2021 was Shiba Inu’s year. The meme coin saw explosive growth, and no other cryptocurrency recorded as much growth in 2021. SHIB has moved from being just a meme coin or joke to becoming a utility asset that you can use to pay in a shop or even your hotel flights. Because of how much it rose in value, it is understandable if you feel bad about getting on the Shiba Inu bandwagon late. But what if SHIB was part of a tripod of tokens created by the same team? The answer is a big yes. It’s pretty simple. SHIB is the main token of the Shiba Inu ecosystem, but it is not the only one. This community created two other tokens, namely LEASH, and BONE.
We know all about SHIB, so what about LEASH and BONE tokens?
What is LEASH?
LEASH is also called the Doge killer. It was initially intended to be a rebase token pegged to the price of Dogecoin. A rebase (or elastic) token automatically changes through a computer algorithm such that its price remains pegged to another asset. In this case, LEASH’s supply was pegged to the price of DOGE at a rate of 1/1000. So, for instance, if the price were $0.1, the supply of LEASH would change (destroy coins in circulation or mint new coins) to adjust its price to $100. However, LEASH tokens have been “unleashed” and no longer track the price of DOGE.
Compared to DOGE, LEASH’s tokens are incredibly scarce in supply. There are only 107,647 tokens of LEASH in circulation, and this limited supply gives it a unique appeal to the public. The scarcity of the tokens is achieved partly by burning the tokens. LEASH provides numerous benefits to its holders in exchange for liquidity.
Burying and digging LEASH coin
Users can “bury” (stake) their LEASH token and get rewarded with xLEASH tokens. Every holder of xLEASH token is part of the xLEASH liquidity pool. The Shiba Inu community rewards membership of the liquidity pool with 0.5% of all BONE tokens per block. Additionally, any user who “digs” or provides liquidity with LEASH tokens would be entitled to a share of the LEASH-ETH SSLP.
What is BONE?
BONE is quite different from SHIB and LEASH because it is the governance token of the Shiba Inu ecosystem. Members of the SHIB community utilize BONE to vote and make decisions. In essence, the weight of a user’s vote depends on the number of BONE tokens the user has.
In terms of the supply of tokens, BONE is somewhere in the middle of SHIB and LEASH. There are 250,000,000 BONE tokens in circulation.
Burying and digging BONE tokens
BONE is majorly used in the SHIB ecosystem to facilitate liquidity, swapping, and staking. You may “bury” (stake) your BONE to earn a certain amount of tBONE. The SHIB community rewards every owner of tBONE tokens with 1% of all BONE per block. Digging BONE tokens is similar to digging LEASH, as any user who does this receives a portion of BONE-ETH SSLP.
How are SHIB, LEASH, and BONE tokens related?
Besides being part of the Shiba Inu ecosystem, another thing that is common to the three tokens is ShibaSwap. Launched in June 2021, ShibaSwap is a decentralized exchange (just like Uniswap) where users can swap, stake, and provide liquidity using SHIB, LEASH, and BONE. As a DEX, you can carry out any of these functions on ShibaSwap without intermediary.
Pros and Cons of LEASH and BONE
- You can “bury” (stake) both coins or provide liquidity on the ShibaSwap exchange to earn rewards.
- Seeing the numbers SHIB has done, LEASH and BONE are potentially good investments since they are all of the same community.
- They are both shitcoins that don’t solve any real problems
Leash Coin vs Bone Coin vs Shiba Inu
We’ll compare the three meme coins using three parameters: market cap, total and circulating supply, and market value.
LEASH has 107,646 tokens in total supply, with 100% of the tokens in circulation. BONE has a total supply of 250,000,000 tokens and a circulating supply of about 7,000,000 tokens. SHIB has a total supply of 1 quadrillion tokens with over 500 trillion in circulation.
SHIB may be the jewel of the Shiba Inu community, and LEASH and BONE may never make the numbers SHIB has made. However, we all can’t underestimate the might of the Shiba Inu community, considering what they’ve achieved with SHIB. Besides, never say never in crypto.