- Canada’s largest crypto conference welcomes two Shiba Inu dogs.
- K9 Finance DAO launches a $1,000 KNINE contest for attendees.
- Liquid Staking Derivatives is arriving on Shibarium, keynote reveals.
The Shiba Inu community is celebrating the first anniversary of Shibarium L2, SHIB’s public blockchain that saw the day of light in Toronto, Canada, in August 2023. One year later, the Rebel Entertainment Complex in Toronto welcomed two Shiba Inu dogs, representing Shiba Inu and their official Liquid Staking Derivatives partner, K9 Finance.
The two Shiba Inus, serving as guardians of the crypto sphere, have also partaken in a $1,000 contest launched by K9 Finance DAO. At K9 Finance’s conference booth, every audience member could take a photo with Nira the German Shepherd, share the picture on X with the hashtag #KNINE, and enter the sweepstakes to win $1,000 in KNINE.
Sponsored
Following the festivities, Shiba Inu’s LSD partner made a breakthrough announcement right before Shytoshi Kusama’s keynote speech at this year’s Blockchain Futurist Conference.
Here’s When K9 LSD App Is Arriving On-Chain
One year into existence, Shiba Inu’s Layer-2 blockchain has built over 6 million blocks, created 1.81 million wallets for the chain’s users, and recorded over 418 million transactions cumulatively.
K9 Finance’s representative dropped a bombshell on the attendees in an artificial intelligence-assisted speech. According to K9 Finance DAO’s presentation, the highly anticipated liquid staking on Shibarium L2 will occur on September 18, 2024.
This opens doors for liquid staking on Shibarium, a function previously unprecedented on SHIB’s chain. Taking inspiration from Lido Protocol on Ethereum (ETH), Shiba Inu’s LSD dApp offers a multi-faceted way to utilize the chain’s gas fee token, Bone ShibaSwap (BONE).
The K9 Finance DAO speaker said, “The $KNINE test net will be live after the conference for the public.” Crypto aficionados are rushing to test out the upcoming application. The full version of the staking app will work with BONE, which will be swapped for knBONE, a liquid asset for dynamic staking.
Usually, staking rewards are issued when the crypto holders decide to lock their tokens for a certain amount of time and percentage. However, liquid staking erases the issue of token inactivity while the rewards are accumulated, rewarding the users with omnipresence across the available staking protocols. By this logic, K9 Finance’s knBONE is like a tradeable receipt representing your stake in the app.
According to the roadmap, the K9 Finance DAO staking app users can choose between instant withdrawals on Shibarium and Ethereum, while manually requested withdrawals will skip fees altogether.
On the Flipside
- The staking app’s native KNINE token dipped by 30% over the past 24 hours after a remarkable 88% weekly run.
- Shibarium’s gas token Bone ShibaSwap (BONE) had a soft bounce from the yearly bottom, which hit on August 5, 2024.
Why This Matters
Liquid staking is a more flexible alternative to regular crypto staking, which proved instrumental in Ethereum’s prominence.
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