The Shiba Inu team has announced a significant development within the Shibarium ecosystem through a partnership with K9 Finance, which aims to introduce Liquid Stake Derivatives (LSD). This collaboration marks a fundamental advancement in staking mechanisms by offering a method that increases both liquidity and flexibility for BONE token stakeholders.
Shiba Inu marketing leader Lucie provided a general description of the benefits this partnership brings to the Shibarium network: “Big news for Shibarium and K9 Finance: Liquid Staking Derivatives (LSD) will be launching soon, making staking BONE tokens easier and more flexible than before” .
The initiative is designed to streamline the staking process, giving SHUB users the ability to earn rewards while maintaining the liquidity of their assets.
Features Introduced by Shiba Inu LSD Integration
- Simplified bet: It allows users to delegate BONE tokens to a Validator node, securing the network and earning BONE rewards.
- Guaranteed Liquidity: Participants receive KnBONE tokens as a representation of their staked BONE, which can be exchanged or used within the ecosystem without delay.
- Wide utility: KnBONE tokens can be used for various activities, including trading, nft minting, liquidity provision, and more on the Shibarium DEX.
- Effortless Delegation: Allows users to undelegate by simply returning the equivalent KnBONE tokens.
The introduction of LSD is considered a significant improvement to the Shibarium ecosystem, providing a level of flexibility and asset accessibility that encourages broader participation and strengthens network security.
K9 Finance, now a key part of the Shibarium ecosystem, mirrors the functionality of platforms like Lido for ethereum, offering a derivative liquid staking model for the BONE token. This approach enables liquidity of staked BONE, facilitating participation in decentralized finance (DeFi) activities without tying up assets.
The partnership between Shibarium and K9 Finance was officially announced last week, marking an important step towards expanding the Shibarium ecosystem. “Step by step, K9 Finance has been officially added as a partner to the Shibarium ecosystem,” stated Lucie, emphasizing the strategic importance of this collaboration.
This partnership is one of several initiatives aimed at expanding the utility and reach of the Shibarium ecosystem, along with other collaborations with entities such as Welly, Unification, and Bad Idea ai. These efforts are aligned with the Shiba Inu team's goal to enhance ecosystem offerings and drive adoption and utility of the SHIB token.
The excitement surrounding this partnership is further demonstrated by the successful completion of the pre-sale of the KNINE token, K9's native token, in which demand exceeded supply. The upcoming token generation event is anticipated to be the next crucial step for the project.
Through this collaboration with K9 Finance, the Shibarium ecosystem is poised to offer its users greater flexibility and liquidity options, contributing to a stronger and more engaged DeFi community.
At press time, SHIB price was facing a decisive moment: break out of the ascending channel or lose the 0.236 Fibonacci level at $0.00000878.
Featured image created with DALL·E, chart from TradingView.com
