- Canis is one of the many projects developers getting ready to launch on the Shiba Inu (SHIB) layer-2 network.
- NFA Labs developed Canis primarily to improve the Shibarium environment.
The recent announcement of Canis, an upcoming financing system for Shibarium that has the potential to bring in large earnings, has the Shiba Inu community abuzz. Canis is one of the many projects developers getting ready to launch on the Shiba Inu (SHIB) layer-2 network. This is in anticipation of the impending introduction of Shibarium.
NFA Labs developed Canis primarily to improve the Shibarium environment. The NFA Labs team recently tweeted about the benefits this loan mechanism will bring to Shibarium, highlighting Canis’ critical involvement as a driving force behind the creation of Shibarium. One of the key features that Canis has is the ability to give Shibarium users power and let them use their existing assets as collateral.
Additionally, users can access more money or invest in projects within the Shibarium universe, maximizing their resources and helping the ecosystem grow. Canis will use these assets to strengthen the Shibarium environment, fostering Shibarium’s expansion.
The relationship is straightforward but important: the more consumers utilize Canis and spend their resources on initiatives, the larger and more successful the ecosystem grows. According to the tweet, Individuals who possess the NFAI token from NFA Labs are eligible to receive yields.
Canis, our lending protocol, is designed to accelerate the Shibarium ecosystem. It allows users to leverage their holdings to invest in projects on this L2, providing a boost to the entire ecosystem.
Canis lends its users an array of advantages in the dynamic world of… pic.twitter.com/GWggBxqdUF
— n=f(a) (@nfalabs) June 8, 2023
Canis creating a Revolution
Canis is active in limiting the number of Shiba Inus in circulation. However, the specifics of the plan of action remain undisclosed. Canis strives to establish its dominance as a leading lending protocol within the Shibarium ecosystem by generating significant revenues and maintaining dependable and efficient liquidity.
These advantages are anticipated to attract more investors to the Shibarium ecosystem, leading to increased adoption, growth, and consequent SHIB burns.
The main objective of Project Canis is to solidify its position as the leading lending protocol on Shibarium by facilitating the use of different assets as collateral. These collaterals include Ethereum, stablecoins, and tokens from the Shiba Inu ecosystem, such as BONE, SHIB, and LEASH. The non-custodial protocol will offer liquidity to support Shibarium’s decentralized finance (DeFi) ecosystem.
Additionally, NFA Labs will put Canis into use in the next phase of the development plan. It is worth noting that during the final testing phase of NFA Labs’ Athena project, Shiba Inu’s project lead Shytoshi Kusama asked about the team’s deployment plans on Shibarium. The team replied simply with “soon.”
Expanding Shiba Inu’s User Base in Europe through Binance Partnership
In yet another milestone achieved by Shiba Inu, the meme token has partnered with Binance Pay and Lyzi. This partnership intends to enhance crypto payments in France and Europe by introducing innovative solutions.
Binance has partnered with Lyzi, a crypto payments application based in France, enabling Binance Pay users to utilize various cryptocurrencies, including Shiba Inu (SHIB), for everyday transactions through the Lyzi App. More than 440 merchants in France have adopted this solution, and an additional 330 merchants across Europe have expressed interest in the Lyzi app.
Binance Pay supports a select few crypto assets, and SHIB is one of them, making this partnership particularly appealing to new users. This collaboration brings significant advantages in terms of user growth and exposure. Notably, on May 26, Shiba Inu experienced a surge in network growth by adding 2,538 new addresses, creating an average of 1,500 new addresses daily, indicating sustained growth.
SHIB holders have currently placed orders to purchase 1.1 trillion SHIB tokens. However, as the competition increases, the demand for SHIB is expected to exceed the available supply on exchanges, exerting upward pressure on its price.
