Episode Transcript
[00:00:00] Out of cycle update.
[00:00:05] This crypto keeps failing to the break of dawn. Cryptotalk fm. My name is Leister. I am your host. Had to have Eric Badu help me on this one because, you know, all right, today we're not talking about bone. So I was a whale in bone. I'm not now, but I was a whale in bone. We're not talking about bone, but it impacts bone.
[00:00:26] Something was brought to attention on Coin Market Cast community. I thought I would share. We're talking about Leash. I'm gonna give you some backstory and the reason this caught my eye and the reason I think you should pay attention. If this is all true, I'm going simply off what was reported, so don't come at me. This is what was said on CoinMarketCap and I'm sharing it. How you interpret it's how you interpret it. It's whatever you wanna do with your cash.
[00:00:46] The story behind Leash and I talked about this. If you check back in our archives, I did a coverage per listener request about this Laika L A I K a dog crap token and I in there. Somebody was doing a rant on medium and they did a post and Leash was called out. And they called out some interesting stuff that I thought that was part of the backstory that would be of value for you to hear, to know why this message is significant.
[00:01:17] So when Leash was first envisioned, we're talking about before it was actually launched. But when it was envisioned, Leash was envisioned as a rebase token. A rebase token for those that don't know. And if you're new, welcome. But if you don't know, a rebase token, a rebase token used, it had peaks and spikes across tokens back in 2021, the idea being it would change its total supply according to the demand of the token. So if there's significant sell pressure, as in it's losing its value, the supply would decrease. It would actually literally decrease its supply.
[00:01:56] When there's high demand, as in significant buy orders, it would increase its supply accordingly because the thought was the it was trying to compete with like ample 4th and other similar rebase tokens of the time. That was when it was first envisioned.
[00:02:12] When they launched Leash, the story went, and this goes with the Laker, but also something I heard. The story went that they decided against doing it because there were some insiders that all colluded together to suppress the token and decided at the very last minute not to launch it as a rebase token, but instead as a standard token. It launched at thousands of dollars crap down. It currently is like 70 bucks as I record this.
[00:02:37] So the point is that the vision was it was going to be a rebase token, but when it launched it was not a rebase token. Recently on coinbarketcap somebody gave a message that I found rather surprising. Not surprising, but interesting.
[00:02:51] Now I haven't followed the discord or any of that kind of stuff, so I don't know. I can't verify any of this stuff, but it wouldn't surprise me given the backstory of Leash is my point user. The board Whale says quote a lot of FUD is going around so let's clear it up with facts.
[00:03:07] Leash did not enter 10% daily inflation. What happened was a one time 10% supply increase due to a hidden rebase pathway in the old contract.
[00:03:18] The Shiba Inu team and Kal Daria who I apparently took over for Shytoshi Scented Book already confirmed this in an official post. The supply chains came from pre authorized smart contract logic, not from active developer control.
[00:03:35] Pause. So what it's saying is that apparently there was some holdover code in the contract that was designed to do a 10% one time bump up of supply.
[00:03:47] Now I don't know if that's really true or not, and I find that rather interesting. Not unusual, but interesting. But what it would imply is that the thought process behind this logic would be that at some point over time, right passage of time, that they would have to increase the price simply by virtue of an expectation of price appreciation and trying to re level the price.
[00:04:13] Okay, well let's assume that happened. I don't know if it is, but let's assume that happened.
[00:04:18] Then what that means is that the rebase logic was never removed, completely disabled from the contract prior to launch. They might have decided not to do it, but they didn't actually remove it. Now if they all talked, and this is the message, they all talked and decided that they were not going to go for the rebase, you would think they would remove all rebase logic from the contract. Kind of sketchy. Let's continue.
[00:04:40] Quote the DAO is always already preparing solutions, including migrating to a clean leash v2 contract with zero rebase features and full audits to permanently lock supply.
[00:04:52] Bone and Leash are both core parts of the Shiba Inu ecosystem. Bone is the gas token for Shibarium, allegedly. And Leash represents exclusivity and rewards. Allegedly. They're not going away.
[00:05:04] Pause. Now the reason I'm saying allegedly we know that Bone is gas for Shibarium, of course Nobody uses it, so it's no impact.
[00:05:12] Leash exclusivity and rewards. The problem is they launched Treat, which they said the same thing about Treat. So now you have two rewards tokens is what we're saying, and that's sprawl. And that may have contributed to some of the price depreciation for leash. I can't say for sure.
[00:05:27] Quote, price is volatile now, but this is not the end of Shiba Inu's ecosystem. It's a reset and a chance for stronger foundations moving forward.
[00:05:35] Bottom line, Shiba eu, Bone and leash are here to stay. The community and Dao are making sure of it. Stop.
[00:05:42] So the allegation here is that something changed with the supply. People got freaked out. I did see on CoinMarketCaps Community, the circulating supply says 1.55.7 9000 leash, which is kind of odd because I remember it launched a hundred thousand leash. So certainly, indeed there was some leash that was apparently created out of thin air. And of course the price, you know, it skyrocketed almost 10,000 bucks and then crapped and was continuing to crap. And it seems like now it's not just bone bones affected, leash is affected shib. It's just a matter of time. It's a matter of time because this is shady. It's shady business. And let's assume that it is true, that it's rogue code. Again, you would think that they would have yanked all rebase code when they decided not to do rebase. Why would you leave rebase code in the contract and them saying that apparently they're going to lock it all out. It's possible that they're going to do like they did Bone and basically just lock it and wipe their hands of it. Now that they take it all the money and run, I can't say what really is happening. I'm simply sharing what was said on CoinMarketCap community so you can make up your own choice about what you do with this information.
