Now, Shiba Inu holders can lend, borrow and short sell their SHIB tokens on-chain as Beta Finance added support for Shiba Inu (SHIB).
Beta Finance, a permissionless money market on Ethereum for borrowing, lending, and shorting crypto assets has officially listed Shiba Inu on its platform.
This listing has enabled users to lend their SHIB to earn additional yield from borrowers while allowing traders/short-sellers to borrow Shiba Inu and short it to hedge positions plus earn the premium.
— Beta Finance (@beta_finance) June 1, 2022
Beta Finance is on a mission to offset crypto volatility and bring market stability.
Therefore, it comes up with a critical financial tool for short-selling that is missing in the Defi ecosystem. Users can easily do so with the platform’s “1-Click Short” tool. It allows users to access a scalable and accessible money market where tokens can be listed permissionless and automatically and where users can short these tokens.
Allen Lee, an MIT alumnus that previously worked as a software engineer at Microsoft and Facebook is the founder of Beta Finance. It’s also backed by a well-known group of investors, including Spartan Group, ParaFi Capital, Multicoin Capital, DeFiance Capital, and Delphi Digital. Beta Finance also has its token with the name Beta Finance (BETA).