柴犬幣（SHIB）代幣經濟學

Overview

Shiba Inu (SHIB) is a meme-based ERC-20 token launched on Ethereum in July 2020. It is the flagship token of the Shiba Inu ecosystem, which also includes BONE, LEASH, and the newer TREAT token. The project is community-driven, with a focus on decentralization and broad participation.

Issuance Mechanism

• Initial Supply: 1 quadrillion SHIB tokens were minted at launch.
• No Ongoing Issuance: There is no ongoing minting or inflation for SHIB; the supply is fixed except for burns.
• Burn Mechanism: A significant portion of the supply has been burned, and additional burns occur via the ShibaSwap Burn Portal and on Shibarium.

Allocation Mechanism

• Vitalik Buterin's Actions: Of the 500 trillion SHIB sent to Vitalik Buterin, ~410 trillion were burned, and 50 trillion were donated to the India COVID Relief Fund. The remainder was either held or distributed.

Usage and Incentive Mechanisms

SHIB Token

• Staking ("Bury"): Users can stake SHIB to receive xSHIB, which entitles holders to:
  • Inflationary BONE rewards
  • A share of 0.10% of swap fees from ShibaSwap (paid in ETH)
• Liquidity Provision ("Dig"): Users can provide SHIB and a paired asset as liquidity on ShibaSwap to earn transaction fees and additional rewards.
• Burn for RYOSHI: SHIB can be burned to earn RYOSHI token rewards.
• Payments: SHIB is accepted as a payment method in various integrations.

TREAT Token (Ecosystem Expansion)

• Rewards & Governance: TREAT is used for rewards, governance, and unlocking advanced features in the Shiba Inu ecosystem.
• Yield Farming: Powers "WOOF Wars: Farming 2.0," allowing users to maximize earnings and influence liquidity rewards via veTREAT (vote-escrowed TREAT).
• Voting: TREAT holders can participate in governance and strategic decision-making.
• Payments: Enables on-chain payments via SHIB Pay.

Locking and Unlocking Mechanisms

• Staking Lock: When users stake SHIB ("Bury"), they receive xSHIB, which can be redeemed for the underlying SHIB plus rewards. There is no fixed lock-up period, but rewards accrue over time.
• Liquidity Provision: LP tokens can be staked ("Woof") for additional rewards; withdrawal is subject to protocol rules but not hard time locks.
• No Team/Insider Vesting: There are no disclosed team or advisor allocations, so no vesting or unlock schedules for insiders.
• Token Burns: Burns are permanent and reduce the circulating supply.

Circulating Supply and Unlocks

• Current Circulating Supply: As of July 2025, the circulating supply is approximately 589.2 trillion SHIB, showing a slight decrease over the past year due to ongoing burns.
• No Scheduled Unlocks: There are no scheduled unlocks or vesting events for SHIB, as the initial supply was fully distributed at launch and subsequent burns are voluntary.

Summary Table

Additional Notes

• Decentralization: The project is governed by the community, with proposals executed by a multi-sig wallet.
• No Superuser Privileges: No evidence of superusers able to modify balances or transactions.
• No Team Allocation: The team did not reserve tokens for themselves, and compensation details are undisclosed.

Implications and Considerations

• Deflationary Pressure: Ongoing burns and no new issuance create deflationary pressure on SHIB.
• Community-Driven: The lack of team allocation and open governance mechanisms reinforce decentralization.
• Ecosystem Growth: The introduction of TREAT and other tokens expands utility and engagement, but also adds complexity.
• No Vesting Risks: Absence of large scheduled unlocks reduces risk of sudden supply shocks.

Shiba Inu’s token economics are designed to maximize community participation, reward engagement, and ensure a deflationary supply trajectory, with all major allocations and mechanisms transparently executed on-chain.