The Shiba Inu Army can look forward to a new ecosystem token. The founder of K9 Finance DAO, known as Buzz.Shib, has officially announced the launch date of the KNINE token. Scheduled for release on March 7, this marks an important addition to the Shiba Inu family and promises to bring new functionality and opportunities to its owners.
Buzz ceiling Announced, “KNINE will be released on March 7th. (…) We will originally launch the KNINE token on the ethereum blockchain as an ERC20 token due to the architecture of how Shibarium validators are configured. When our product is launched, (…) we will open a bridge between KNINE and Shibarium. The K9 platform will be built on top of Shibarium and the token will be cross-chain between ethereum and Shibarium.”
What is Shiba Inu K9 Finance?
K9 Finance is setting the stage for an innovative leap within the Shiba Inu ecosystem by introducing Liquid Stake Derivatives (LSD) centered on the BONE token. This innovative approach aims to improve liquidity and flexibility for stakeholders of BONE, the ecosystem's governance and reward token.
K9 Finance's model is inspired by successful platforms such as Lido on ethereum, and offers a parallel in providing liquid betting solutions tailored to the Shiba Inu community. The platform will allow users to stake their BONE tokens through a validator node, contributing to the security of the network and earning rewards.
Interested parties will receive KnBONE tokens, which represent their staked BONE. These can be traded or used within the ecosystem, offering liquidity without having to stop betting. KnBONE tokens will serve several purposes, including trading, nft minting, and providing liquidity on the Shibarium DEX, thereby expanding utility and engagement within the ecosystem.
Audit completed
In preparation for its launch, K9 Finance has successfully completed a crucial step: a comprehensive smart contract audit. The audit was conducted by SourceHat, a reputable Web3 security company, which examined K9 Finance's Token and Vesting contracts.
According to the audit report, all the issues identified above have been resolved and some centralized aspects remain, which need to be managed by a DAO multi-sig wallet. This step underlines K9 Finance's commitment to the security and reliability of its offerings.
We have completed the Smart Contract Audit for the @K9finance Token Contracts and Vesting Rights!
New ERC-20 token and acquisition platform
There are centralized aspects
Worked with the client to resolve all findings.Review the audit report in response below pic.twitter.com/W0ITIkmZAe
— SourceHat – Web3 Security (@SourceHatLabs) February 24, 2024
What to expect from K9 Finance?
Through X, Buzz.Shib described a compelling vision for what is to come, emphasizing the strategic importance of integrating the platform with the broader Shiba Inu ecosystem. “With K9 Finance, we are not just launching a token; “We are introducing a completely new way to maximize your performance in the DeFi space,” explained Buzz.Shib.
He explained the mechanics, noting: “By staking KNINE, users can directly contribute to the security and efficiency of Shibarium, while earning BONE with enhanced liquidity through KnBONE tokens.”
Buzz.Shib also provided some insightful projections that highlight the potential scale of impact K9 Finance could have. He detailed: “There is currently a combined total of 35.5 million BONE up for grabs or delegates, worth approximately $22 million. With K9 Finance, we offer these participants a more attractive return proposition. “They could immediately benefit from higher returns and receive a liquid staking token, directly increasing Shibarium’s TVL.”
He further speculated on the growth potential and stated, “If we align with industry standard metrics, considering BONE's current market capitalization of approximately $155 million, we could see $50 million of BONE flow into K9 Finance. “This would result in the minting of $50 million worth of KnBONE tokens on Shibarium, significantly improving immediate liquidity.”
Buzz.Shib concluded with a bullish outlook: “This could potentially increase Shibarium's TVL by more than 50x from its current level. “The scale of this impact could be a game-changer for the Shibarium ecosystem, making me incredibly optimistic about our future.”
At press time, SHIB was trading at $0.000013.
Featured image of K9 Finance, chart from TradingView.com
