On August 15, Shiba Inu’s marketing lead, Lucie (@LucieSHIB), announced via a video on X that the Shibarium network will officially launch its liquid staking feature. This announcement marks a significant development for the project.
Lucie praised the K9 Finance team’s efforts, stating, “A big shoutout to the amazing K9 Finance team! Liquid staking is coming to SHIBARIUM! The KNINE testnet is live! Save the date: Liquid Staking launches at Shibarium on September 18!”
What to Expect from Shiba Inu’s Community
Shibarium, the layer-2 solution designed to boost scalability and lower transaction costs for Shiba Inu and related tokens, is set to enter a key phase with the introduction of liquid staking. This feature, supported by K9 Finance, the ecosystem’s designated Liquid Staking Derivatives (LSD) platform, allows users to stake their BONE tokens and receive knBONE, a liquid staking derivative token. knBONE acts as a tradable representation of the staked amount, which can be used as collateral or traded, maintaining liquidity and enabling users to engage in other financial activities without locking up their assets.
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The testing phase for the BONE Crusher feature began in late July, targeting major token holders, or ‘whales’, with at least 400 million KNINE DAO tokens. This phase allowed these stakeholders to actively participate in staking, earning knBONE, and accessing rewards including partner tokens and retroactive KNINE rewards.
Following the success of this initial phase, K9 Finance is expanding the testnet to the general public, removing previous limitations and inviting a broader user base to test the features.
The mainnet launch on September 18 will mark the second of three phases for the project. The upcoming phase, ‘Boro’, named after the extinct Borophaginae, signifies the comprehensive deployment of K9 Finance’s core liquid-staking product on the Shibarium network. The final phase, ‘Caninae’, scheduled for Q4 2024, will introduce a V2 of the product, aiming to establish K9 as the modern standard for decentralized liquid-staking derivatives. This phase will celebrate all living dog species, including the Shiba Inu, symbolizing the evolution and completion of K9 Finance.
K9 Finance DAO introduced its native governance token, KNINE, on March 7, initially available only on Uniswap.
As of the latest update, SHIB is trading at $0.00001370.
Cre: bitcoinist
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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