Shiba Inu’s ecosystem team has unveiled a special giveaway to celebrate SHIB’s debut on the first-ever cross-chain lending market.
The announcement comes barely a few hours after Chainlink’s flagship project Folks Finance listed Shiba Inu on its cross-chain lending markets. The initiative aims to allow users to lend and borrow SHIB across 12 blockchains, including Polygon, Avalanche, Arbitrum, and Base.
New SHIB Giveaway
Shortly after the announcement, Shiba Inu unveiled a special giveaway to celebrate the historic milestone of its first-ever listing on cross-chain lending markets.
To celebrate the development, the Shiba Inu ecosystem team will reward one lucky community member with $500 worth of SHIB. This is equivalent to 40,453,074 (40.45 million) SHIB tokens, given the asset’s current price of $0.00001236.
Qualification Requirement
To participate in the giveaway, participants must like and repost Folks Finance’s announcement about SHIB’s cross-chain lending market listing.
Users must also follow the official X handles of Folks Finance and that of Shiba Inu. Lastly, participants are mandated to tag three friends in the comment section of the giveaway announcement.
The giveaway, which began yesterday at 07:49 PM (UTC), will run for 48 hours. This implies that the giveaway event will end on September 5, at 7:49 PM (UTC).
xAI Grok to Select Winner
Interestingly, Shiba Inu will utilize xAI’s chatbot, Grok, to determine the winner of the giveaway, ensuring transparency and fairness.
According to the announcement, the AI model will randomly select one lucky winner after 48 hours have elapsed. In the meantime, the giveaway has attracted strong participation from the Shiba Inu community. Despite only being unveiled just a few hours ago, the giveaway has 1,300 comments, 1,500 reposts, and 2,100 likes.
This promo is part of an effort to reward loyal Shiba Inu community members and also boost awareness for SHIB’s cross-chain integration into Folks Finance’s lending markets.
Shiba Inu’s move into the cross-chain lending space extends its utility beyond meme culture, positioning the token within blockchain-based financial services.
Besides Shiba Inu, Folks Finance also announced special incentives for users who deposit their SHIB tokens in its lending markets. Depositors are currently earning a 9.08% annual percentage yield (APY).
The incentive is already paying off as the amount of SHIB deposited now stands at $32,000, representing a 28% spike from the $25,000 reported yesterday.
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