On Thursday, the Shiba Inu advertising and marketing lead Lucie (@LucieSHIB) introduced the official launch date for liquid staking on the Shibarium community. The announcement was made via a video posted on X on August 15, marking a pivotal second for the venture.
Lucie celebrated the progress of the event staff, stating, “Let’s give an enormous shout out to the unimaginable K9 Finance staff! Liquid staking is on its solution to SHIBARIUM! The KNINE testnet is reside for everybody! Mark your calendars: Liquid Staking launches on Shibarium this September 18!”
Let’s give an enormous shoutout to the unimaginable @K9finance staff! 🚀
Liquid staking is on its solution to SHIBARIUM!
The $KNINE testnet is reside for everybody !
🗓️ Mark your calendars: Liquid Staking launches on @ShibariumNet this September 18! pic.twitter.com/nJuSEhxaRO
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 15, 2024
What The Shiba Inu Neighborhood Can Anticipate
Shibarium, a layer-2 blockchain resolution constructed to reinforce scalability and scale back transaction prices for Shiba Inu and related tokens, is now coming into an important part with the combination of liquid staking. This function is facilitated via K9 Finance, the designated Liquid Staking Derivatives (LSD) platform for the ecosystem.
Customers can stake their BONE tokens via K9 Finance and obtain knBONE, a liquid staking by-product token. This token acts like a tradable receipt representing the consumer’s stake, which might be freely traded or used as collateral in varied DeFi functions. This mannequin maintains liquidity of property, permitting customers to have interaction in different monetary actions with out locking up their assets, thereby enhancing the flexibleness and potential for extra earnings via DeFi platforms.
The preliminary testing part for the BONE Crusher function started within the final week of July, concentrating on large-scale token holders—identified colloquially as ‘whales’—who possessed at the least 400 million KNINE DAO tokens. This part allowed these massive stakeholders to take part actively within the staking course of, enabling them to stake BONE, earn knBONE, and take part in incomes further rewards together with companion tokens and retroactive KNINE rewards
Following the success of this part, K9 Finance is now opening the testnet to the broader public, eliminating earlier restrictions and permitting a extra intensive consumer base to have interaction with the take a look at options.
With the mainnet launch on September 18, the venture enters the second of three phases. The second stage, ‘Boro’, was scheduled for a mainnet launch in Q3 20204 and can thus arrive completely in time. Boro attracts its title from the extinct Borophaginae, a nod to the “BONE crushing canines” that encourage this stage. It signifies the full-scale operational deployment of the core liquid-staking product of K9 Finance on the Shibarium community.
The ultimate part, ‘Caninae’, scheduled for This fall 2024, will see the launch of a V2. This stage will embody “all residing canine species, together with the Shiba Inu! It’s the modern-day Canine and is symbolic of constructing K9 to develop into the trendy expectation of a completely decentralized liquid-staking by-product product. It’s the finalization of K9,” as per announcement in March this yr.
Notably, K9 Finance DAO launched its native governance token, KNINE, on March 7. This ERC20 token was initially accessible solely on Uniswap.
At press time, SHIB traded at $0.00001370.
Featured picture created with DALL.E, chart from TradingView.com
