Bonecrusher Bites: K9 Finance's Liquid Staking Launch

The Shiba Inu community is known for defying expectations, and the launch of K9 Finance’s Bonecrusher Mainnet on Shibarium has delivered another jaw-dropping moment.

Bonecrusher TVL Surges Following Successful Launch

Within the first hour of its debut, nearly 50% of all Shibarium $KNINE tokens were staked or locked, a testament to the project’s fervent community support and the allure of its innovative liquid staking solution. But what’s even more remarkable is how this launch stacks up against the industry titan, Lido, and its groundbreaking entry into the Ethereum ecosystem.

The numbers painted a compelling picture. Approximately 62.3 billion $KNINE tokens were bridged to Shibarium just an hour after Bonecrusher’s arrival. In the same period, the $KNINE Locked TVL soared to 28.3 billion, while the Liquid Staked BONE TVL reached around $475,000, bringing the total TVL bridged to Shibarium to an impressive $850,000.

This rapid influx of capital underlinedthe ShibArmy’s unwavering belief in K9 Finance DAO‘s vision and their eagerness to participate in Shibarium’s burgeoning DeFi ecosystem. Moreover, K9 Finance DAO achieved a significant milestone, attracting 0.5% of the entire BONE supply to its liquid staking platform within a single hour.

K9 Finance DAO’s Bonecrusher Shatters Staking Records

To put this in perspective, let’s compare it to Lido’s launch on Ethereum. On its first day, Lido saw a respectable 13,200 ETH staked, amounting to roughly $8.2 million at the time. While this marked a solid start, it was a gradual climb for Lido, with steady growth in the following weeks solidifying its position. The initial TVL after Day 1 hovered around $8.2 million, attracting both retail and whale investors seeking a gateway to Ethereum 2.0 staking without the complexities of running their own validators.

K9 Finance DAO, on the other hand, experienced an explosive surge right from the get-go. Within a mere hour, nearly half of all Shibarium $KNINE was staked or locked, showcasing an exceptionally high level of engagement from its community. This rapid adoption, coupled with the significant TVL locked across both KNINE and BONE, underlined a highly engaged community and strong anticipation leading up to the launch.

Both Lido and K9 Finance DAO share a common goal: to make staking more accessible and rewarding. Lido achieved this by offering stETH, a liquid staking derivative, right from the start, allowing users to stake their ETH while still participating in DeFi activities. Similarly, K9 Finance DAO introduced liquid staking for BONE, enabling stakers to earn rewards while maintaining liquidity. This feature quickly attracted nearly $475,000 in liquid staked BONE.

The Power of Community Engagement

The key difference lies in the speed and scale of adoption. While Lido built momentum over the first few days and weeks as users became comfortable with liquid staking, K9 Finance witnessed an immediate and enthusiastic response from its community. This difference highlights the power of a dedicated and engaged community, a hallmark of the Shiba Inu ecosystem.

While it’s still early days for Bonecrusher, its initial performance suggests that K9 Finance DAO tapped into a powerful formula for success in the DeFi space. By combining innovative technology with a strong community focus, the project positioned itself as a key player in the Shibarium ecosystem and a potential challenger to Lido’s dominance in the liquid staking arena.

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.

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