- Shiba Inu awards K9 DAO node validator status on Shibarium L2.
- Journalist Mario Nawfal recently joined K9 DAO’s advisory board.
- Shibarium reached a new all-time high in TVL of $3.9M in March.
Shiba Inu’s (SHIB) official partner, K9 Finance, is slated to release its much-anticipated Liquid Staking Derivatives (LSD) platform in Q3 of 2024 to bolster Shibarium’s on-chain liquidity. Shibarium Layer-2’s structure previously soared to a record-high $3.9 million in TVL when WoofSwap joined Shibarium L2.
K9 Finance DAO Enters Shibarium As Validator
This time, the K9 platform is poised to bring even more value to Shiba Inu’s Layer-2 blockchain, as K9 Finance dApp exhibits a similar functionality to Ether’s Lido Protocol. On Lido, Ethereum’s crypto aficionados can diversify their crypto-staking portfolios in multiple vaults simultaneously, magnifying returns.
K9 Finance DAO joins Shibarium L2 as a node validator, looking after the chain’s security and rewarding KNINE holders with BONE tokens for validating Shibarium’s blocks. This way, K9 Finance DAO invents a dual reward token system to unite the SHIB Army and KNINE communities.
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“We’re honored to start as validators for Shibarium. We see the power of DeFi and are ready to support Shibarium with secure validation fueled by $KNINE,” enthusiastically remarked Buzz, a co-founding member of K9 DAO. In celebration of Shiba Inu whitelisting K9 DAO as a validator, the dev team shared a short video tutorial of the ground-breaking dynamic staking mechanism.
Here’s What K9 Finance’s LSD App Looks Like
BONE Crusher, the core product of K9 Finance DAO, allows crypto enthusiasts to delegate their BONE and earn yield on multiple digital assets. Named after Borophaginae, a bear-like predecessor to modern dogs, this dApp employs Bone ShibaSwap (BONE), Shibarium’s official gas fee and governance token.
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In the step-by-step tutorial, K9 explained how to use the LSD system. The 52-second video tutorial shows an example of a crypto wallet connected via MetaMask while BONE is employed for the deed. The system swaps BONE for knBONE, depicted in the video, with a 1:1.07 ratio with BONE.
Following the developments in Shiba Inu’s decentralization quest, BONE continued to trade in phased consolidation. As of press time, BONE trades below key support at $0.6085, according to CoinGecko. Growing to $152 million in market cap, BONE is now over 96% down from its all-time high of $15.50, set nearly three years ago.
On the Flipside
- The recently launched KNINE token plunged to an all-time low of $0.00003276 on the evening of May 6 but later bounced back 13.6% from the daily bottom.
- SHIB also dived 3% on Tuesday, dipping slightly below its $14B market cap and sliding from its $0.0000261 weekly heights.
Why This Matters
Unprecedented staking perks on Shiba Inu’s Layer-2 blockchain offer a dual staking model, which has been proven to be successful on other popular blockchains with large communities.
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