- Liquid Staking Derivatives platform K9 Finance joins SHIB in ETH Toronto.
- Previously, K9 Finance made an entrance to Shibarium as a validator node.
- KNINE towers to a monthly high with a 88% rise ahead of LSD dApp launch.
As the Shiba Inu community celebrates the first anniversary of Shibarium, the popular meme coin’s Liquid Staking partner K9 Finance DAO is gearing up for a major announcement. SHIB and K9 are both included as sponsors of the Blockchain Futurist Conference, held in Toronto, Canada, on August 13-14, 2024.
SHIB & KNINE Form Alliance in Toronto
In this year’s edition of the ETH Toronto event, K9 Finance DAO is inclined to drop a major announcement regarding the upcoming staking platform on Shibarium. While K9 Finance kept the direction of the announcement behind closed doors, the partnership with Shiba Inu leads us to believe that K9 DAO’s message will be Shibarium-related.
Toronto, the birthplace of Shibarium Layer-2, will now have the honor of introducing a highly anticipated decentralized application (dApp) to the public. K9 Finance DAO takes inspiration from the Lido Protocol on Ethereum (ETH), bolstering the blockchain’s utility with dynamic staking opportunities.
Sponsored
While Canada’s largest crypto conference is in full swing, K9 Finance offers a $10,000 bounty prize fund for developers participating in the ETH Toronto hackathon. K9 Finance’s KNINE token skyrocketed by 88% over the past seven days, tapping a new monthly price peak at $0.00002807.
Poised for a Q3 launch, K9 Finance’s core product, BONE Crusher, seeks to amplify Shibarium’s liquidity with cutting-edge innovation. Ahead of the highly anticipated launch, K9 Finance’s team released a step-by-step guide to maneuver around the dApp smoothly.
What Issues Does K9 Finance DAO Solve?
As both Ethereum (ETH) and Shibarium run on a Proof of Stake (PoS) consensus, this model has its own limitations. Despite being considered an eco-friendly and secure mechanism of blockchain operation, the PoS model requires Web3 enthusiasts to make a choice.
Shibarium’s dwellers can stake Bone ShibaSwap (BONE) to secure the network and earn rewards as validators or use the chain’s gas fee token for regular transactions. However, they can’t do both, resulting in a stagnant liquidity issue. That’s where the K9 Finance DAO dApp comes into play, providing crypto aficionados with a model that strikes both ways.
The K9 Finance DAO adds to the comprehensive DeFi ecosystem of Shibarium L2 by allowing investors to vest, farm, and stake Bone ShibaSwap (BONE) across multiple staking protocols simultaneously. This unlocks the ability to amplify the investor’s yield, as it’s not stuck on a single staking protocol.
By staking their BONE, crypto enthusiasts get the equivalent of knBONE, which can be used across all DeFi applications supported by K9 Finance DAO’s core product. As the delegated BONE can circulate on Shibarium, this bi-folded staking mechanism secures deeper liquidity for Shibarium L2.
On the Flipside
- More than half of the trading volume for K9 Finance DAO’s native token, KNINE, currently comes from two centralized exchanges, MEXC and BitMart.
- KNINE token is also available on decentralized exchanges ShibaSwap and UniSwap, but major crypto exchanges have yet to mass-adopt it.
Why This Matters
Meme currencies have become a key component of the crypto sphere, looking to compete with big-name alternative currencies by providing similar utility cases and encouraging user activity.
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