Shiba Inu Announces 40,453,074 SHIB Giveaway to Celebrate This Historic Milestone

Shiba Inu’s ecosystem team has unveiled a special giveaway to celebrate SHIB’s debut on the first-ever cross-chain lending market

The announcement comes barely a few hours after Chainlink’s flagship project Folks Finance listed Shiba Inu on its cross-chain lending markets. The initiative aims to allow users to lend and borrow SHIB across 12 blockchains, including Polygon, Avalanche, Arbitrum, and Base

New SHIB Giveaway

Users must also follow the official X handles of Folks Finance and that of Shiba Inu. Lastly, participants are mandated to tag three friends in the comment section of the giveaway announcement

The giveaway, which began yesterday at 07:49 PM (UTC), will run for 48 hours. This implies that the giveaway event will end on September 5, at 7:49 PM (UTC)

xAI Grok to Select Winner

Interestingly, Shiba Inu will utilize xAI’s chatbot, Grok, to determine the winner of the giveaway, ensuring transparency and fairness

According to the announcement, the AI model will randomly select one lucky winner after 48 hours have elapsed. In the meantime, the giveaway has attracted strong participation from the Shiba Inu community. Despite only being unveiled just a few hours ago, the giveaway has 1,300 comments, 1,500 reposts, and 2,100 likes

This promo is part of an effort to reward loyal Shiba Inu community members and also boost awareness for SHIB’s cross-chain integration into Folks Finance’s lending markets

Shiba Inu’s move into the cross-chain lending space extends its utility beyond meme culture, positioning the token within blockchain-based financial services

Besides Shiba Inu, Folks Finance also announced special incentives for users who deposit their SHIB tokens in its lending markets. Depositors are currently earning a 9.08% annual percentage yield (APY)

The incentive is already paying off as the amount of SHIB deposited now stands at $32,000, representing a 28% spike from the $25,000 reported yesterday