Gushiken Yona
K9 Finance is shaking up the staking landscape with its launch of liquid staking on Shibarium, offering a unique blend of security, flexibility, and DeFi opportunities for users. The service, going live on Sept. 18, allows users to stake their BONE tokens and receive tradable knBONE tokens, opening doors to a new world of decentralized finance within the Shiba Inu ecosystem.
The buzz around this launch is already building, especially after their recent tweet: “Liquid staking is coming to the Shiba Inu L2 on September18. The $KNINE testnet will be live to the general public after the ETH_Toronto.”
So, what exactly does this mean for the Shiba Inu community and the broader DeFi space?
Liquid staking offers a compelling alternative to traditional staking methods, allowing users to participate in network security while retaining control and flexibility over their assets. The process is simple.
By depositing your tokens, K9 Finance will handle the staking process, and in return, users receive knBONE—a liquid staking token on the Shibarium network. This isn’t just some run-of-the-mill token; knBONE is like a tradable receipt, representing your stake. The best part? You can trade it freely, similar to regular cryptocurrencies, or even use it as collateral in other DeFi applications.
When it’s time to cash out, the process is seamless. You send your knBONE back to the Shibarium network, and you’ll receive your Ethereum BONE, complete with staking rewards. For those who value speed, there’s an instant withdrawal option with a small fee. But if you prefer to play the long game, you can opt for a request withdrawal, where you’ll receive an unstBONE request NFT and avoid fees altogether.
K9 Finance’s psuedonymous founder, Buzz, isn’t just excited about this new feature—he sees it as a broader boon for the Shibarium ecosystem. “A rising tide lifts all boats, and K9 DAO benefits greatly with the further adoption of Shibarium,” he said in May, emphasizing that a higher Total Value Locked (TVL) on Shibarium could significantly benefit all Shib-related projects. Buzz believes that Shibarium is undervalued and ripe for opportunity, making this launch a critical step forward.
The announcement of K9 Finance’s Liquid Staking launch on Shibarium comes hot on the heels of the $KNINE token getting listed on Gate.io, one of the major cryptocurrency exchange platforms. This strategic timing underscores the momentum building around K9 Finance and its growing influence in the DeFi space, further cementing its place in the Shiba Inu ecosystem.
Read More
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- Shiba Inu Unveils Ambitious Roadmap at Blockchain Futurist Conference
- K9 Finance Partners with Gate.io for $KNINE Token Integration
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
