- There is an ongoing transition in the crypto industry.
- Many memecoins are metamorphosing into utility tokens.
- SHIB developer says TREAT is leading the memecoins-utility tokens transition.
The crypto is on a transition mode in that meme coins, initially conceived as a playful rebuke to the established financial order, are now evolving into utility tokens, adding a layer of irony to their journey. Shiba Inu’s lead developer, Shytoshi Kusama, has recognized this shift, though he believes it’s unfolding at a slower pace than desired. With that being the case, Kusama sees TREAT, a new token within the Shiba Inu ecosystem, as a frontrunner in this transition.
Kusama was responding to a post by Moonrock Capital CEO Simon Dedic, who called memecoins “useless” but acknowledged a shift where most tokens in that category are reworking their fundamental use cases. Dedic believes this trend will grow and could be a significant phenomenon in the crypto industry soon.
TREAT’s Role in the Shiba Inu Ecosystem
Kusama highlighted TREAT as a leading cryptocurrency in the new landscape Dedic described. As a Shiba Inu ecosystem token, TREAT was designed to serve multiple purposes, most importantly providing liquidity to the ecosystem’s upcoming SHI stablecoin.
According to TREAT’s creators, the new altcoin will replace BONE as the reward token for ShibaSwap. It will also offer rewards for the metaverse and blockchain version of the Shiba Inu Collectible Card Game.
As highlighted, TREAT’s fundamental purpose will be to provide liquidity for SHI, a stablecoin under development that Shiba Inu developers believe will compete with USDT, the flagship stablecoin. SHI creators designed it as a decentralized currency for Shibarium, Shiba Inu’s layer-2 solution.
Besides TREAT, Shiba Inu’s flagship memecoin, SHIB, has also evolved, finding utility in some areas. For example, beyond being traded for speculation, SHIB is now used as a payment tool for online purchases through platforms like Shopping.io.
Similarly, Dogecoin (DOGE), a contemporary of Shiba Inu, is also used as a payment instrument across several online platforms. However, DOGE may not be effective as a store of value, since there is no limit to the number of Dogecoins that can exist, which makes the cryptocurrency highly inflationary.
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“Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
