- The Shiba Inu community is poised to benefit from Canis, an upcoming lending protocol on the Shibarium Layer-2 network, aiming to enhance user engagement and network growth.
- Canis aims to offer multiple benefits to the Shibarium ecosystem, including leveraging holdings, facilitating ecosystem expansion, and reducing the circulating supply of Shiba Inu.
As the launch of Shibarium, Shiba Inu’s (SHIB) Layer-2 network, draws closer, a new lending protocol named Canis, designed by NFA Labs, is garnering significant attention. The protocol promises to enhance Shibarium’s functionality and growth, providing a suite of benefits to the ecosystem, recently disclosed by the team behind the project.
NFA Labs took to social media to underline Canis’ role in the Shibarium landscape. They emphasized that the lending protocol’s introduction will enable users to invest in the network through leveraged means, boosting its growth potential.
Canis is structured to deliver several key services to users on Shibarium:
- Leveraging Holdings: Canis will facilitate users to leverage their holdings on Shibarium, implying they can utilize their existing assets as collateral to access extra funds or invest in Shibarium-based projects. This feature enhances users’ ability to optimize their assets and contribute to the ecosystem’s expansion.
- Ecosystem Boost: As users employ their assets to invest in Shibarium projects through Canis, the ecosystem experiences a surge in growth and expansion.
- Yield Generation: Holders of NFA Labs’ NFAI token will have the opportunity to generate yield on their holdings.
- Supply Reduction: Canis will have a hand in curtailing Shiba Inu’s circulating supply, although exact mechanisms for this remain unspecified.
- Marketplace Leader: By generating sizeable revenues and ensuring secure, efficient liquidity on Shibarium, Canis sets its sights on emerging as a frontrunner among lending protocols in the ecosystem.
These benefits are likely to attract a larger pool of investors to the Shibarium ecosystem, fostering its adoption and holistic growth. A spike in Shibarium’s adoption will boost transaction fees, leading to increased SHIB burns. Lucie, a member of the Shiba Inu marketing team, has praised NFA Labs for their pioneering efforts in a response to these updates.
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Canis aims to take the reins as Shibarium’s main lending protocol, allowing for the collateralization of various assets, including Ethereum, stablecoins, and Shiba Inu ecosystem tokens BONE, SHIB, and LEASH. The protocol will act as a non-custodial conduit, supplying liquidity to fortify DeFi on Shibarium.
The team at NFA Labs anticipates rolling out Canis during the second phase of their development plan. The question of when they plan to deploy on Shibarium was put forth to NFA Labs during the final Athena project test in January, to which the team responded “soon.”
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