KEY POINTS
- $KNINE is expected to drive more interest and activity on the Shib ecosystem
- $BONE holders will be able to delegate on ETH and receive an LSD token in return directly on Shibarium
- Liquid staking on Shibarium will "lift all boats in the Shib ecosystem": K9 Finance founder Buzz
K9 Finance, a liquid staking derivatives (LSDs) platform for leading layer-2 scalability solution Shibarium, is once again making headlines in the decentralized finance (DeFi) realm as it gets closer to the launch of its utility token, $KNINE – the first of its kind in the Shib ecosystem.
LSDs have been painted as the golden ticket to unlocking the liquidity of staked cryptocurrencies. However, the introduction of $KNINE is about to change the game as the token will allow $BONE holders to delegate on Ether (ETH) and receive an LSD token in return directly on Shibarium. It is worth noting that the process uses a one-to-one pricing match that will improve DeFi engagement on Shibarium while ensuring that user tokens remain staked.
As the pioneer of liquid staking tokens on Shibarium, $KNINE is ushering a new era of opportunity for users across the Shib ecosystem. Other major blockchains such as Polygon, Ethereum and Solana have successfully employed the rewards token system as it significantly drives volume and activity on blockchains.
With the entry of $KNINE token, a seismic shift within the Shib ecosystem is expected, as Buzz, the pseudonymous founder and developer of K9 Finance, told International Business Times in an exclusive interview.
When asked about the potential of $KNINE in driving more interest in Shibarium, Buzz said: "Since the only staking solution for $BONE is on ETH, the TVL (total value locked) / activity related to staked $BONE is not represented on the Shibarium L2. $KNINE solves this for Shibarium, which in turn makes the ecosystem a lot more attractive for developers and users alike. Bringing liquid staking to Shibarium is a rising tide to lift all boats in the Shib ecosystem."
Aside from delivering the first liquid staking token on Shibarium, what truly sets K9 Finance apart is its unwavering commitment to decentralization. It is a fully decentralized autonomous organization (DAO), which ensures that control is where it belongs – to the community.
"The $KNINE token is a membership token to the DAO, where token holders govern the project in all ways," Buzz noted.
When asked if K9 Finance will burn for the Shiba ecosystem like other projects, Buzz said, "$KNINE will increase Shib burns by enabling plus driving DeFi activity on Shibarium, where $BONE is used as the gas token. The more $BONE burned as gas, the more Shib that burns."
How does the $KNINE platform benefit @Shibtoken?
— K9 Finance DAO (@K9finance) February 17, 2024
▶️ Promotes TVL on #shibarium
▶️ More TVL = more chain usage
▶️ Chain usage requires $BONE for gas
▶️ More $BONE used for gas 🔥🔥🔥 $SHIB
We are building the infrastructure for more #DeFi on @ShibariumNet
Join the K9'ers 🔥 pic.twitter.com/gMukfocE52
$KNINE's official token generation event is scheduled for March 7.
