Euler Finance, a noncustodial protocol on the Ethereum network, which allows users to lend and borrow crypto assets, has announced the activation of Shiba Inu (SHIB) on its protocol.
With this development, SHIB holders can now borrow or lend tokens and earn interest. Euler Finance made this known in a series of tweets a few hours ago.
“SHIB was activated on Euler! Users can now borrow or lend tokens and earn interest.
“Looking to get involved? Go to the Euler app and click on Transaction to deposit. Select your asset from the dropdown. Approve. Deposit. When other users borrow, you will start earning interest.
“If you want to hedge your position, why not consider borrowing and shorting? See a good arb opportunity? Try our feeless flash loans through our transaction builder.
“SHIB hosts a dedicated community that has grown the token from a meme coin to a vibrant ecosystem with a nearly $16B market cap!”
— Euler (@eulerfinance) January 10, 2022
Shiba Inu continues the trend it started in late 2021 when it saw a flurry of listings by multiple exchanges in various countries. Among them were Gemini, Kraken, CoinDCX, Bit2Me, South Korean Korbit, and Singapore-based Coinhako.
Now, the SHIB community anticipates that Robinhood will list Shiba Inu as well. A petition in this regard has received over 555,000 signatures as of press time.