- Freshly-appointed Shibarium validator K9 launches 420M KNINE contest.
- The sweepstakes will run for two weeks, ending at 3 PM EST on May 22, 2024.
- SHIB consolidated at $0.000022 as most altcoins pulled back on Thursday.
Shiba Inu’s (SHIB) upcoming Liquid Staking Derivatives (LSD) platform on Shibarium Layer-2 has awakened the curiosity of Shiba Inu custodians. K9 Finance DAO, the decentralized autonomous organization (DAO) behind the dynamic staking platform, launched a contest with 420M KNINE tokens up for grabs in the prize pool.
The sweepstakes is being held in celebration of K9 Finance DAO becoming a node validator on Shibarium L2. This adds an extra layer of security to SHIB’s own blockchain after the hard fork in early May 2024. Moreover, the close partnership with SHIB Token lets K9 Finance DAO work on bolstering Shibarium’s liquidity by bringing unprecedented functionality to the chain.
How to Get Your Hands on 420M KNINE Prize Pool
Cryptocurrency aficionados should head to TaskOn, where they can find a task list of mandatory and optional activities. In order to participate, SHIB Army members can log in to TaskOn in multiple ways, including Web3 and social media gateways.
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Shibarians can choose from X, Telegram, Discord, or email as an authentication method, while MetaMask, Bitget Wallet, Wallet Connect, and TronLink are the options for authentication via Web3. Once logged on, crypto enthusiasts are presented with two mandatory tasks.
The first task revolves around swapping at least $100 of ETH to KNINE on UniSwap v3; the buying action follows the social task to quote a tweet, including the hashtags #K9Finance and #buycontest on Twitter. As the sweepstakes are run on raffle-based entries, the chances can be improved by doing optional tasks on the contest page.
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These include following the campaign’s host, K9 Finance DAO, on Telegram and Twitter. Users can complete the smaller tasks worth five entries by following the SHARBI token, ChewySwap, Bad Idea AI, WoofSwap, CoinMerge, and other Shibarium-related products to gather all possible points.
What K9 DAO’s Staking App Brings to Shibarium
K9 Finance DAO serves the same purpose as Lido Protocol on Ether (ETH). When Lido entered the largest Proof of Stake (PoS) network, blockchain aficionados could diversify their digital asset staking portfolios across different smart contracts, magnifying the potential returns. K9 Finance DAO’s core product, BONE Crusher, is set to employ Shibarium’s Bone ShibaSwap (BONE) in a dual token system. Once Shibarium L2 users delegate their BONE to the BONE Crusher decentralized application (dApp), they get an equivalent of knBONE, the in-app version of Shibarium’s gas fee token.
While the liquid yield project aims to bolster Shibarium’s on-chain liquidity, the participants can collect their staking rewards in both KNINE and BONE. Set for a Q3 of 2024 launch, the BONE Crusher dApp will run on Shibarium L2 and employ a bi-folded LSD system that rewards both the SHIB Army and K9 Army for participation in staking activities.
On the Flipside
- Two months into launch, K9 Finance DAO’s KNINE token backtracked 89% from its all-time high of $0.0003468, which was reached on March 10, 2024.
- With a global market capitalization of $4,111,158, KNINE can be traded on MEXC, BitMart, and decentralized crypto waters.
Why This Matters
SHIB Token’s leading team members have joined K9 Finance DAO’s advisory board, acclaiming the forthcoming liquid staking project as an official component of the Shibarium Ecosystem.
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