Beta Finance, an Ethereum-based permissionless money market created for borrowing, lending, and shorting digital assets, has officially announced the listing of the hottest dog-themed cryptocurrency, Shiba Inu (SHIB), on its platform.
The new development was announced via the official Twitter handle of Beta Finance a couple of hours ago. According to the report, users on the platform can now lend their SHIB tokens to earn additional yield from borrowers. Also, users on the platform are now enabled to borrow Shiba Inu (SHIB) and short the token to hedge positions and earn the premium.
Read Also: Bitcoin of America: “Shiba Inu (SHIB) Has Been an Amazing Addition to Our Bitcoin ATMs”
Lend Finance tweeted, “$SHIB @ShibainuCoin is the newest market listed on @beta_finance. Price feed is supported by @Uniswap V3 TWAT oracle. Lend, borrow, and short $SHIB token on-chain.”
$SHIB @ShibainuCoin is the newest market listed on @beta_finance
🦄Price feed is supported by @Uniswap V3 TWAT oracle
🏦Lend, borrow, and short $SHIB token on-chain
👇Comment below for what token we should list next! pic.twitter.com/0o3GzaWxG6— Beta Finance (@beta_finance) June 1, 2022
In a statement found on Beta Finance’s official website, its mission is to offset volatility in the decentralized finance (DeFI) Sector by developing critical infrastructure and user tooling to facilitate market efficiency.
Describing shorting, Beta finance wrote, “Shorting is a counter balancing force to price volatility and critical piece of financial infrastructure missing in DeFi. Rather than allow volatility to persist as the norm and depend on liquidation cascades for price corrections, we wanted to enable DeFi users to have the ability to act as an opposing force to price volatility by providing a simple and seamless experience to short assets.”
Meanwhile, Shiba Inu (SHIB), a meme token dubbed “Dogecoin killer”, has not disappointed over the past couple of months in terms of growth and development, which keep boosting its exposure across the world.
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