How Shiba Inu’s BONE Harnesses Liquid Staking on Shibarium

K9 and SHIB shake their paws to embark on a mutual mission to bring dynamic staking to Shibarians.

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  • SHIB mulled over plans to welcome 1,000 dApps on Shibarium.
  • The New DeFi project on Shibarium L2 offers a way to boost TVL.
  • BONE dips 13% in a month amid unsettled listing requests.

Shiba Inu’s (SHIB) blockchain Shibarium continues to fulfill the promise of Layer-2 expansion through 2024. Plans to onboard 1,000 new decentralized applications were earlier revealed in Shiba Inu’s vision, while some of the fresh projects add new functionality to the blockchain.

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Ethereum (ETH) holders can enjoy liquid derivatives staking through the Lido protocol, which gives an equal amount of Lido Staked Ether (stETH), yielding staking rewards in the DeFi space. For SHIB custodians, the K9 protocol is set to bring this opportunity via Shibarium’s gas fee token, Bone ShibaSwap (BONE).

While staking solutions for BONE have been around before Shibarium L2, a liquid staking solution can simultaneously use the staked $BONE in other DeFi platforms, potentially multiplying the staking gains. K9 Finance is a decentralized application (dApp) on Shibarium L2, specializing in Liquid Staking Derivatives (LSD).

Shibarium to Receive a TVL Boost?

DailyCoin contacted K9 Finance’s DAO Founder and developer team member Buzz to discover the underlying details behind the project’s launch. “The purpose of the project is to drive TVL to Shibarium,” declares Buzz. The team lead refers to the Total Value Locked (TVL) on-chain, which reached $1.44M shortly after its inception.

Shiba Inu’s Layer-2 blockchain currently contains $863,968 in TVL, as MARSWAP DEX is leading the pack with utter network domination of 54.84%. Among decentralized exchanges (DEX), Shibarium’s blockchain is utilized for artistic NFT projects, Manny Pacquio’s charity foundation, and the forthcoming SHIB: The Metaverse digital realm.

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Naturally, these utility cases contributed towards 3 million blocks produced and the 337 million on-chain transfers. Encompassing 1.35 million crypto wallet addresses, Shibarium L2 uses Bone ShibaSwap as the gas fee token. In contrast, the upcoming token KNINE will instigate a second layer of liquidity via the unlimited LSD staking instead of the regular locked plans.

The move by K9 Finance to introduce LSDs sparks enthusiasm for Shiba Inu’s BONE holders, as the gas fee token is capped at the limited supply of 250,000,000. Besides, BONE is yet to get recognition from the crypto heavyweights, as neither Binance nor KuCoin answered the SHIB Army’s calls regarding the possible listing of Bone ShibaSwap.

On the Flipside

  • K9 Finance’s Liquid Derivatives Staking platform is slated for full launch in Q3 of 2024.
  • Before that, the BONE staking dApp will be deployed on the testnet in Q2 of 2024.
  • Shibarium’s gas fee token, Bone ShibaSwap, recently fell to a yearly low of $0.55.

Why This Matters

Lido’s staking protocol has garnered over $22 billion in total value locked (TVL), while liquid staking derivatives (LSD) introduce a dynamic approach to staking products.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.