Bitrabo Editorial
Shiba Inu’s marketing lead, Lucie, took to social media to announce the forthcoming debut of liquid staking on the Shibarium network. This milestone was shared in a video released on August 15, setting an important date for the project.
Lucie expressed her appreciation for the development team’s efforts, highlighting the progress made by stating, “Let’s give a huge shout out to the incredible K9 Finance team! Liquid staking is on its way to SHIBARIUM! The KNINE testnet is live for everyone! Mark your calendars: Liquid Staking launches on Shibarium this September 18!”
Anticipated Updates for the Shiba Inu Community
Shibarium, a layer-2 blockchain solution aimed at improving scalability and decreasing transaction fees for Shiba Inu and its related tokens, is now progressing with the introduction of liquid staking. This development is made possible through K9 Finance, the designated provider of Liquid Staking Derivatives (LSD) for the ecosystem.
Users have the opportunity to stake their BONE tokens via K9 Finance and acquire knBONE, a liquid staking derivative token. This token serves as a tradeable representation of the user’s stake, enabling it to be freely traded or utilized as collateral in various DeFi applications. This approach maintains asset liquidity, empowering users to participate in other financial endeavors without tying up their funds, thereby enhancing flexibility and potential earnings through DeFi platforms.
The BONE Crusher feature underwent initial testing at the end of July, focusing on significant token holders, or ‘whales’, who owned at least 400 million KNINE DAO tokens. This phase enabled these large stakeholders to actively engage in staking BONE, earning knBONE, and obtaining additional rewards such as partner tokens and retroactive KNINE rewards.
After a successful trial phase, K9 Finance is now opening the testnet to a wider audience, removing previous constraints and enabling a broader user base to interact with the testing features.
As the project moves towards the mainnet launch on September 18, it progresses into the second phase of three. The ‘Boro’ phase, planned for a mainnet introduction in Q3 20224, aligns perfectly with the timeline. ‘Boro’ takes inspiration from the extinct Borophaginae, paying homage to the “BONE crushing dogs” that inspired this phase. It signifies the comprehensive deployment of K9 Finance’s core liquid-staking product on the Shibarium network.
The final phase, ‘Caninae’, slated for Q4 2024, will unveil a V2, encompassing all existing dog species, including the Shiba Inu. This stage represents the culmination of K9’s journey towards becoming a modern decentralized liquid-staking derivative product, fulfilling the vision outlined earlier this year.
K9 Finance DAO introduced its native governance token, KNINE, on March 7, initially available exclusively on Uniswap.
Currently, SHIB is trading at $0.00001370.
