Shiba Inu Tokens – BONE, TREAT And LEASH: A Comprehensive Guide
The Shiba Inu token network, famous for its meme coin status, is progressing beyond speculation and hype. Its tokens, such as BONE and LEASH, rapidly expand the Shiba Inu network’s depth and functionality.
These tokens have gained traction in the crypto market, raising questions about the purposes they serve. While SHIB remains the primary governance token, assets like BONE and LEASH serve more practical use cases within the ecosystem.
The Shiba Inu Token Ecosystem
Shiba Inu was launched in August 2020 by Ryoshi as a direct rival to Dogecoin, which was then the leading digital meme asset. So far, it has exceeded all expectations and has evolved from a meme token built on the Ethereum blockchain to become one of the leading crypto assets, boasting a diverse range of products and services.
The Shiba Inu network’s ecosystem tokens are critical to its success. These tokens play different roles in expanding the network’s capabilities.
Moreover, the Japanese hunting dog-themed cryptocurrency keeps growing in popularity daily, positioning itself as one of the major players in the digital asset market. Below are the primary tokens that drive the operations of the Shiba Inu network.
BONE
Since its inception, BONE, a pivotal secondary token within the Shiba Inu ecosystem, has played an essential role alongside ShibaSwap, the network’s decentralized exchange. The BONE asset started as a governance token that enables holders to influence community-led decisions that shaped Shiba Inu’s trajectory.
Its significance massively grew after the Shibarium went live. BONE is the native gas token for the Layer-2 Ethereum (ETH) scaling solution, covering network transaction fees and solidifying the blockchain’s security.
LEASH
Dubbed the ‘Dogecoin Killer,’ LEASH is a Shiba Inu token having a fixed supply. The Shiba Inu community has redefined LEASH’s role, making it more of a utility asset.
By holding specific amounts of LEASH tokens, members of the SHIB Army have priority access to future Shiba Inu ecosystem launches, like the Shiboshi NFTs (non-fungible tokens). LEASH is also utilized in various ShibaSwap decentralized finance (DeFi) functionalities, such as liquidity yield farming, which allows users to earn crypto rewards in BONE.
TREAT
In July 2022, speculations of an anticipated addition to the ever-expanding list of Shiba Inu tokens surfaced. Then, TREAT, an upcoming rewards token, was teased by lead developer Shytoshi Kusama.
TREAT is touted as the governance token for upcoming Shiba Inu projects, including the Shiba Inu Metaverse. Additionally, reports suggest that the token will serve as a reserve currency, rebalancing and shoring up the peg of SHI, the ultimate Shiba Inu ecosystem token.
SHI
This token was designed to be Shiba Inu’s native stablecoin, intended to maintain a value backed by the US dollar regardless of crypto market volatility. However, SHI’s private launch wasn’t as successful as expected.
Despite much anticipation, progress on SHI has slowed down, and no significant updates have yet to be announced by the team. The official Shiba Inu website contains information about ecosystem tokens and has displayed one blurred-out panel for unreleased tokens.
This raises questions about the fate of TREAT or SHI—whether one has been shelved for the development of the other.
Where To Buy Shiba Inu Tokens
While the ecosystem tokens offer unique opportunities, purchasing them on crypto exchanges is more complex than the popular ones like Bitcoin (BTC). BONE and LEASH are rare on major crypto trading platforms like Binance or Coinbase.
ShibaSwap is the clear choice for those who believe in Shiba Inu’s prospects. This is because exchange transaction fees directly contribute to the overall benefit of the Shiba Inu ecosystem.
Another option is to leverage DeFi platforms such as Uniswap. Those who prefer a more traditional approach can buy BONE and LEASH on smaller crypto exchanges such as Huobi, OKX, and Gate.io.
Pros And Cons Of Shiba Inu Tokens
Like other established crypto assets, the Shiba Inu tokens have generated mixed user reactions.
Pros
Diverse ecosystem: The Shiba Inu network boasts extensive collections of assets, providing users with several utility tokens.
Innovations: Upcoming upgrades like the Shiba Inu metaverse initiative have generated widespread excitement and potential use cases for existing tokens.
Community-driven: Due to the ecosystem’s decentralized nature, developers can create new tokens, which help ensure the growth of the Shiba Inu network.
Cons
Market instability: These meme tokens are known for their extreme price volatility and fluctuations. Two of its tokens, BONE and LEASH, have experienced a 95% drop in value from their all-time highs.
Redundant assets: LEASH was initially adopted to grant access to new product releases, with its utility still unclear to the public. Its future applications are still uncertain, raising questions about its long-term value.
The Shiba Inu protocol and ecosystem is still evolving. Hence, the potential of its tokens can only be imagined.
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