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LEASH: The DOGE Killer

BitForex Editor
Apr 28, 2021

The world was introduced to a new decentralized way of wealth storage and creation with the introduction of Bitcoin. This cryptocurrency which has held on to the apex of decentralized blockchain leadership has for years gained ground and led the rise to a new wave of coin development. After the early crusade of Bitcoin and the widespread acceptance of this cryptocurrency, we saw other coins rise and try to stick a place at the top. Cryptocurrencies such as Ethereum and Ripple soon took the stage as an affordable way of gathering cryptocurrencies. While one took an upward drive the other found it hard to break the $1 all-time high.

The introduction of other coins that tried to match Bitcoin soon became rampant and we're tagged "Altcoins" a name that stated they were an alternative and to Bitcoin. Soon enough developers started working on their coin offering and by 2020 we already had over 4000 cryptocurrencies. However, while all this was ongoing, a specific coin was released on the 6th of December, 2013 which came out as a meme coin to mock the Bitcoin invention. This coin which had the Shiba Inu as its logo was soon commonplace all over the internet, and the name DogeCoin became stamped in history. With a circulating supply of about 127 billion, the cryptocurrency world has accepted that this meme coin is here to stay, as it has been endorsed by people like Elon Musk and other celebrities.

Shiba: The LEASH Predecessor

By, 2020 during the pandemic, the world was riddled in debt, and cryptocurrencies were making a stand and going towards the upward trend. In August of 2020, a new cryptocurrency called Shiba Inu was released into the decentralized space as an experiment to test decentralization. This coin was soon forgotten, but the recent surge of DOGE coin soon brought SHIB to the limelight and it soon gained traction like wildfire. With its design to make the SHIB outpace the DOGE, the coin has a lot of volumes that each holder can have up to a trillion pieces. According to speculation by the creators, they expect that the coin should be able to outpace the DOGE even when it's worth less than a penny.

With its recent rise, the SHIBA token has soon become accepted by people who have decided to scalp altcoins and make a profit. Some have taken their profit while others have still held on to see the growth that the token can achieve. However, with listing on some exchanges like ShibaSwap, the token has become quite popular. Now, it has to be understood that the SHIBA token had an initial intent which was to peg the DOGE and it also has a fair supply and distribution to ensure that everyone gets it from the open market. To make this possible, the token was burned and locked away on Uniswap.

LEASH: Birth Of The Doge Killer

In a bid to kill the DOGE token, the inventors of the SHIBA came up with another token that would finally cut of the proficiency of the DOGE and allow the SHIBA to take control. This token known as the Leash meant to help tame the DOGE and is being farmed by those who have stated the SHIBA. This token's main design was to be a rebase token which would be pegged to the market price of the DOGE coin. Its rebase system would be later discussed in the coming section for better understanding. However, the Leash is unlike the SHIBA in supply volume, as it only has 100,000 tokens in circulation. This move helps everyone have a fair share of the bag, as people can easily acquire without having to compete against whales who can manipulate the market however they seem fit. Holders of Leash can also swap the token for incentives when they provide liquidity on the ShibaSwap platform.

The Rebase Strategy

As we stated in the earlier section, the Leash token would use a rebase strategy in its bid to peg the DOGE. To get a better understanding of the rebases method we would explain it like this; every day, the Leash has been set to rebase the price of a volume of LEASH to 1000/1 at the market price or 1 DOGE. This means that anyone who has 10 LEASH would be getting the multiple of 1000 at the price of 1 DOGE. So that means if one DOGE is 5cents, then one LEASH would be trading at $50. This way, the more DOGE rises, the more the price of LEASH goes up. With this move, more people would rather be interested in the LEASH token, as they can ride the wave of the DOGE uptrend movement.

The rebase strategy also works like AMPL where if the price of DOGE gets to 5cents and LEASH is at $53 then more leash would be added to your account at the value of LEASH left. Consequentially, if the price of DOGE is say 5 cents and LEASH is valued at $40, then your wallet would be debased and the LEASH in your wallet would be balanced out against the DOGE valuation. According to the developers of LEASH, the purpose for this is to allow for a synth to hedge the price of the DOGE token.

Is the LEASH truly a DOGE Killer?

As of the time of writing this post, the price of 1 LEASH is $679 which is a huge leap from the original listing price. The intent of this token as was stated earlier was for it to be a rebase coin, but now the token has been unleashed, and would not rebase any longer. Now with only about 100,000 tokens available, holders wait and watch as the token which was designed to kill the DOGE go for the moon. Although the coin has seen bull and bearish runs, one thing is that it has left the DOGE in its trail, and an army keeps growing to maintain the steady climb up.

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