As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen the ebb and flow of countless projects in the digital asset space. However, the recent announcement by Shiba Inu’s marketing lead Lucie (@LucieSHIB) has piqued my interest like never before. The imminent launch of liquid staking on the Shibarium network is a game-changer that could potentially catapult SHIB to new heights.
On Thursday, Lucie (@LucieSHIB), the marketing head of Shiba Inu, revealed the start date for liquid staking on the Shibarium network via a video shared on X. This significant milestone for the project was announced on August 15.
“Congratulations to the remarkable K9 Finance team! Liquid staking is approaching in SHIBARIUM, and their testnet (KNINE) is now accessible for all. Save the date: The launch of Liquid Staking on Shibarium takes place on September 18th!”
Letβs give a huge shoutout to the incredible @K9finance team!
Liquid staking is on its way to SHIBARIUM!
The $KNINE testnet is live for everyone !
Mark your calendars: Liquid Staking launches on @ShibariumNet this September 18!
β πππππ (@LucieSHIB) August 15, 2024
What The Shiba Inu Community Can Expect
In simple terms, Shibarium – a scalability-focused, cost-reducing layer-2 blockchain solution for Shiba Inu and related tokens – has reached a significant stage as it incorporates liquid staking. This function is made possible by K9 Finance, the chosen platform for Liquid Staking Derivatives (LSD) within our ecosystem.
Users can invest their BONE tokens via K9 Finance to obtain knBONE, a token that functions as a proxy for staked assets. This knBONE token can be traded or used as collateral across various Decentralized Finance (DeFi) applications. By employing this method, users maintain liquidity of their assets, enabling them to participate in other financial endeavors without tying up resources. This approach increases flexibility and opens doors for extra income opportunities through DeFi platforms.
In late July, we initiated the trial run for the BONE Crusher function, focusing on significant token holders, often referred to as ‘whales’, who held over 400 million KNINE DAO tokens. During this phase, these major shareholders were given the opportunity to engage actively in the staking procedure, allowing them to deposit BONE, receive knBONE, and participate in extra incentives such as partner tokens and bonus KNINE rewards.
As an analyst, I’m excited to announce that, building upon the successful completion of this phase, K9 Finance is broadening its horizons by making its testnet accessible to the general public. This means lifting earlier limitations, thereby inviting a wider community to interact and experiment with our test features.
The project will move into its second phase, called “Boro,” with the mainnet launch scheduled for September 18. Named after extinct bone-crushing dogs, this stage represents the full deployment of K9 Finance’s primary liquid-staking product on the Shibarium network in Q3 20204.
The last stage, ‘Caninae’, set for Q4 2024, will mark the debut of Version 2 (V2). This phase encompasses all existing dog breeds, including the Shiba Inu. It signifies our evolution of K9 into a contemporary representation of a fully decentralized liquid-staking derivative product. Essentially, it’s the culmination of K9, as stated in the announcement made in March this year.
Significantly, the decentralized autonomous organization (DAO) known as K9 Finance introduced its administration token, KNINE, on March 7. Initially, this ERC20 token could only be obtained through Uniswap.
At press time, SHIB traded at $0.00001370.
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2024-08-16 03:44