시바이누 (SHIB) 토크노믹스

Issuance Mechanism

• Launch & Initial Mint: SHIB is an ERC-20 token launched on Ethereum in July 2020 with an initial total supply of 1 quadrillion tokens.
• Initial Distribution: At launch, 50% (~500 trillion SHIB) was locked in a Uniswap SHIB-ETH liquidity pool; the other 50% was sent to Ethereum co-founder Vitalik Buterin, who subsequently burned 90% of that portion, permanently removing over 410 trillion tokens from circulation (about 41% of supply as of Jan. 2024).
• Burn Mechanisms: Ongoing community-driven burns and an anticipated automatic burn feature on Shibarium (the Shiba Inu Layer 2) contribute to ongoing supply reduction, with periodic large-scale burns through on-chain mechanisms and the Burn Portal.

Allocation Mechanism

• No Pre-sale or VC Allocation: SHIB's launch was notably devoid of venture capital or pre-sale allocations. Instead, tokens were available via:
  • Acquiring liquidity on Uniswap from inception
  • Purchasing on CEXs/DEXs post-listing
• No Team or Foundation Allocation: Tokens were not directly allocated to team members or insiders, reinforcing its “fair launch” meme ethos.

Purpose and Intended Utility

• Decentralized Finance (DeFi): SHIB underpins the broader Shiba ecosystem and serves several core purposes:
  • Staking (“Bury”): Stake SHIB to receive xSHIB; stakers earn a share of swap fees (paid in ETH) and inflationary BONE rewards (the governance token).
  • Liquidity Provision (“Dig”): Provide liquidity to pools to earn transaction fees, both via SHIB and LP tokens.
  • Yield Farming: Stake LP tokens (“Woof”) to earn further BONE rewards.
  • Token Burn Rewards: Users can burn SHIB via the Burn Portal, earning RYOSHI rewards.
  • ShibaSwap Exchange: SHIB is used as the utility token in ShibaSwap, the protocol’s DEX, as well as within metaverse, gaming, and NFT initiatives in the ecosystem.

Incentive Mechanism

• Rewards Structure:
  • Liquidity Providers: Earn transaction fees and BONE rewards; incentive to enhance liquidity.
  • Stakers: Receive swap fees and BONE rewards; incentivizes long-term holding and platform engagement.
  • Burn Participation: Users who burn SHIB through the Burn Portal may earn RYOSHI or other reward tokens, driving participation in deflationary efforts.
• Engagement in Governance: Although SHIB is not itself a governance token (BONE is), holding SHIB is closely tied to engagement and utility within the ecosystem (via staking, yield, and burns).

Lock Up Mechanism and Unlocking Time

• No Traditional Lockup or Vesting: Unlike traditional projects with structured token vesting or timed unlocks tied to allocations (e.g., to team or investors), SHIB’s circulating supply depends on:
  • Initial Uniswap liquidity lock (at launch)
  • Ongoing burns
• Staking Lockup: Staking (“Burying”) SHIB on ShibaSwap incurs a time lock—users need to lock their tokens for a minimum period to receive the full spectrum of staking rewards, creating incentives to reduce immediate sell pressure.
• No Scheduled Unlock Events: There is no public record of large scheduled unlocks or vesting cliffs; all tokens (outside those burned) circulate freely, except for voluntarily staked or liquidity-provided amounts.

Key Historical and Current Data Points

• Total Supply: 1,000,000,000,000,000 (1 quadrillion)
• Burned (as of Jan 2024): 410+ trillion (41% of supply)
• Liquidity Pool Lock (July 2020): 500 trillion (50% of supply)
• Ongoing Incentives: Rewards for staking, liquidity provision, and burning are distributed every two weeks.

Implications & Risks

• Deflation Through Burns: SHIB’s supply mechanism is distinguished by aggressive burning, which, combined with lack of VC and team vesting unlocks, aims for steady deflation and community control rather than dilution risk.
• Community-Driven Model: Lacks structures for centralized reserves or foundation grants; resilience depends on grassroots engagement and ecosystem development.
• Ecosystem Reliance: SHIB’s economic value is heavily linked to ShibaSwap and broader ecosystem usage, rather than native protocol fees or infrastructure demand.

Limitations & Counterpoints

• No Scheduled Unlock Data: Unlike many DeFi projects, SHIB does not feature detailed, scheduled unlocks or vesting—this eliminates some transparency common to “typical” token distributions but avoids overhang risks.
• Burn Implementation Uncertainty: As of early 2024, there were plans for automatic Shibarium-based burns, but exact operational status and effectiveness remain somewhat opaque.

Conclusion

SHIB’s tokenomics are shaped by meme coin origins, a radically decentralized launch, aggressive and ongoing supply burns, and utility within a fast-evolving DeFi and community ecosystem. It eschews traditional lockups and team allocations for a purely organic, incentive-driven model with rewards for ecosystem participation distributed through staking, yielding, and burn mechanisms.