The Shiba Inu Ecosystem Welcomes K9 Finance as an Official Partner
The Shiba Inu ecosystem has reached a significant milestone with the addition of K9 Finance as an official partner in the Shibarium ecosystem. This partnership was announced by Lucie, Shiba Inu’s marketing lead, on Twitter. Lucie emphasized the importance of this collaboration, stating that K9 Finance has been officially added as a Shibarium ecosystem partner.
What K9 Finance Brings to the Shiba Inu Ecosystem
K9 Finance is a platform designed specifically for the Shibarium blockchain. It introduces a liquid staking derivative (LSD) model for the BONE token, similar to how Lido operates for Ethereum. According to Lucie, K9 Finance allows users to stake their BONE tokens while maintaining liquidity, enabling them to participate in various decentralized finance (DeFi) activities.
Users can delegate their BONE tokens to validators on the platform and receive an LSD token called knBONE in return. This token represents their staked BONE and serves as Shibarium’s gas fee token. This approach ensures that users’ BONE tokens remain liquid, providing more flexibility compared to traditional staking methods.
K9 Finance also contributes to the burning of SHIB tokens, acting as a catalyst for Shibarium adoption and increasing the burn rate as more users engage with the platform. The project team recently completed a successful native token presale called KNINE, which sold out due to high demand.
Expanding the Shiba Inu Ecosystem
In addition to K9 Finance, Shibarium has three other official partners: Welly, a fast food restaurant based in Naples; Unification, a Shibarium developer; and Bad Idea AI, an Artificial Intelligence-focused project. These partnerships are part of the Shiba Inu ecosystem’s efforts to expand its reach and increase the adoption of the SHIB token.
Hot Take: SHIB Price Analysis
Currently, SHIB is trading at $0.00000904. The price has managed to stay above the 0.236 Fibonacci retracement level ($0.00000878) and a larger trend line. However, it needs to break out of the descending channel to generate new bullish momentum. Traders and investors will closely monitor SHIB’s price movement to identify potential trends and opportunities in the market.
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