon ran out, leading Buterin to give away the coins instead. He sent more than 50 trillion SHIB ($1 billion) to the India Covid-Relief Fund."

"Vitalik Buterin has burnt 410.24 trillion Shiba Inu tokens, worth more than $6.7 billion. That's 90% of what was left in Buterin's wallet following his 50 trillion SHIB donation last week."

Technology

  • Whitepaper (the Woofpaper) can be found here.
  • Code can be viewed [insert here].

Implementations

  • From their blog (1-2-2021):

"there is only SHIB and LEASH on ETH. There is no binance chain or whatever forks"

How it works

Fees

Upgrades

Staking

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

Privacy Method

Compliance

Their Other Projects

BONE

"BONE Dogecoin Killer is our next token! COMING SOON, Shiba Inu Bone, takes the power of Defi to the next level."

It seems this has been merged with ShibaSwap.

LEASH

"LEASH was originally set to be a rebase token pegged to the price of Dogecoin. Now, it has been unleashed and will not rebase. With a total circulation of ONLY 100k tokens, it has the opposite appeal to Shib (which has a much larger supply). The second token incentivized on the swap offers special rewards for those who provide liquidity."

ShibaSwap

  • An exchange for 'fun tokens' and an 'Artist Incubator'.

Treats

  • Fully Homomorphic Encryption (FHE) blockchain with the token $TREAT. Announced on 23-4-2024.

Roadmap

  • Can be found [Insert link here].

"Shiba Token appears to have few technical goals. Rather, it aims to leverage market trends to climb through the ranks."

Usage

Projects that use or built on it

Competition

Pros and Cons

Pros

Cons

Team, Funding, Partners

Team

  • Full team can be found [here]. "Our volunteer team is small" (3-8-2020)
  • Ryoshi; founder. From UnChained (31-5-2022):

"Ryoshi, the anonymous founder of memecoin Shiba Inu, decided to delete all his tweets and all the blog posts on his Medium page without any notice or comment. “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” Ryoshi had predicted in his previous blog All Hail the Shiba. It looks like the time has come for Ryoshi to disappear."

Funding

  • Raised $12M for their Treats blockchain (23-4-2024):

@MechanismCap, @BigBrainVC, @cypher_capital, @shimacapital, @KeneticCapital, @DWFVentures, @Morningstar_vc, @HerculesVC, @animocabrands, @ForesightVen, @comma3vc, @Woodstockfund, @PolygonVentures, @StakeCapital, @Illuminati_fund, @primalcm ,@stix_co and @spiritdao

"We don’t take investment — who would take the investment? I am just some volunteer also. If you want to contribute we can help you direct your resources (maybe some exchange wants fee, you are welcome to pay) or just go Market Buy SHIB to show support."

Partners

(:

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