Shibarium dev warned against fake TREAT token
On June 2nd, Shibarium team member and developer DaVinci issued a warning to the Shibarium community regarding the malicious activity that occurred in the release of a fake TREAT token on the network.
DaVinci cautioned investors, speculators and the Shibarium community that the token, named after the actual token still under development by the Shibarium team, has not officially launched. DaVinci has clarified that any details of TREAT have nothing to do with official development on Shibarium.
As Shibarium's editor explained, malicious actors use the official shib.io address in their online posts to give fake token legitimacy.
A warning has now been posted on CoinGecko for the TREAT token, which states: “This token is not affiliated with Shiba Inu or the upcoming privacy-focused Layer 3 blockchain. Please DYOR before trading the token.
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The actual TREAT token and the wider Shibarium ecosystem
The actual TREAT token has yet to be launched and is one of the five tokens that make up the Shibarium ecosystem, along with Shiba Inu (SHIB), BONE, LEASH and SHI stablecoin.
TREAT is a reward token primarily intended to reward rewards from the Shiba Lands Metaverse and Shiba Eternity card game, although it is still under development as it will be used to balance the SHI stablecoin.
In addition, the TREAT token will be used to leverage Shibarium's protected privacy layer, allowing Shibarium users to remain anonymous on-chain after the privacy layer goes live.
SHIB is Shibarium's native token, while BONE is the preferred token for gas payments on the network and management of the Shibaswap platform, a Uniswap-like decentralized exchange, and utility applications that are an integral part of the Shibarium ecosystem.
LEASH gives priority to owners of Shibarium's upcoming Metaverse at land sales and boarding and currently retails for $442. Low LEASH tokens compared to other tokens in the ecosystem, such as SHIB, which has circulation numbers in the trillions, contributes to the high value of the token.
For comparison, SHIB is not worth a single penny as of this writing and has a total supply of 999,982,356,876,276 tokens, which is slightly more than the total supply in circulation. LEASH only has a maximum supply of 107,647 tokens – almost all of which are in circulation.
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