Correction: FUND is currently not available on ShibaSwap
Users will be able to earn staking and liquidity pool farming rewards.
Ringoishi Tōitsu, the operator of the FUND validator for Unification, in a Twitter thread yesterday, shared plans of the blockchain tooling provider to create a liquid staking derivative for FUND on the Ethereum network.
1/3?#Unification is building MORE utility for #SHIB Ecosystem?
• Creation of a $FUND Liquid Staking Derivative Token on Ethereum
• Allows anyone to stake ETH based FUND and receive $sFUND
• Using $FRAX model creating both liquidity in Curve & Staking Incentives pic.twitter.com/3CMqP7oYkS— Ringoshi Tōitsu (@RingoshiToitsu) February 16, 2023
Per the full proposal authored by Samuel McCulloch, operator of the BigBossCapital validator, the LSD will employ FRAX’s novel dual token model, allowing users to earn ETH staking rewards and liquidity pool yield. Consequently, it would require the creation of two tokens and a Curve liquidity pool.
The first token, aFUND, will be pegged to FUND and used to earn rewards by providing liquidity on the proposed aFUND/FUND pool. The second, sFUND, is received when users deposit aFUND in the staking vault accruing staking rewards.
In response to a request for comment, Tōitsu disclosed that the proposal has already attracted 33% of the DAO voting power, with 98.8% voting in favor.
“The vote is ongoing, but 33% of the DAO thus far has voted 98.8% YES as of 7:53am EST 2/17/23,” Tōitsu wrote.
If or when the solution launches, members of the Shiba Inu community can participate by purchasing FUND from Uniswap, MEXC Global, BitForex, or Poloniex. According to Tōitsu, FUND is not available on ShibaSwap but will likely be available on ShibaSwap v2, which will run on Shibarium.
It is worth noting that the Unification team is responsible for building Shibarium, the SHIB ecosystem’s Ethereum Layer 2 protocol which the community has anticipated for nearly two years. Early this month, the team explained that the Shibarium launch delay resulted from development work on its Oracle of Oracles (OoO), which will provide secure price feeds for the protocol.
Notably, pseudonymous Shiba Inu lead developer Shytoshi Kusama, as recently reported by The Crypto Basic, asserted that the Layer 2 protocol is ready to ship. However, he says it will only launch after Kaal Dhairya, a fellow lead developer is done mourning his father.
Kusama has since confirmed the Shibarium logo and released a blog post outlining Shibarium values.
Updated to include comments from Ringoishi Tōitsu
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
