- Canis, an upcoming lending protocol designed for Shiba Inu’s layer-2 network, Shibarium, is set to boost the ecosystem by enabling users to invest through leverage.
- Leveraging assets, fostering ecosystem growth, generating yield, reducing SHIB supply, and striving to become a marketplace leader are the key offerings of Canis.
The Shiba Inu community is buzzing with the recent revelation of the potential gains that Canis, an impending lending protocol for Shibarium, can provide. As Shibarium’s launch edges nearer, developers are geared up to architect numerous projects on the Shiba Inu (SHIB) layer-2 network, with Canis being one of the promising additions.
Devised by NFA Labs, Canis was designed with the intent to elevate the Shibarium ecosystem. The team at NFA Labs elucidated the benefits that this lending protocol would bring to Shibarium in a recent social media post, underscoring the role of Canis as a vital catalyst for Shibarium’s development.
One of the principal offerings of Canis lies in its capacity to provide leverage to Shibarium users, permitting them to utilize their existing assets as collateral. This will empower users to access additional funds or invest in initiatives within the Shibarium realm, optimizing their assets and contributing to the ecosystem’s expansion.
In boosting the Shibarium ecosystem, Canis will leverage these holdings, fueling Shibarium’s growth. The correlation is simple yet significant—the more users engage with Canis, deploying their assets to invest in projects, the more extensive and fruitful the ecosystem becomes.
Investors with holdings of NFA Labs’ NFAI token will have the opportunity to accrue yields. Canis also plays a role in diminishing the circulating supply of Shiba Inu, though the specific execution plan remains under wraps.
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By generating substantial revenues and ensuring reliable and efficient liquidity on Shibarium, Canis aspires to assert itself as a predominant lending protocol within the ecosystem. These benefits promise to draw more investors towards the Shibarium ecosystem, amplifying its adoption, growth, and consequent SHIB burns.
Project Canis seeks to cement its status as the primary lending protocol on Shibarium by enabling the collateralization of various assets, including Ethereum, stablecoins, and Shiba Inu ecosystem tokens like BONE, SHIB, and LEASH. This non-custodial protocol will supply liquidity to fortify DeFi on Shibarium.
NFA Labs anticipates deploying Canis during the second phase of its development strategy. In response to the query on when the team plans to deploy on Shibarium from Shiba Inu’s project lead, Shytoshi Kusama, during the final test of NFA Labs’ Athena project, the team responded succinctly with “soon.”
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