The Shiba Inu community’s hopes that the SHIB ecosystem stablecoin is ready for launch were dashed today during a debate in the official Shibarium channel on Telegram by one of the local admins, Ragnar Shib.
With reference to the impending TREAT token, he also voiced a strong caution.
SHI stablecoin not deployed yet
Administrator Ragnar Shib calmed down numerous SHIB users during a conversation when they appeared to think that the Shiba Inu ecosystem stablecoin SHI had already been deployed but hadn’t yet been made public.
The leader of Shiba Inu, who goes by the alias Shytoshi Kusama, addressed the community about SHI in a blog post last year. After the UST stablecoin produced by the Luna Foundation Guard collapsed, that occurred in June.
Concerns about the stablecoin’s depegging and USDN’s as well led to a slowdown in SHI development. To complement SHI, Shytoshi stated that the development team may construct its own, separate decentralised protocol; this would be an unadulterated experiment.
Explaining purpose of TREAT
Ragnar Shib also urged the neighbourhood to exercise caution and avoid falling for tricks. He said that con artists may advertise their cryptocurrencies by claiming to be a component of the Shiba Inu ecosystem.
This isn’t accurate, though, according to the admin, unless this token is referred to in the official announcements.
He gave the TREAT token as an illustration, which Shytoshi Kusama had also previously stated will be implemented last year. The SHIB ecosystem will include the real TREAT. According to Ragnar Shib, it will be utilised as a “reward for staking and for liquidity, among other things.”
The SHIB army was also alerted in March of this year by the marketing content specialist of the SHIB team, @LucieSHIB, that scammers are creating tokens with the name TREAT and targeting easy-to-deceive investors. This warning was issued following the publication of screenshots of TREAT transactions made on the Shibarium testnet (Puppynet), which went live on March 11, by a number of SHIB users on Twitter.
In addition, Kusama had informed the public that all tokens used on Puppynet were fake and were solely used for testing. According to the chief creator of SHIB, these tokens will never be traded for real cryptocurrency anyplace, so users shouldn’t anticipate making money off of them.
