Shibarium, a decentralized layer-2 network for the Shiba Inu ecosystem, started its public beta phase under the name Puppynet a few days ago. Since then, there has been almost daily news about projects and developments based on Shibarium.
One of the most high-profile projects, which is eagerly awaited by the SHIB army, is now getting its own token. The official Twitter account of the PawZone token (PAW) announced today that the launch will take place this week.
We are excited for our fair launch this week. We know this day has been a moment the #ShibArmy has been waiting for. The time for $PAW is near. Deploying ONLY on ShibaSwap.
We are excited for our fair launch this week. We know this day has been a moment the #ShibArmy has been waiting for. The time for $PAW is near. Deploying ONLY on ShibaSwap. pic.twitter.com/CfcWdS6I7U
— PAW (@PawZoneToken) March 23, 2023
SHIB influencer Lucie congratulated PawZone founder JD Hatefi and wished the project much success: “PAW (pawzone! The real is here). Good luck @jds_updates. Hope to see Pawzaar soon on #Shibarium (yeah 2-3 months hopefully).”
PawZone is the portal to the Shiba Inu ecosystem applications such as Pawzaar, Pawfi and to the Shiba Inu Gaming Guild (GG). Pawzaar is an NFT marketplace developed for the Shiba Inu ecosystem and NFT enthusiasts which will be integrated with the Shibarium network.
PawFi will be the platform to stake the PAW token, add liquidity, and earn rewards. The Shiba Inu Gaming Guild is being developed to eliminate one of the biggest problems with NFT games: an expensive entry, as the best NFTs can have extremely high prices.
Currently, the PawZone team around Founder Hatefi is working on Pawzaar, which Lucie hopes will be released in the next two to three months.
What Is the Shiba Inu Based PAW Token?
According to a blog post published in early February, the PawZone team wants the tokens to provide value for the Shiba Inu tokens. The PAW token, according to the team, is needed to be able to run governance, provide rewards for staking, and deliver additional functionality for the Shiba Inu tokens.
“PAW is NOT a token we are using to fund our projects. […] PAW is NOT meant to replace the incredible utilities our applications offer for the Shiba Inu tokens,” the post reads.
The more PAW holders own, the higher their voting rights in the decision-making about the PawZone ecosystem. When users stake PAW on Pawfi, they receive PAW. The longer users keep liquidity in the pool, the higher the APY is supposed to become through a leveling system.
At press time, the SHIB price was at $0.00001064, still showing a bearish trend. The 200-day EMA remains the most important target for SHIB bulls.
Featured image from currency.com, chart from TradingView.com
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