- K9 Finance joined Shibarium as an official network validator.
- The staking platform also launched a DAO with a native token.
- Shiba Inu’s lead developers join K9 DAO as official Advisors.
K9 Finance, the highly-anticipated Liquid Staking Derivatives (LSD) project on Shibarium has announced KNINE, a new cryptocurrency to serve as the native token of the project. As the market reshuffles, Shiba Inu (SHIB), now being a Top 10 crypto, is renewing its focus on garnering value for Shibarium L2.
KNINE, the new token, has already been noticed by crypto aficionados on X due to an instantaneous triple-digit run since being listed on the crypto price aggregator CoinMarketCap. Currently trading at $0.0001254, KNINE jumped to its first substantial all-time high at $0.0002426, but has since retraced 48%.
The future price movement of K9 Finance (KNINE) highly depends on the success of Shibarium’s liquid staking project of the same name. While K9 Finance dApp is not yet launched, the devs took to X to share the official contract address of the new token, as counterfeit coins imitating legit projects are lately on the rise.
Shytoshi Kusama Applauds the KNINE Initiative
As Shibarium’s Total Value Locked (TVL) is rapidly approaching the $2 million mark, Shytoshi Kusama chimed in to praise K9 DAO’s initiative to offer a spot as Official Advisors to Shy and another prominent Shibarium developer, Kaal Dhairya.
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The inclusion aligns well with K9 Finance’s main goal – to bring liquidity into Shiba Inu’s Layer-2, as well as new opportunities. Shibarium’s first 6 months were highlighted with successful decentralized exchange (DEX) projects like MARSWAP and a variety of digital art collectibles, made wholeheartedly by the Shiba Inu community, popularly known as SHIB Army.
On March 5, 2024, Shibarium L2 hit its new all-time high of $2.25M in Total Value Locked (TVL), with SHIB Army members eagerly waiting for the automated SHIB burn consensus to reach the public. Currently, the Shiba Inu burning mechanism is deployed only on the ‘Puppynet’ testnet, as devs put in the final touches before the ground-breaking SHIB auto burns are launched on the mainnet.
On the Flipside
- K9 Finance, the liquid staking platform, is slated for launch in the coming months.
- The project aims to provide liquidity to upcoming cryptocurrencies related to SHIB.
- To illustrate, $SHI stablecoin and $TREAT reward token are still waiting for launch.
Why This Matters
Shiba Inu’s developers aim to bolster the ecosystem by bringing innovative and in-demand projects to Shibarium. The team has pledged to onboard 1,000 fresh DeFi projects in the near future.
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