Shibwifhat
Crypto Overview
Purpose and Utility
SHIB was launched in August 2020 as an Ethereum-based ERC-20 token, initially created as a meme token inspired by Dogecoin. While it started as a meme, the project has evolved to develop actual utility through its ecosystem components including ShibaSwap (a decentralized exchange), NFT projects, and a layer-2 blockchain solution called Shibarium.
Business Model and Operations
The project has expanded beyond its meme origins to create a decentralized ecosystem. The ShibaSwap DEX allows users to trade, stake, and provide liquidity. Shibarium, launched in August 2023, aims to provide faster and cheaper transactions while supporting decentralized applications.
Real-World Adoption
SHIB has achieved significant adoption with over 1.3 million holders as of 2024. Several mainstream businesses, including AMC Theatres and Newegg, accept SHIB as payment. The Shibarium blockchain processes thousands of daily transactions.
Development Activity
The project maintains active development with regular updates to its ecosystem. The launch of Shibarium demonstrates ongoing technical progress. The development team continues to work on expanding utility through new features and partnerships.
Token Distribution
About 50% of the initial supply was sent to Vitalik Buterin, who burned 90% of his holdings and donated the remainder to charity. The remaining supply is distributed among holders with no significant concentration among founders.
Revenue Model and Operations
The project generates revenue through trading fees on ShibaSwap and transaction fees on Shibarium, operating without interest-based mechanisms. The ecosystem focuses on facilitating trade and transactions rather than lending or gambling activities.
Crypto Impact
To assign a comfort level investing in Shibwifhat from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Shibwifhat.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.