As the launch of Shibarium draws nearer, the Shiba Inu community is getting a sneak peek into the upcoming lending protocol.
Canis, a protocol developed by NFA Labs and designed exclusively for Shibarium, holds immense potential for enhancing the Shiba Inu (SHIB) layer-2 network.
However, since the announcement of the protocol’s launch, members of the Shiba have continued asking questions about what it brings.
Obviously, that part of the entire project was yet to be clarified.
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In a recent tweet, NFA Labs disclosed Canis’s exceptional benefits to the Shibarium ecosystem.
The lending protocol is set to empower users by offering leverage on their holdings within Shibarium, providing them with additional funds and investment opportunities.
This ensures maximum asset utilization and fuels the ecosystem’s growth.
Canis Services Empowering Shibarium Users
The upcoming lending protocol Canis brings a range of services to users within the Shibarium ecosystem.
These services aim to enhance the experience and maximize the potential of Shibarium for investors. There are explorable two key services of the project:
- Leveraging Holdings: Canis enables users to leverage their holdings on Shibarium. Users can access additional funds or invest in projects within the Shibarium ecosystem by utilizing their assets as collateral. NFAI token holders enjoy yield generation.
- Ecosystem Boost: Through its lending protocol, Canis contributes to the overall expansion of Shibarium. As users leverage their holdings and invest in projects, the ecosystem experiences a surge in activity and growth. This positive feedback loop benefits both the participants and the overall development of Shibarium.
It is mentioned that the project aims to reduce the circulating supply of Shiba Inu, although specific implementation details have yet to be revealed.
The protocol’s ambition extends beyond supply reduction, as it aspires to establish itself as a leading lending protocol within the Shibarium ecosystem by generating substantial revenues and providing secure liquidity.
In delighted responses to NFA Labs’ efforts, several comments were made to appraise the move after the post announcement.
Lucie, a Shiba Inu marketing army member, publicly shared her appreciation. In her words,
“…Your constant friendly approach to #Shibarmy and proof of the amazing updates on your involvement in #Shibarium is like a breath of fresh air.”
It is clear that the benefits expected from the Canis protocol will attract more investors to the Shibarium ecosystem, fostering adoption and overall growth.
Increased Shibarium adoption will result in higher fees, leading to more SHIB burns.
How The Shiba Inu Ecosystem Will Look With Canis Merged
NFA Labs plans to deploy Canis during Phase 2 of its development roadmap.
The team’s commitment to Shibarium’s growth was evident when Shytoshi Kusama, Shiba Inu’s project lead, inquired about the deployment plans, and the response from NFA Labs was a resounding “soon.”
Hopefully, when deployment is complete, various assets will be collateralized, including Ethereum, stablecoins, and Shiba Inu ecosystem tokens such as BONE, SHIB, and LEASH.
As a non-custodial protocol, Canis aims to enhance DeFi on Shibarium by providing liquidity and as a catalyst for its development.
