Amid regulatory pressures and concerns over safety of stablecoins, the SHIB developers shared promising updates. In a blog post released on Wednesday, the developers said the SHI stablecoin project could most likely be released in 2022. They also mentioned the recent crash involving loss in billion of dollars.
Everything Decentralized About SHI Stablecoin
Shytoshi Kusama, the top developer of SHIB, shared in his blog post that the stablecoin will work in a way that it will not be affected by market fluctuations. He also admitted that there are concerns surrounding the stablecoin ecosystem after the recent crash of Terra’s UST. The SHI project is a concern after billions in dollars got wiped off the market completely, he said.
Kusama said however that there was progress in the stablecoin project from its group of developers. Already, a version of SHI that avoids issues faced by Terra like projects has been submitted, he indicated. He described projects like Terra as ‘moonshots‘.
“As for SHI, we have seen independent development from a group of developers in our decentralized network. They have submitted a version of SHI that seems to avoid the issues found in other moonshots.”
SHI Designed To Be Averse To Market Fluctuations
The developer said SHI design allows for using to counter and balance payments that need to be done without market fluctuations. This will be an experimental protocol, like everything decentralized that Shib does, he explained. He added that a more detailed and complex set of information will be released about this token as it is finalized.
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The developer said the SHI stablecoin will become operational in the current year if all goes fine. “Bearing no insane issues, this should be released in 2022.” Also, Shiba Inu will launch a new token TREAT, which will be launched as part of their ecosystem development. The token will be primarily used as a reward, the developers said.
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