The SHIB team recently launched an on-chain repayment plan, which is indeed a novelty in the history of cryptocurrency. Users affected by the Plasma Bridge security incident can claim NFT certificates to trade on Ethereum and receive compensation directly in SHIB tokens. This operation sounds ambitious, but there are many important considerations behind it.

First, let's discuss the background of the incident. SHIB's Plasma Bridge was hacked, resulting in losses exceeding one million dollars. Unlike other projects that only issue public announcements, this time the team chose a tangible on-chain approach: creating NFT-style claim certificates for affected users, who can buy and sell these certificates on Ethereum just like trading other assets, and finally use SHIB tokens to complete the compensation. Such practices are indeed rare in the industry.

In terms of market impact, this could stimulate some short-term volatility in SHIB's price. After all, the team needs to burn or use SHIB to fulfill the repayment, which involves actual token transfers. But from a longer-term perspective, the key is whether users trust this NFT repayment mechanism. If the plan proceeds smoothly, it might even lead to a secondary market for SHIB NFTs, thereby expanding the application scenarios for these certificates.

However, there are three risks that need serious consideration. First is liquidity risk. If these NFT certificates lack sufficient liquidity, holders may face difficulties in liquidating them, ultimately turning them into digital assets that can only be watched but not used. Second is responsibility attribution. The team claims that users should protect their assets themselves, but the vulnerability was essentially a protocol-level issue. This kind of blame-shifting attitude may cause some dissatisfaction. Third is the cost of rights protection. Claiming NFT certificates requires certain blockchain operation knowledge, which could cause secondary harm to less tech-savvy users, making it harder for them to receive the compensation they deserve.

This situation is like a scenario: someone owes you 100 dollars, and then gives you a note saying SHIB owes you 100 dollars. This note can be exchanged or sold somewhere. The problem is whether this note can be successfully redeemed and whether it can circulate smoothly—these are still unknowns. The overall feasibility of the plan ultimately depends on whether these practical issues can be truly addressed during implementation.