Euler accepts Shiba Inu as lending option.

 The famous Shiba Inu meme-token is officially accepted at Euler, a non-custodial system that allows users to lend and borrow almost any cryptocurrency.

Shiba Inu has had a solid start to the year, with its activation on Euler Finance — a non-custodial lending system built on Ethereum – looking to kick off the year with a bang.

Shiba’s listing is the latest in recent months and the first in 2022, after listings on Gemini, Kraken, CoinDCX, and other exchanges in 2021.

The protocol confirmed the collaboration on Twitter calling Shiba “a dedicated community that has grown the token from a meme coin to a vibrant ecosystem with a nearly $16bn market cap”.

The announcement came after the value of the well-known meme coins plummeted. Shiba Inu has entered a severe corrective phase following a top of $0.00008. The market was highly overbought, and there were a significant number of short-term speculators willing to sell their assets after losing a small proportion of their earnings, which caused the rapid value decrease.

Euler is the most recent breakthrough in decentralized finance: a permissionless lending protocol with reactive interest rates to solve the crypto market’s long tail.

The Euler protocol builds on the underpinnings of other widely known money market protocols such as Compound and Aave, but enables people to make their own markets for any Ethereum ERC20 token. It also supports new reactive interest rate models backed by control theory, which reduces the need for governance intervention in rapidly moving markets.

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Patrick

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