Exciting Update for Shiba Inu Community: Liquid Staking Coming to Shibarium Network
On Thursday, the Shiba Inu marketing lead Lucie (@LucieSHIB) announced the official launch date for liquid staking on the Shibarium network. The announcement was made through a video posted on X on August 15, marking a pivotal moment for the project.
Lucie celebrated the progress of the development team, 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 Developments on Shibarium Network
Shibarium, a layer-2 blockchain solution aimed at improving scalability and reducing transaction costs for Shiba Inu and associated tokens, is progressing towards a significant milestone with the introduction of liquid staking. This functionality is supported by K9 Finance, serving as the designated Liquid Staking Derivatives (LSD) platform within the ecosystem.
– Users can stake BONE tokens via K9 Finance and receive knBONE, a liquid staking derivative token
– knBONE acts like a tradable receipt representing the user’s stake
– It can be traded freely or used as collateral in various DeFi applications
– This system enhances liquidity of assets, allowing for participation in other financial activities without tying up resources
– Flexibility and potential for additional earnings are heightened through engagement with DeFi platforms
The initial phase of testing for the BONE Crusher feature commenced in late July, catering to major token holders known as ‘whales’ possessing a minimum of 400 million KNINE DAO tokens. This phase facilitated active participation in the staking process, enabling users to stake BONE, earn knBONE, and receive additional rewards such as partner tokens and retroactive KNINE rewards.
Following the success of the initial phase, K9 Finance is now broadening access by opening the testnet to the wider public, removing previous restrictions and allowing more users to interact with the test features.
The Launch Phases of Shibarium Network
Set for a mainnet release on September 18, the project progresses into the second phase of a three-part roadmap. The ‘Boro’ stage, slated for a Q3 2024 launch, aligns perfectly with the timeline. Drawing inspiration from the extinct Borophaginae, this phase signifies the full-scale deployment of K9 Finance’s core liquid-staking product on the Shibarium network.
– The final phase, ‘Caninae’, scheduled for Q4 2024, introduces a V2 release
– This stage symbolizes building K9 as a modern expectation for a fully decentralized liquid-staking derivative product
– It marks the culmination of K9’s development according to the announcement earlier this year
It is noteworthy that K9 Finance DAO unveiled its governance token, KNINE, on March 7. Initially available exclusively on Uniswap, this ERC20 token plays a pivotal role in the project’s ecosystem.
Closing Thoughts on the Future of Shibarium and Liquid Staking
As of the latest update, SHIB is trading at $0.00001370.
By
By
By