On June 2, Shibarium team member and developer DaVinci issued a warning to the Shibarium community about malicious activity on the network that led to the launch of fake TREAT tokens.
DaVinci warned investors, speculators, and the Shibarium community that the token named after the actual token, which the Shibarium team is still developing, has not been officially launched. DaVinci has made it clear that any TREAT listing has nothing to do with the official development of Shibarium.
Shibarium developers explained that malicious actors used the official shib.io address in online posts to give legitimacy to fake tokens.
A warning about TREAT tokens has now been posted on CoinGecko. “This token has nothing to do with Shiba Inu or the upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading tokens.”
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Real TREAT tokens and the wider Shibarium ecosystem
The actual TREAT token has not yet been launched and is one of the five tokens that make up the Shibarium ecosystem, along with Shiba Inu (SHIB), BONE, LEASH, and SHI stablecoins.
TREAT is primarily a rewards token for issuing rewards in the Shiba Lands metaverse and Shiba Eternity card game, but is also used to balance the SHI stablecoin, which is also still in development.
TREAT tokens will also be used to strengthen Shibarium’s planned privacy layer, which will allow more on-chain anonymity for Shibarium users once the privacy layer is enabled.
SHIB is the native token of Shibarium, while BONE is the most preferred token for utility applications such as gas fee payments on the network and governance of the ShibaSwap platform, a decentralized exchange similar to Uniswap and an integral part of the Shibarium ecosystem.
LEASH grants holders priority access to land sales and onboarding into Shibarium’s upcoming metaverse and is currently trading at around $442. The small supply of LEASH tokens compared to other tokens in the ecosystem, such as SHIB, which are distributed in trillions, causes the token price to be high.
For comparison, SHIB is not worth a penny at the time of this writing and has a total of 999,982,356,876,276 tokens, just over half of the total in circulation. The maximum supply of LEASH is only 107,647, and almost all tokens are already in circulation.
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