Proposal To Create FUND Liquid Staking Derivative to Benefit Shiba Inu Holders Passes

As highlighted previously, it would enable users to earn staking rewards and liquidity pool yield.

Unification has passed a proposal to create a FUND liquid staking derivative on the Ethereum network.

Ringoshi Tōitsu, the operator of the FUND validator for Unification, disclosed this to The Crypto Basic today. Recall that at the time of the previous report, the proposal had attracted 33% of the DAO voting power, with 98.8% voting in favor, according to details shared by Tōitsu.

“Proposal 12 has PASSED!” the validator wrote in the update to The Crypto Basic.

As reported, the proposal authored by Samuel McCulloch, operator of the BigBossCapital validator, suggests that the network should employ FRAX’s dual token liquid staking derivative model to allow users to earn ETH staking rewards and yield from a liquidity pool. Consequently, the proposal requires the creation of two tokens and a Curve liquidity pool. McCulloch tentatively dubs the new tokens aFUND and sFUND.

Notably, as explained, developers will peg the value of aFUND to FUND. It will allow users to earn rewards by providing liquidity to the proposed aFUND/FUND Curve pool. Conversely, users will receive sFUND after depositing aFUND in the staking vault to earn ETH staking rewards.

McCulloch requested 25,000 FUND and 40,000 FUND for the first two phases of the proposal, respectively. The team tasked with making the project a reality includes Jack Coddry, the developer attributed with the creation of the FrxETH.

As highlighted in the previous report, after launch, members of the Shiba Inu community can participate by purchasing FUND on Uniswap, MEXC Global, BitForex, or Poloniex. As explained by Tōitsu, FUND is currently unavailable on Shibaswap but will likely be available on Shibaswap v2, intended for launch on Shibarium.

Recall that the Unification team is responsible for building Shibarium, Shiba Inu’s Layer 2 solution. Notably, Shiba Inu lead developer Shytoshi Kusama recently confirmed that the beta version of the project should launch this week. Last month, Unification attributed recent delays to ongoing Oracle of Oracles (OoO) tests.

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