- Shiba Inu partner K9 Finance has confirmed plans to launch its Liquid Staking Derivative (LSD) platform this month.
- The staking platform will allow community members to lock up their BONE tokens and earn rewards.
A popular Shiba Inu partner has shared details of its Liquid Staking Derivative Platform (LSD), revealing its preparedness for launch. K9 has confirmed its preparedness for the launch after passing a smart contract audit conducted by SourceHat, a popular Web3 security platform.
The team announced September 18th as the official launch date of the X platform in a post on the platform. Shiba Inu community members will be able to lock up their BONE tokens and earn rewards.
Unlike traditional crypto staking, the K9 staking dApp allows users to exchange their staked BONE for K9’s liquid token, knBONE.
This liquid token can then be used within the Shibarium ecosystem, enhancing its versatility. K9’s forthcoming Liquid Staking Derivatives (LSD) platform represents a groundbreaking development for the Shiba Inu ecosystem. It is poised to not only expand Shiba Inu’s utility but also reinforce the security of Shibarium, Shiba Inu’s Layer 2 blockchain.
Smart Contract Audit Passed
The $KNINE Liquid Staking & Farming contracts have been successfully audited by @SourceHatLabs
Liquid Staking: https://t.co/FJIBdr7edO
Farming: https://t.co/eNaYxLXYzZLaunch Date: September 18th pic.twitter.com/KAjKIKZ4MC
— K9 Finance DAO (@K9finance) September 5, 2024
This development will be critical in expanding Shiba Inu’s utility while strengthening the security of Shiba Inu’s L2 blockchain Shibarium.
The Shiba Inu community has been calling for more SHIB burns, both in frequency and amount. Lead developer Shytoshi Kusama is one of those who has been calling for and promising more burns, which could help drive prices higher as supply plummets.
Furthermore, the launch of the LSD platform will help boost Shibarium’s total value locked (TVL). According to the anonymous developer of the platform, he expects it will boost the TVL by up to 50 times. At press time, Shibarium’s TVL stands at $1.15 million, a decline of 70.51% from its all-time high of $3.9 million.
A boosted TVL represents greater price stability, utility, and more security for the ecosystem.
This development comes amid key developments around the recently announced launch of SHIB DAO. As Crypto News Flash reported, a cybercriminal siphoned the 37.5 ETH donated by Welly’s fast food chain, intended to support SHIB ecosystem projects.
The recent confirmation has led to a positive change, with SHIB recording a 1% rally in the past 24 hours. Trading for $0.00001287, the second largest memecoin has reversed its bearish trend after losing around 6% in the last seven days.
SHIB has in recent weeks struggled to maintain a bullish outlook, dropping to 16th rank from a high of 11th. Earlier this year, analysts expressed confidence that SHIB could flip Dogecoin (DOGE) to become one of the top ten ranked cryptocurrencies in the market.
Experts and investors remain confident that SHIB will rally to a new all-time high in the long term. During the 2021 bull run, SHIB reached an all-time high; the memecoin reached $0.00008616, which investors hope to revisit.
