- Shibarium amassed an unmatched liquidity boost to reach $3.8M in TVL.
- Market-wide crypto meltdown takes a toll on Shibarium’s BONE & KNINE.
- Shibarium L2’s forthcoming Liquid Staking project is due for Q3 launch.
K9 Finance (KNINE), a token associated with Shibarium’s official Liquid Staking Derivatives (LSD) platform, has scored a notable listing amid the market-wide crypto plunge. BitMart, the 44th largest centralized exchange (CEX), amassing nearly 8 million monthly hits, announced the listing starting on March 2, 2024. Previously listed by MEXC, this is KNINE’s second major listing.
Shibarium Liquidity Awaits Another Boost?
This comes in accordance with Shiba Inu’s Layer-2 blockchain Shibarium recently hitting a major milestone: The public blockchain’s total value quadrupled in a matter of days. A sudden spike to a $3.9 million TVL on March 26, 2024, once again proved that onboarding promising new projects helps maintain Shibarium’s on-chain liquidity.
Listing KNINE in the innovation zone, BitMart launched KNINE/USDT pairs on Spot, with KNINE deposits activated on March 31, 2024. While the recent surge to $3.9M in total value locked (TVL) can be ascribed to WoofSwap DEX on Shibarium, the Shibarians are highly anticipating the upcoming launch of K9 Finance dApp.
What’s the Buzz Surrounding K9 Finance?
The Liquid Staking Derivatives (LSD) project on Shibarium stands out as one of the top projects on Shibarium, due for a Q3 2024 release, will have Shiba Inu’s leading team members Shytoshi Kusama, Lucie, and Kaal Dhairya on board as K9 Official Advisors.
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This protocol on K9 Finance dApp delivers similar functionality to the Lido Protocol on Ethereum (ETH). Employing Lido Staked Ether (stETH) to enable staking on simultaneously smart contracts, Lido Protocol pioneered dynamic staking on ETH, while K9 Finance envisions a similar mechanism for Shibarium.
Buzz, the co-founding member of K9 Finance DAO, recently took to X to share a sneak peek of the upcoming staking platform. According to the screenshot, K9 Finance will employ Shiba Inu’s BONE to distribute among approved K9 Finance DAO’s validators for rewards. In return, the crypto enthusiast receives knBONE while the original Bone ShibaSwap tokens are still locked up across different staking vaults.
On the Flipside
- K9 Finance DAO (KNINE) token nosedived 55% over the past 14 days despite scoring two major exchange listings.
- KNINE has dipped 75% from its all-time high of $0.0003468 on March 10, 2024.
- The crypto bears buried Shibarium’s gas token Bone ShibaSwap (BONE), which has had a 24% dip since last week.
Why This Matters
Adoption during bear cycles gives crypto traders more options to trade at a presumably discounted price. DeFi projects with unmatched efficacy are beneficial for the chain’s growth.
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