K9 Finance, the official liquid staking partner of Shibarium, has confirmed that its Liquid Staking Derivative (LSD) platform will go live on September 18. This launch follows months of development and rigorous security measures. According to a recent announcement on X (formerly Twitter), the K9 team declared the completion of a smart contract audit conducted by SourceHat, a well-respected Web3 security platform.
The audit focused on ensuring the security and transparency of the K9 staking solution, which will allow users to lock up BONE tokens and receive knBONE, a liquid staking token. The knBONE token will act as a tradable asset within the Shibarium ecosystem, providing users with flexibility in how they manage their staked assets.
The Significance of Liquid Staking in Shibarium
This launch is particularly noteworthy as it represents the second phase of K9 Finance’s three-phase project, which began earlier this year. With the September 18 launch, K9 will expand the utility of Shibarium, enhancing both its functionality and security.
Liquid staking allows users to stake their tokens while maintaining liquidity, offering the flexibility to trade staked assets without waiting for unstaking periods. The final phase of the project, Caninae, is expected to launch in the fourth quarter of 2024, bringing K9 Finance’s decentralized staking solution to its full potential.
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K9 Finance’s Role in Shiba Inu’s Broader Strategy
The introduction of K9 Finance as Shibarium’s liquid staking partner is a critical step in Shiba Inu’s broader strategy to enhance its economic activity. Earlier this year, Shiba Inu’s marketing lead, Lucie, announced that the project had secured $12 million in funding to support further development. K9 Finance was identified as a key player in Shibarium’s expansion, with its liquid staking platform projected to boost the network’s TVL by as much as 50 times.
In April, it was reported that Shiba Inu was positioning K9 Finance to act as a central component of Shibarium, similar to Lido Finance’s role in Ethereum’s ecosystem. By providing liquid staking options, K9 Finance enables users to participate in staking while retaining control over their assets, a feature that is expected to draw significant interest from DeFi enthusiasts.
The excitement surrounding K9 Finance’s liquid staking solution has been building for months. The recent listing of K9 Finance’s native token, KNINE, on Gate.io further cemented the platform’s growing influence within the DeFi space. Buzz, K9 Finance’s pseudonymous founder, has been vocal about the potential benefits this launch will bring to the Shiba Inu ecosystem, emphasizing that it could spark a broader adoption of Shibarium.
The upcoming launch also follows the success of the Bonecrusher Testnet, which began in July and targeted large-scale token holders, or “whales.” This initial phase allowed these stakeholders to participate in liquid staking and earn rewards, including partner tokens and retroactive KNINE rewards. The testnet’s success paved the way for the platform’s expansion to a wider audience, leading up to the September 18 mainnet launch.
