- Seychelles-headquartered crypto exchange MEXC lists K9 Finance’s KNINE.
- K9’s liquid staking dApp got a nod from SHIB’s team to bring a new utility.
- Shibarium claimed a new ATH of $2.25M in TVL amid SHIB’s monthly heights.
Shiba Inu’s (SHIB) official Liquid Staking Derivatives (LSD) partner, K9 Finance, is making waves in the cryptosphere with its first-ever major exchange listing. MEXC, the 23rd largest crypto exchange worldwide, listed K9 Finance (KNINE) on March 19 at 15:00 UTC, becoming the first major exchange to list the new token.
Following the developments, SHIB Token’s official handle congratulated K9 Finance on the new achievement. The new LSD platform aims to increase the total value locked (TVL) on Shibarium Layer-2, Shiba Inu’s blockchain.
To achieve this, K9 Finance joined Shibarium as an official network validator. Shiba Inu’s lead developer, Shytoshi Kusama, previously joined K9 DAO’s team as an official advisor along with Kaal Dhairya, another prominent Shibarium L2 developer.
What Does KNINE Bring to Shibarium’s Table?
As Shibarium recorded its all-time peak in TVL on March 5, 2024, to claim 2.25 million, this milestone coincided with Shiba Inu’s bull rally to $0.000044, unseen since December 2021. The positive shift came after Shiba Inu’s team announced plans to onboard 1,000 DeFi projects onto Shibarium’s mainnet to bolster the chain’s liquidity.
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Released in August 2023, Shibarium L2 has been packed with decentralized exchanges (DEXs), with MARSWAP DEX dominating the field with 56.13% of all Shibarium’s TVL. However, projects like K9 Finance bring something extra: new utility and interoperability.
Certainly, this is because of the resemblance between K9 Finance’s dApp on Shibarium and Lido Protocol on Ethereum. Both of these protocols enable crypto enthusiasts to stake their crypto dynamically, which magnifies the potential of the assets, as they can be stored in several staking protocols at the same time.
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Employing Shiba Inu’s BONE for the deed, this on-chain staking consensus is deemed favorable for the longevity of Shibarium’s official gas fee token. Despite BONE not being available on many exchanges, Shiba Inu’s BONE receives a substantial scarcity boost due to its involvement in K9 Finance’s Liquid Staking services.
On the Flipside
- Since the listing, the new coin K9 Finance (KNINE) slumped by 13.6% to trade at $0.0001652.
- With the first-day trading volume of $1,056,915, KNINE’s global market cap is unknown.
Why This Matters
Adding new functionality to a blockchain is crucial for growing Shibarium’s community and gives Shiba Inu a competitive advantage over rival cryptocurrencies.
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