The launch of Shibarium is approaching. Developers are aiming to create multiple projects on the Shiba Inu (SHIB) layer-2 network. One project is Canis, a lending protocol from NFA Labs. The team behind Canis recently showed the advantages it can bring to the Shibarium ecosystem.
NFA Labs recently tweeted about the benefits of Canis for Shibarium. They said using the lending protocol could help increase investment in the network by providing leverage.
Canis aims to help users on Shibarium by offering several services. These services include:
- Leveraging Holdings: Canis enables users to use their existing assets as collateral to get extra funds or invest in projects on Shibarium. This helps users make the most of their assets and join in the ecosystem's development.
- Ecosystem Boost: By utilizing these investments, Canis will contribute towards the advancement of Shibarium. In other words, the more people use Canis and their resources to invest in ventures, the more the ecosystem prospers and expands.
- Yield Generation: Holders of NFA Labs' NFAI token will have the chance to gain profits from their investments.
- Supply Reduction: Canis will have a hand in decreasing the amount of Shiba Inu tokens that are available on the market. At the present time, there are no specifics on how this will be done.
- Marketplace Leader: Canis is aiming to become a major player in the lending protocol space by providing secure liquidity and generating substantial revenue through Shibarium.
The Shibarium ecosystem could benefit from more investors, which would promote its expansion. This would, in turn, result in greater revenue from fees, causing more SHIB tokens to be burned. In response to these developments, Lucie from the Shiba Inu marketing team applauded NFA Labs for their work.
Canis and Shiba Inu
Canis has set out to be the go-to lending platform on Shibarium, granting the opportunity to use a variety of assets as collateral, such as Ethereum, stablecoins, and the Shiba Inu tokens BONE, SHIB, and LEASH. It is a non-custodial protocol, intended to provide liquidity and drive DeFi on Shibarium.At the final Athena project trial in January, Shytoshi Kusama, the head of Shiba Inu, inquired about when NFA Labs had plans to implement Canis in Phase 2 of their growth. The response was "soon."
HYIPer.net » Advantages of Shibarium forthcoming lending protocol revealed
