NFA Labs, the web3 outfit behind the Not Financial Advice token, unveiled a strategic business unit earlier today called Canis. Canis is a lending protocol aimed at accelerating the Shibarium ecosystem. NFA Labs affirmed that Canis would allow users to leverage their holdings to invest in projects on its layer 2, leading to an overall boost to the ecosystem.
NFA Labs took to Twitter earlier today to share the details of Canis with its community:
We have recently completed the development of our sophisticated Sentiment Analysis Platform, initially named Athena Beta. It employs cutting-edge deep learning methodologies to equip the algorithm with nuanced sentiment data.
— n=f(a) (@nfalabs) June 7, 2023
The system actively collates data from a… pic.twitter.com/fV27koSuXS
According to NFA Labs, Canis would help its DeFi users by fueling the Shibarium ecosystem by leveraging holdings on Shibarium L2. Apart from the ecosystem boost, Canis would also provide users with yield-generation opportunities. NFAI token holders would enjoy price-agnostic yield which would serve as a hedge against Athena, which is another one of NFA Labs’ strategic business units that offer artificial intelligence-powered trading.
Canis would also benefit Shiba Inu (SHIB) holders by reducing the meme token’s circulating supply, leading to considerable growth in the token’s price. News of Canis was well received by members of the SHIB community. Crypto influencer Lucie SHIB on Twitter lauded NFA Labs on its dedication to the Shibarium ecosystem.
NFA Labs added that its new lending protocol Canis competed with other lending protocols, leading to substantial revenues and providing safe and effective liquidity on Shibarium L2. The latest development comes just a day after the web3 project completed the development of its sophisticated Sentiment Analysis Platform, which was initially named Athena Beta.
NFA Labs’ latest development had little impact on its native token Not Financial Advice (NFAI). Data from CoinMarketCap shows that the token lost more than 8% over the past 24 hours, going from $0.092 to as low as $0.081. At the time of writing, the token was trading at $0.083, with a 24-hour trading volume of $229,000. NFAI’s market capitalization stood at $6 million.
