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- Shiba Inu will launch liquid staking on the Shibarium network on September 18, enhancing token flexibility.
- Users can stake BONE tokens through K9 Finance and receive knBONE, a tradable token representing their stake.
The Shiba Inu community is preparing for the launch of liquid staking on the Shibarium network, which is expected to occur on September 18. According to Shiba Inu marketing lead Lucie, this is a significant milestone in the growth of the Shiba Inu ecosystem. Liquid staking is made possible through K9 Finance, the LSD platform in the ecosystem.
https://Twitter.com/LucieSHIB/status/1824006897520832972v
Shibarium, which is a layer-2 solution for Shiba Inu and other tokens, is now at a crucial stage with the integration of liquid staking. Soon, users will be able to stake their BONE tokens through K9 Finance and receive knBONE, a liquid staking derivative token.
In contrast to conventional staking, in which users lose the ability to trade their assets, knBONE enables users to retain liquidity. This token serves as a tradeable certificate of ownership of the user’s stake and can be traded or used as security in other DeFi protocols.
Liquid staking allows users to participate in other activities without being tied up with their resources. It also opens the door for more money to be earned through DeFi platforms, which is always a positive aspect of the Shiba Inu ecosystem.
BONE Crusher Feature Undergoes Testing with Large Token Holders
The testing of the BONE Crusher feature, which is one of the most important components in the liquid staking system, started in the last week of July. In this phase, individuals with at least 400 million KNINE DAO tokens were allowed to participate in the staking process as large-scale token holders referred to as ‘whales.’ These participants could deposit BONE and farm knBONE and get extra bonuses such as partner tokens and retroactive KNINE rewards.
After the success of the initial testing phase, K9 Finance has made the testnet accessible to everyone. This step enables more users to interact with the test features and provide feedback, which will be useful for perfecting the liquid staking process.
Shibarium’s mainnet launch on September 18th is the start of the second of three phases planned for the network. This phase, known as “Boro,” will mark the full-blown operational functionality of the core liquid staking product on the Shibarium protocol. The ‘Boro’ phase takes its name from the Borophaginae, which were a group of prehistoric canids, also known as the ‘bone-crushing dogs.’ It is a major move towards the complete integration of liquid staking in the Shiba Inu ecosystem.
Final Phase of Liquid Staking Planned for Late 2024
The third and last phase of the liquid staking is called ‘Caninae’ and is planned to be implemented by the fourth quarter of 2024. This phase will unveil the second version of the liquid staking product that will encompass “all living dog species, including the Shiba Inu. ”
K9 Finance has been one of the most active projects in the Shiba Inu ecosystem since the launch of the platform. The platform launched the native governance token KNINE on March 7. At first, it was only traded on Uniswap and serves as the ERC20 token of K9 Finance, letting the users participate in the governance and decision-making of the platform.
