柴犬幣（SHIB）代幣經濟學

Shiba Inu (SHIB) is a meme-based, community-driven cryptocurrency ecosystem that has evolved to include multiple tokens (SHIB, BONE, LEASH, and TREAT) and a suite of DeFi and utility features. Below is a comprehensive analysis of its token economics, including issuance, allocation, usage, incentives, locking, and unlocking mechanisms.

1. Issuance Mechanism

• SHIB: Launched as an ERC-20 token on Ethereum in July 2020. The total supply was 1 quadrillion SHIB.
  • 50% (500 trillion) was locked in the SHIB-ETH Uniswap liquidity pool at launch.
  • 50% (500 trillion) was sent to Vitalik Buterin’s wallet. Of this, ~82% (~410 trillion) was burned, and 10% (50 trillion) was donated to the India COVID Relief Fund.
• No ICO or private sale: SHIB was not distributed via an ICO or private sale; it was made available to the public via Uniswap and other exchanges.
• TREAT: The latest addition, TREAT, is a utility and governance token, distributed through ecosystem activities, yield farming, and community engagement.

2. Allocation Mechanism

• TREAT: Distributed via yield farming, staking, and ecosystem participation. Specific allocation details for TREAT are available on the official documentation.

3. Usage and Incentive Mechanisms

SHIB

• Staking ("Bury"): Users can stake SHIB to receive xSHIB, which entitles holders to:
  • Inflationary BONE rewards
  • A share of 0.10% of swap fees from ShibaSwap (paid in ETH)
• Liquidity Provision ("Dig"): Provide SHIB and a paired asset as liquidity to earn transaction fees and additional rewards.
• Burning: SHIB can be burned via the Burn Portal, reducing supply and earning RYOSHI rewards (1% of all RYOSHI transactions distributed as rewards).
• Payments: Used as a means of payment at select merchants and within the ecosystem.

TREAT

• Governance: TREAT is the governance token for the Innovation Branch, allowing holders to vote on proposals and strategic decisions.
• Rewards: Powers WOOF Wars: Farming 2.0, an advanced yield farming mechanism. Staking TREAT (veTREAT) amplifies voting power and influences liquidity rewards.
• Access: Unlocks advanced features and services within the Shiba Inu ecosystem, including SHIB Pay (on-chain payment system).
• Dual Rewards: Liquidity providers earn both TREAT and trading fees, enhancing participation incentives.

BONE & LEASH

• BONE: Used for governance (Doggy DAO), as gas on Shibarium L2, and as a reward for validators and delegators.
• LEASH: Grants exclusivity perks, such as early access to NFT mints and land sales.

4. Locking Mechanism

• Staking Lock: When users stake SHIB, BONE, or LEASH, they receive xSHIB, tBONE, or xLEASH, respectively. These represent staked positions and accrue rewards.
• Yield Farming: LP tokens received from providing liquidity can be staked ("Woof") for additional rewards.
• TREAT Locking: TREAT can be locked as veTREAT (vote-escrowed TREAT) to boost governance power and yield farming rewards. The lock duration and mechanics are designed to incentivize long-term participation.

5. Unlocking Time

• SHIB Staking: No explicit minimum lock period for staking SHIB, BONE, or LEASH; users can generally unstake at any time, but may forfeit unclaimed rewards if unstaking early.
• TREAT Launchpool: For specific campaigns (e.g., Bitget Launchpool), TREAT can be locked for a defined period (e.g., 3 days) to earn rewards.
• veTREAT: The lock duration for veTREAT is not specified in the available documentation, but typically, vote-escrowed models require users to lock tokens for weeks to months to maximize rewards and voting power.

6. Deflationary Mechanisms

• Burning: Over 410 trillion SHIB (~41% of total supply) has been burned as of January 2024. An automatic burn mechanism is planned for Shibarium, but details are pending.
• No Inflation: SHIB has a fixed supply post-burn; new tokens are not minted.

7. Summary Table

8. Additional Notes

• No team or insider allocation: The project emphasizes community distribution and decentralization.
• Governance: Proposals can be submitted by any user; execution is via multi-sig wallets.
• Ecosystem Growth: The introduction of TREAT and Shibarium L2 aims to expand utility, governance, and real-world adoption.

9. Limitations and Transparency

• No explicit vesting schedule for SHIB, as all tokens were distributed at launch.
• TREAT and other tokens: For detailed allocation and vesting, refer to the official documentation and campaign announcements.

Conclusion

Shiba Inu’s token economics are designed to maximize community participation, incentivize long-term engagement, and support a growing DeFi and utility ecosystem. The combination of staking, liquidity provision, burning, and governance mechanisms—along with the introduction of TREAT—positions Shiba Inu as a dynamic, evolving project in the crypto space.