Shiba Inu’s Chief Marketing Officer Lucy (@LucieSHIB) announced the official launch date for Liquid Staking on the Shibarium network on Thursday. The announcement was made via a video posted on X on August 15, marking a pivotal moment for the project.
Lucy celebrated the development team’s progress, saying: “Let’s give a big shoutout to the amazing K9 Finance team! Liquid staking is on its way to SHIBARIUM! The KNINE Testnet is now available to everyone! Mark your calendars: Liquid staking on Shibarium will be launched on September 18th!”
Let’s give a big shout out to the awesome. @K9finance Team! 🚀
Liquid storage on its way to SHIBARIUM!
the $quinine Testnet is available to everyone!
🗓️ Mark your calendar: Liquid Staking launches on @shibarium net September 18th this! pic.twitter.com/nJuSEhxaRO
— Lucy Shipp (@LucieSHIB) August 15, 2024
What can the Shiba Inu community expect?
Shibarium, a layer 2 blockchain solution designed to enhance scalability and reduce transaction costs for Shiba Inu and its associated tokens, is now entering a critical phase with the integration of liquid staking. This feature is facilitated by K9 Finance, the ecosystem’s dedicated liquid staking (LSD) platform.
Users can stake their BONE tokens through K9 Finance and receive knBONE, a liquid staking derivative token. This token acts as a tradable receipt representing the user’s stake, which can be freely traded or used as collateral in various DeFi applications. This model maintains the liquidity of the asset, allowing users to engage in other financial activities without locking up their resources, thus enhancing the flexibility and potential for additional earnings through DeFi platforms.
The initial testing phase of the BONE Crusher feature began in the last week of July, targeting large-scale token holders – colloquially known as “whales” – who own at least 400 million KNINE DAO tokens. This phase allowed these large contributors to actively participate in the staking process, enabling them to stake BONE, earn knBONE, and participate in earning additional rewards including partner tokens and retroactive KNINE rewards.
Following the success of this phase, K9 Finance is now opening the testnet to the general public, removing previous restrictions and allowing a more comprehensive user base to interact with the test features.
With the mainnet launch on September 18, the project is entering the second of three phases. The second phase, “Boro,” was originally scheduled to launch on the mainnet in Q3 20204 and thus arrives just in time. Boro takes its name from the extinct Borophaginae, a reference to the “bone-crushing dogs” that inspired this phase. It marks the full operational deployment of K9 Finance’s primary liquid staking product on the Shibarium network.
The final phase, “Caninae,” scheduled for launch in Q4 2024, will see the launch of V2. This phase will include “all living dog species, including the Shiba Inu! It is the modern dog and symbolizes the building of K9 into the modern expectation of a fully decentralized liquid derivative product. It is the completion of K9,” according to the announcement in March of this year.
It is worth noting that K9 Finance DAO launched its native governance token, KNINE, on March 7. This ERC20 token was initially available exclusively on Uniswap.
At the time of publishing this report, SHIB stock was trading at $0.00001370.
Featured image created using DALL.E, chart from TradingView.com
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