K9 Finance Gears Up to Reveal Game-Changing Staking for the Shiba Inu Ecosystem

K9 Finance, known for its integral association with the Shiba Inu ecosystem, announced on X that is ready to launch its highly-awaited staking solution in September.

K9 has been working tirelessly to enhance community engagement and provided updates on its progress. With this staking solution, SHIB holders can lock up their tokens and earn rewards in return for securing the network.

K9 said it looks forward to introducing this move as a game-changer, creating additional use cases for SHIB tokens and offering passive income opportunities for holders. Staking allows token holders to contribute to network security and is, therefore, a key component in many decentralized finance (DeFi) platforms.

The K9 community also celebrated passing its Smart Contract Audit.

✅Smart Contract Audit Passed👏

The $KNINE Liquid Staking & Farming contracts have been successfully audited by @SourceHatLabs

Liquid Staking: https://t.co/FJIBdr7edO
Farming: https://t.co/eNaYxLXYzZ

Launch Date: September 18th pic.twitter.com/KAjKIKZ4MC
— K9 Finance DAO (@K9finance) September 5, 2024

Before the announcement, K9 reposted Shiba Inu’s pseudonymous founder Shytoshi Kusama’s post where he urged the Shib Army to vote for the place where the funds (publicly benchmarked to the DAO) will be allocated. Kusama mentioned options like burning them fully to SHIB, allocating the funds to community projects of choice by the wallet holder, and the wallet owner keeping the funds and stopping the entire ecosystem.

Another option is for the funds to be escrowed into a new multi-sig. In this case, things must include the following individuals: Shytoshi Kusama, LC, GOSSIP Shib, Kaal Dhairya, and an appointed signer chosen by vote by the DAO. Each would publicly have one vote and is only authorized to use the funds as the DAO sees fit.

Shy’s blog added that these funds will go to a secondary vote, enabling the community to submit their own choices for what can be done. After this, the signers can agree to execute as decided without regard to the decision.

K9 Finance also shared that it has initiated a forum proposal that will help allow DAO-owned funds that may be used to vote in other DAOs.

The Shib Daily previously showcased Buzz, the pseudonymous founder and developer of K9, talking about the role of DAO and how important it is in maintaining a decentralized ecosystem within the crypto universe.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications 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.

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