Shiba Inu has identified K9 Finance DAO, a popular platform for liquid staking derivatives, as the key to enhancing Shibarium’s economic activities. This information was revealed in a recent post, highlighting K9 Finance’s role as the official partner for liquid staking in Shibarium, which is expected to increase the network’s total value locked (TVL) and trading volume.
The team behind Shiba Inu believes that K9 Finance can achieve the same level of success as Lido Finance on the Ethereum blockchain. Lido Finance currently holds the title of the largest liquid staking platform on Ethereum, with a TVL of $30.46 billion, according to data from DeFiLlama. K9 Finance aims to replicate Lido’s accomplishments within the Shibarium network by allowing KNINE holders to maintain liquidity on their staked tokens through its upcoming platform. This initiative is expected to benefit KNINE holders as Shibarium’s TVL increases.
K9 Finance’s main objective is to increase staking participation within the Shibarium ecosystem. Once K9 launches on Shibarium, users who stake their BONE tokens will receive a liquidity token called knBONE. These users can then trade knBONE with other tokens on the Shibarium network, potentially boosting Shibarium’s TVL and trading volume. Currently, Shibarium’s TVL is at $2.62 million, with the decentralized exchange WoofSwap ranking as the top protocol on the network. Buzz, the pseudonymous co-founder of K9 Finance, previously estimated that K9 could increase Shibarium’s TVL by 50 times if it reaches the industry average of $50 million.
In terms of its upcoming launch, K9 Finance recently unveiled the roadmap for its decentralized application (dApp). The launch will take place in three phases, starting with the deployment of the beta version, Hesper, by the end of Q2 2024. This will be followed by the release of the second phase, Boro, in Q3 2024, which will include the staking dApp on Shibarium mainnet. The final phase, Caninae, is scheduled for Q4, where K9 Finance will offer a complete liquid staking product on Shiba Inu’s L2 blockchain.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic assumes no responsibility for any financial losses incurred.