- Shibarium’s upcoming K9 Finance dApp shares three key phases.
- Two sneak peeks of K9’s user interface are circulating on Twitter.
- Shibarium lately hit a record in total value locked, topping $3.8M.
Shiba Inu’s (SHIB) Liquid Staking Derivatives partner K9 Finance DAO made it to the spotlight in the latest edition of SHIB Magazine. The community-oriented digital newspaper from SHIB reviews the hottest topics relatable to SHIB Army bi-weekly. This time, SHIB Magazine introduced K9 Finance’s roadmap, consisting of three key parts.
As K9 DAO’s Liquid Staking Derivatives platform is meant to transition to Shibarium’s mainnet as soon as Q3 of 2024, the very first phase of K9 Finance’s launch begins with Hesper, a beta version of the mainnet’s decentralized application (dApp).
Three Phases Of K9 DAO’s DeFi Revolution
Derived from the Hesperocyoninae, prehistoric creatures that paved the way for modern-day canines, this initial phase requires a lot of testing and represents resilience, strength, and capacity to improve the decentralized finance ecosystem.
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Moving on to the second phase of Borophaginae, K9 Finance is working on releasing the dynamic staking application on Shibarium’s mainnet. Translated as Bone Crusher, the Boro app will go live on Shibarium’s mainnet in Q3 of 2024. This user interface can swap Bone ShibaSwap (BONE) for knBONE equally, enabling traders to diversify their portfolio around different DeFi protocols simultaneously.
Following the completion of Boro, the culmination of K9 Finance’s DeFi quest comes in Q4 of 2024, when Boro transitions into Caninae for the V2 launch on Shibarium’s Layer-2 mainnet. This marks an all-encompassing and thoroughly-tested Liquid Staking Derivatives (LSD) product for the SHIB Army to embrace.
Here’s What K9 DAO’s Bone Crusher Looks Like
Amid the growing enthusiasm for the inaugural LSD product on Shibarium, a key team member shared a series of screenshots on Twitter. Buzz, K9 Finance’s co-founder and SHIB developer advocate, explained the dynamic staking model in the first sneak peek to resemble the Rocket Pool or Lido Protocol on Ethereum (ETH).
According to the first example by Buzz, crypto enthusiasts delegating their BONE to verified validators in the K9 Finance ecosystem can get their hands on knBONE, a substitute token issued 1:1 with the original Bone ShibaSwap on K9’s dApp. The staked BONE can be used in multiple staking vaults simultaneously, bringing unprecedented functionality to staking on Shibarium L2.
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In the second sneak peek shared on X yesterday, Buzz lets K9 DAO’s fans glimpse the interface for farming rewards. This mechanism allows crypto enthusiasts to earn rewards in a duplex way. First, farming rewards include $esKNINE, which can be later minted into KNINE tokens, the official coin of K9 DAO’s Liquid Staking Derivatives (LSD) protocol. Second, K9 partner tokens can be earned via boosted yield campaigns.
On the Flipside
- This staking model strikes both ways, as KNINE holders and lockers can get the most out of the staked BONE earnings, but staking KNINE to earn BONE is also possible.
- The Liquid Staking Derivatives platform’s native KNINE has gained 8.8% over the past 24 hours after trading in a downward parallel channel for two weeks.
Why This Matters
Liquid staking on Shiba Inu’s Layer-2 chain is positioned to bolster SHIB’s on-chain liquidity to new levels, as this functionality is unprecedented on Shibarium.
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